Student should be an Indian National and should have secured admission to the relevant Professional/ Technical courses in India or Abroad through Entrance Test/ Merit Based Selection process. However there is no age restriction for the applicant.
A) Studies in INDIA ( Indicative List )
B) Studies Abroad
Up to Rs 4.00 Lakh | MCLR 1 Year + 1.70%=11.15% p.a. (floating) |
Above Rs 4.00 Lakh and up to Rs 7.50 Lakh | MCLR 1 Year + 2.20%=11.65% p.a. (floating) |
Above Rs 7.50 Lakh | MCLR 1 Year+1.70%=11.15% p.a. (floating) |
* 0.50% interest concession to girl students. However, ultimate rate of interest charged should not be less than Base Rate in any case.
# Scholarship / Assistantship to be included in the margin. Margin can be brought in as and when disbursements are made on prorate basis
Amount | Studies in India | Studies Abroad |
Upto Rs. 4 lacs | No Security | No Security |
Above Rs. 4 lacs to Rs. 7.50 lacs | Suitable Third Party Guarantee | Suitable Third Party Guarantee |
Above Rs. 7.50 lacs to Rs. 10 lacs (India) / Rs. 15 lacs (Abroad) | Tangible Collateral security for full value of loan | Tangible Collateral security of suitable value of loan or third party guarantee with assignment of future income of the student for payment of instalments |
Rs 15 lacs to Rs. 20 lacs | NA | Tangible Collateral security for full value of loan and third party guarantee with assignment of future income of the student for payment of instalment |
Additional conditions applicable for online education loan applications
For details on education loans offered by Vijaya Bank, click here.