Higher Education Loan

This is our eligibility criteria:

• The student applying for education loan online must be an Indian Citizen and 18 years old or above.
• There must be confirmed admission in the Institute before final disbursement of the education loan
• The student loan must be co-signed by an earning co-borrower in India.

Co-borrowers

• The co-borrower of abroad studies loan must be an Indian Citizen and could be a Parent, Sibling, Legal Guardian, or any other Relative.
• The co-borrower must have a bank account in any bank in India with cheque writing facilities
• The Co-borrower would necessarily be the primary debtor.

Courses

• Graduation, post-graduation and professional degree/diploma courses conducted by colleges/universities approved by UGC/AICTE/IMC/Govt. etc.
• Technical/professional courses like engineering, medicine, law, management, aviation etc.
• Degree/diploma courses offered by autonomous institutions like IIT, IIM etc and approved by Nitstone.
• Courses offered in India by reputed foreign universities.
• Vocational training, executive programs and other courses that have been approved by Nitstone.
• Graduation/ Post-graduation for job oriented professional/ technical courses offered by reputed universities outside India as well as courses and universities approved by Nitstone for education financing.

Documents Required for Student Loan

• Student KYC & Educational Documents
• Course & Fee Details
• Co-Borrower KYC and Income Documents
• Collateral Documents

Loan Amount

The Minimum amount given as study abroad loan is Rs. 1,00,000.00/- At Nitstone, we do not believe in putting limits to your dream of pursuing higher studies, we look at structuring the study abroad loan to meet your necessary needs and cost of education.

Margin

At Nitstone, we do not ask for any Margin money contribution from our applicants. Our study abroad loans are designed to provide 100% coverage of the cost of education, thus doing away with this burden, leaving you to focus on your studies. You just have to apply online for education loan and the entire process will be completed at the earliest.

Loan Coverage

• 100% Tuition Fee as determined by the Institute or University
• Living Expenses including purchase of Books, Computers and other expenses essential to complete the course (up to 75% of total living cost though not exceeding 20% of the total tuition fee)
• Caution Deposit / Building Fund / Refundable Deposit supported by Institution Bills / Receipts but not exceeding 10% of the total tuition fee.
• Travel expenses / passage money up to INR 75000/- for students travelling abroad.

Education loan Service charges and fees are as follows:

Processing Fee

Nitstone processing fee is anything between 1-2% of the loan amount and is calculated on a case-to-case basis. The final amount is arrived during processing the loan application.

Repayment

• Minimum repayment tenure: 12 months
• Maximum repayment tenure: 120 months (including course duration)
• Grace period is of six months after the course is complete or three months after getting a job