Pravara COLLEGE OF PHARMACY, (FOR WOMEN)

Educational Loan Assistance

Assistance for pursuing education loan is provided at the institute.
One can avail education loan from almost 27 nationalized banks across India.

  • The common eligibility criteria for availing education loan are as follows:
  1. You must be citizen of India.
  2. You must have obtained a specified percentage. You should have consistently high academic records.
  3. You should not be older than 30 years though some banks impose a limit of 28 years.
  4. You must be doing your course from a recognized institution.
  5. You must already be in possession of the letter of admission.
  6. Your parent or co-applicant should have enough income or there should be sufficient family assets.
  • The amount of educational loan one can avail is as follows:
  1. You can get up to Rs. 4 lakhs of educational loan without any collateral.
  2. Under education loan scheme, you can get a maximum of Rs. 15 lakhs for studies in India and Rs. 25 lakhs for studies abroad.
  3. If loan amount is between Rs. 4 lakhs and Rs. 7.5 lakhs, you will have to provide third party guarantee to the bank. If the loan is above Rs. 7.5 lakhs, you will have to furnish the bank with collateral documents.
  • Rate of Interest:
  1. All Interest Rates are subject to change as per RBI rules.
  2. IT exemption under Section 80(E) in respect of interest paid in all Education Loans.
  3. 0.50% concession in interest for girl students.
  4. 1% concession for full tenure of the loan, if interest is serviced promptly as and when applied during the moratorium period, including course duration.
  • Documents Required:
  1. Admission letter | Application form | 2 passport size photographs
  2. Statement of cost of study
  3. Parents and student Pan card / Aadhar card
  4. Proof of identity | Proof of residence (Driving Licence/Passport/Electricity bill/Telephone bill).
  5. Last 6 months bank statement of Student/Co-borrower/ guarantor’s
  6. Last 2 years IT return/ IT assessment order of Parent/ Guardian/ other co-borrower (if IT Payee)
  7. Brief statement of assets & liabilities of Parent/ Guardian/ other co-borrower
  8. Proof of income (i.e. salary slips/ Form 16) Parent/ Guardian/ other co-borrower
  • List of Expenses Covered Under Student Loan Scheme:
  1. Fees payable to college/school/hostel
  2. Examination/ Library/ Laboratory fees
  3. Purchase of books/equipment’s/instruments (maximum 20% of the total tuition fees payable for completion of the course)
  4. Travel Expenses/Passage money for studies abroad
  5. Caution Deposit/Building Fund/Refundable Deposit (maximum 10% of tuition fees for the entire course)
  6. Any other expenses required to complete the course like study tours, project work etc.
  7. Cost of a Two-wheeler upto Rs. 50,000/-

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