Student Education loans in India

Here know the complete information about Student Education Loans offered by Lakshmi Vilas Bank India.

Lakshmi Vilas Bank


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

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