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EDUCATION LOAN AND OTHER PRIORITY SECTOR LOANS
A. Loans for Students
| Purpose: |
Payment of course fees.Purchase of books, equipments, instruments, uniform, payment of hostel fees, examination fees, study tours, passage expenses (for studies abroad) |
| Eligible Courses : |
Studies in India:
Graduation, Post-graduation including technical / professional courses with employment potential conducted by colleges / Universities approved by UGC / Govt./AICTE/Department of Electronics / IMC, autonomous institutions like IIT,IIM etc.
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| Studies abroad: |
Job oriented, technical / professional courses- (graduation / post graduation |
| Quantum of Finance: |
Need based finance
For studies in India : Max. Rs.10.00 lacs
For studies abroad : Max. Rs.20.00 lacs |
| Margin |
Upto to Rs.4.00 lacs – Nil
Above Rs.4.00 lacs – for studies in India – 5%
studies abroad : 15% |
| Security: |
Loan is given jointly to the student and parent /guardian
Assignment of future income of the student
Upto Rs.4.00 lacs- No security
Above Rs.4.00 lacs upto Rs. 7.50 lacs –Satisfactory third party guarantee
(Note: If the proposed borrower prefers to offer collateral security of tangible assets (moveable or immoveable) instead of bringing collateral securities in the form of third party guarantee,
the same may be accepted, at his request, provided the securities with stipulated margin covers 100% of the loan amount).
Above Rs. 7.50 lakhs: Collateral security equal to 100% of the loan amount.
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| Repayment |
Commences two years after completion of the course or six months after getting employment, whichever is earlier.
Loan with interest is repayable in equated monthly instalments within 5 to 7 years.
Credit Delivery
Loan can be availed from the branch nearest to the place of permanent residence of the parent / guardian.
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 B. Laghu Udyami Credit Card Scheme(LUCC)
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Objective
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LUCC Scheme is devised to provide hassle free
financial support to small business units, retail traders, artisans,
village industries, SSIs and tiny units, P & SE and small
entrepreneurs.
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Purpose
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To meet Working capital requirement of small business
units, retail traders, artisans, village industries, SSIs.
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Eligibility
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All existing small borrowers of above mentioned
categories enjoying aggregate loan / limit of upto Rs 10 lakhs are eligible
Borrowers should have satisfactory dealings with the bank for atleast for
the last 3 years.borrowers with continuous satisfactory past dealings for a
minimum period of 3 years but not having any liability right now can also
be issued the card.
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Loan Quantum
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Maximum upto Rs.10.00 lakhs per borrower (aggregate)
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C. Loan for Retail Traders
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Purpose
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For meeting the working capital/term-loan requirements.
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Eligibility
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Retail Traders dealing in essential commodities (fair
price shops), consumer co-op stores and private retail traders with credit
limit not exceeding Rs. 20 lacs.
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D. Loan for Solar Water
Heating Systems
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Purpose
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To purchase brand new solar water heater systems with
necessary accessories
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Eligibility
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Individuals, Institutions, Associations, Small Business
establishments, Industrial establishments, Hospitals, Hotels, Hatcheries,
SMEs etc..
Salaried individuals should have minimum monthly net
take home salary of 25% of their gross salary OR Rs. 2000/- (after meeting
the loan instalment) whichever is more. Professionals and other non-salaried
class should have a minimum net yearly income of Rs. 50000/-.
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E. Direct Financing to Self Help Groups
| Purpose |
-To build mutual trust and confidence between the bankers and rural poor through formation of Self Help Groups
- To encourage banking activity both in thrift and credit operations.
- Credit Assistance to the Group on the extent of Savings mobilised, which varies from 1:1 to 1:4.
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F. Lending to Micro Credit Groups (MCG)
| OBJECTIVE: |
The objective of the scheme is to provide credit to Micro Credit Groups of persons belonging to economically disadvantaged sections of the society, irrespective of the place of residence, for taking up any Income Generating Activities, falling within the purview of priority Sector definition. |
| COVERAGE: |
a) The scheme is applicable to the persons belonging to economically disadvantaged sections of the society irrespective of the place of residence.
b) The scheme is applicable only to Micro Credit Groups against the group guarantee.
c) The scheme will cover the NGOs/MFIs/MFI-NBFCs for on lending to Micro Credit Groups |
| PURPOSE: |
The finance can be granted for starting/improving/expanding any type of income generating activity. Finance can also be given for agriculture and allied activity. The finance may be provided so as to enable the group members to improve their earning and living standard. |
| QUANTUM: |
The limit permitted is Rs.50000/- per member, with a maximum of Rs.500000/- per group. The loan for the debt swap could also be given to the members up to a maximum of Rs.25000/-, within the overall limit of Rs.50000/- permitted per borrower. |
G. Finance
to NGOs/mFIs for on-lending to SHGs
Type of eligible intermediaries:
a) Societies registered under Societies
Act, 1860 or similar State Acts.
b) Trusts registered under Public Trusts
Act, 1882 or similar acts.
c) Not for profit companies registered U/S
25 of Companies Act, 1956.
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