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Education Loan from Vijaya Bank
Kapil G.
Eligibility
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.
Courses Eligible
A) Studies in INDIA ( Indicative List )
- Graduation courses : BA, B.Com., B.Sc., etc.
- Post Graduation courses : Masters & Phd.
- Professional Courses :Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer courses (BCA / MCA / BSc-CS, etc)
- Animation /Cartooning/ multimedia/Graphic Designing, etc. where the course period should be one year and above & the courses conducted by reputed Institutions and the Institute to fulfil any of the following criteria
(i) NASSCOM rated/certified
(ii) AICTE affiliated
(iii) Accredited to any UGC affiliated university in India
(iv) Affiliated to reputed Foreign Universities - Computer certificate courses of reputed institutes accredited to Dept., of Electronics or institutes affiliated to University.
- Courses like ICWA, CA, CFA etc.
- Courses conducted by IIM, IIT, IISc, XLRI.NIFT etc.
- Pilot Training Programme. (Government or recognized private institute approved by Director General of Civil Aviation, Government of India).
- Courses offered in India by reputed foreign universities.
- Evening courses of approved institutes.
- Other courses leading to diploma/ degree etc, conducted by colleges/ universities approved by UGC/ Govt/ AICTE/ AIBMS/ ICMR etc.
- Courses offered by National Institutes and other reputed private institutions. Banks may have the system of appraising other institution courses depending on future prospects/ recognition by user institutions.
B) Studies Abroad
- Graduation: For job oriented professional / technical courses offered by the reputed university.
- Post graduation: MCA, MBA, MS, etc.
- Courses conducted by CIMA-London, CPA in USA, etc.
- Pilot Training Programme offered by recognized institutions abroad approved by competent authority in that country. Example in USA the Federal Aviation Administration, Government of USA.
- The licences issued by such institutions should be convertible into corresponding Indian Licences in case the applicant desires to take up employment in India after completion of course/ training abroad, as per directives of Director General of Civil Aviation, Government of India.
Expenses Considered for Loan
- Fee payable to college/ school/ hostel.
- Examination/ Library/ Laboratory fee.
- Purchase of books/ equipments/ instruments/ uniforms.
- Caution deposit/ building fund/ refundable deposit supported by Institution bills/ receipts.
- Travel expenses/ passage money for studies abroad.
- Purchase of computers – essential for completion of the course.
- Any other expense required to complete the course – like study tours, project work, thesis etc.
- Issuance of DD favouring CET Cell
- Fee payable to the Institution/hostel/examination fee, cost of books, travel expenses for studies abroad, purchase of computer, etc.
Loan Amount
- Studies in India : Maximum Rs.10.00 lakhs
- Studies abroad : Maximum Rs.20.00 lakhs
Rate of Interest
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.
- Simple interest to be charged during the study period and up to the commencement of repayment.
Margin
- Upto Rs. 4.00 Lakhs : NIL
- Above Rs. 4.00 lakhs :Studies in India: 5 % #
:Studies Abroad:15 % #
# Scholarship / Assistantship to be included in the margin. Margin can be brought in as and when disbursements are made on prorate basis
Security
| 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
- Loan considered for Professional Courses only.
- Bank is not responsible for non-receipt of any reply from the Bank due to wrong e-mail ID submitted by the applicant.
- Only those applicants whose place of domicile / permanent address is not exceeding ‘ 10’ Km radius to the nearest branch of Vijaya Bank should apply.
- The applicant to purchase a DD / PO of Rs.500.00 favouring Vijaya Bank, preferably from the same branch where the education loan is to be availed by the applicant.
For details on education loans offered by Vijaya Bank, click here.
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