The Propelld Domestic
Education Loan Programme, a collaboration between Buddy4Study and Propelld, is
designed to provide financial support to deserving students pursuing higher
education in India. Under this initiative, students can avail education loans
up to INR 10 lakh to fund their undergraduate and postgraduate studies. The application
deadline for this program is 31st March 2025.
ELIGIBILITY CRITERIA
To apply for the Propelld Domestic Education Loan Programme, students must meet the following requirements
Education Level: Applicants must be studying or applying for undergraduate or postgraduate programs in India during the academic year 2023-24
Academic Performance: Students must have secured at least 60% marks in Class 10, Class 12, and Bachelor's courses.
ACCREDITATION:
Students must be enrolled in universities and colleges accredited by NAAC. Institutions ranked in NIRF but not yet accredited by NAAC are also eligible. UGC/AICTE-approved colleges and universities that appear in reputed ranking lists such as Times, India Today are also eligible.
LOAN ELIGIBILITY CONDITIONS:
The paying party (parent/guardian) must be aged between 21 to 60 years at the time of loan maturity.
The applicant (parent/student) should have a good credit history or be a New-To-Credit person. Applicants and their families must be permanent citizens of India.
BENEFITS OF THE LOAN PROGRAMME
For Undergraduate Students
(UG/Bachelor’s Program)
- Loan amount: INR 50,000 to INR 10 Lakh
- Interest rate: 12-18% (Avg 14%)
- Tenure: 6 months to 84 months
Important Notes:
- Long-term Non-moratorium Loans are
available only for 3rd and 4th-year students.
- Long-term Moratorium Loans are available
for pre-final and final-year students in BSc/BTech (Computer
Science/IT/Electronics).
- Repayment starts immediately from the
next month in equated monthly installments (EMI).
- During the Moratorium period, simple
interest is payable monthly.
For Postgraduate Students
(PG/Master’s Program)
- Loan amount: INR 1.5 Lakh to INR 10 Lakh
- Interest rate: 12-18% (Avg 14%)
- Tenure: 6 months to 84 months
Important Notes:
- Long-term Non-moratorium Loans are
available.
- Moratorium loans can be offered in
exceptional cases for meritorious students.
- Repayment starts immediately from the
next month in equated monthly installments (EMI).
REQUIRED DOCUMENTS FOR APPLICATION
Applicants must provide the
following documents:
- KYC Documents (PAN and Aadhaar of both
applicant and co-applicant)
- Income Proof (Salary slips, Income Tax
Returns, Bank statements, Income certificate)
- Academic Records (Class 10, Class 12,
and Bachelor's Marksheet as applicable)
- Profession Details of Parent/Guardian
- Proof of Admission and Fees in the
educational institute for UG/PG program
- Additional Documents (if required on a
case-to-case basis)
SCHOLARSHIP DETAILS AT A GLANCE
|
Parameter |
Details |
|
Program
Name |
Propelld
Domestic Education Loan Programme |
|
Launched
By |
Buddy4Study
& Propelld |
|
Regions
Covered |
India |
|
Target
Beneficiaries |
Undergraduate
and Postgraduate Students |
|
Loan
Amount |
UG:
INR 50,000 - 10 Lakh; PG: INR 1.5 Lakh - 10 Lakh |
|
Interest
Rate |
12-18%
(Avg 14%) |
|
Tenure |
6
months to 84 months |
|
Special
Features |
Moratorium
loans for final-year students (in some cases) |
|
Eligibility
Criteria |
60%
marks in Class 10, 12, and Bachelor’s; Indian citizens |
|
Deadline
to Apply |
31st
March 2025 |
|
Required
Documents |
KYC,
Income Proof, Academic Records, Admission Proof |
CONCLUSION
The Propelld Domestic Education Loan Programme is an excellent opportunity for students who require financial assistance to pursue higher education in India. With flexible loan amounts, varying tenures, and an efficient repayment system, this initiative enables students to focus on academics without worrying about financial constraints. Eligible candidates should apply before 31st March 2025 to avail themselves of this valuable support.
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