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 |
- Professional courses like Medical/Engineering/Veterinary/Nursing/Law/Management/PGDRIM/ ICWA/CA/CFA/IIM/ IIT/IISC/XLRI/NIFT and other courses approved by State/ Central Government.
- Evening courses of reputed institutes and pilot training programmes approved by Director General of Civil Aviation, Government of India.
- All other courses leading to diploma/ degree etc., conducted by colleges/ universities approved by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc., and offered by National Institutes and other reputed private institutions.
|
| Quantum of Finance |
| Maximum of Rs. 10.00 lacs for studying in India |
| Margin |
- Upto Rs.4,00,000/- -- NIL
- Above Rs.4,00,000/- -- 5%
|
| Security |
- Upto Rs.4.00 lacs - No security
- Above Rs. 4.00 lacs upto 7.5 lacs - Suitable Third Party Guarantee.
- Above Rs. 7.5 lacs - Tangible Collateral security for full value of loan.
|
| Repayment |
- Repayment will commence one year after completion of the course or 6 months after securing a job, whichever is earlier.
- For loans upto Rs.7.50 lakhs - 5 to 7 years.
- Above Rs.7.50 lakhs - 5 to 10 years.
|
Studies in Abroad |
Eligibility |
- Must be an Indian National.
|
| Eligible Courses for Education Loan |
- Post graduation/technical courses offered by reputed universities like MCA, MBA, MS and PhD(Doctor of Philosophy) 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%
|
| Security |
- Upto Rs.4.00 lacs - No security
- Above Rs. 4.00 lacs upto 7.5 lacs - Suitable Third Party Guarantee.
- Above Rs. 7.5 lacs upto 15.00 lacs - Tangible Collateral security of suitable value of loan or third party guarantee with assignment of future income of the student for payment of instalments.
- Above Rs. 15.00 lacs - Tangible Collateral security for full value of loan and third party guarantee with assignment of future income of the student for payment of instalment.
|
| Repayment |
- Repayment will commence one year after completion of the course or 6 months after securing a job, whichever is earlier.
- For loans upto Rs.15.00 lakhs - 5 to 7 years.
- Above Rs.15.00 lakhs - 5 to 10 years.
|
Common aspects for Indian and Abroad studies |
Expenses considered for Education Loan |
- Fee payable to college/school/hostel
- Payment of course fees
- Purchase of books/equipments/instruments
- Examination/Library/Laboratory fee
- Caution deposits and refundable deposits
|
| Rate of Interest |
- BPLR - 1.25 % p.a. Floating
- Simple interest basis during study & repayment holiday period (upto one year after completion of the course or six months after securing a job, whichever is earlier)
- 1% interest concession is provided for loanees if the interest is serviced during the study period.
|
| For more details visit Vijaya Bank official website: vijayabank.com |