Studies in India |
Eligibility for Education Loan |
- Must be an Indian National.
- Secured admission to Professional/ Technical courses through Entrance Test/ Selection Process.
|
| Eligible Courses for Education Loan |
- Graduation, Post-graduation including technical / professional courses from recognized universities.
- Computer certificate courses from reputed institutes accredited to department of electronics of institutes affiliated to university.
- Courses like ICWA, CA, CFA and courses conducted by IIM, IIT, IISc, XLRI, NIFT and courses approved by UGC / Govt. / AICTE / AIBMS / ICMR etc.
- Higher Secondary Education - Std. XI to XII.
|
| Quantum of Finance |
| Maximum of Rs. 10.00 lacs for studies in India |
| Margin |
- Upto Rs.4,00,000/- -- NIL
- Above Rs.4,00,000/- -- 5%
|
Studies in Abroad |
Eligibility |
- Must be an Indian National.
|
| Eligible Courses for Education Loan |
- Graduation : For job oriented professional / technical courses offered by reputed universities
- Post-Graduation - MCA, MBA, MS, PhD etc.
- Courses conducted by CIMA-London, CPA in USA etc.
|
| Quantum of Finance |
| Maximum of Rs. 20.00 lacs for studies in abroad. |
| Margin |
- Upto Rs.4,00,000/- -- NIL
- Above Rs.4,00,000/- -- 15%
|
Common aspects for Indian and Abroad studies |
Security |
- Upto 4.00 lacs - Co-obligation of parents/grandparents . No security.
- From Rs. 4.00 lacs to Rs.7.50 lacs - Co-obligation of parents/grandparents together with collateral security in the form of suitable third party guarantee.The bank may, at its discretion, in exceptional cases, waive third party guarantee if satisfied with the net-worth/means of parent(s)/ grandparent(s) who would be executing the document as "joint borrower".
- Above Rs. 7.50 lacs - Co-obligation of parents/grandparents together with tangible collateral security of suitable value, along with the assignment of future income of the student for payment of instalments.In the case of married person, co-obligant can be either the spouse or the parent(s)/parents-in-law.
|
| Rate of Interest |
| Upto 4.00 lacs |
- For Boys - BPLR-3.75%(PER: 11.25% p.a.)
- For Girls - BPLR-4.25%(PER: 10.75% p.a.)
|
| Above 4.00 lacs to 7.50 lacs |
- For Boys - BPLR-2.75%(PER: 12.25% p.a.)
- For Girls - BPLR-3.25%(PER: 11.75% p.a.)
|
| Above 7.50 lacs |
- For Boys - BPLR-5.00%(PER: 10.00% p.a.)
- For Girls - BPLR-5.50%(PER: 9.50% p.a.)
|
| Repayment |
| To be repaid within a maximum period of 84 months, with a holiday period of course period + 1 year or 6 months after employment whichever is earlier. |
| For more details visit Lakshmi Vilas Bank official website: lvbank.com |