Student Education loans in India

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

Vijaya 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
  • 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

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