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Educational Loans from Vijaya Bank
Posted Date: 30 Apr 2008 Resource Type: Articles/Knowledge Sharing Category: Educational Loans
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Posted By: Shreshtha Member Level: Diamond
Rating:  Points: 5
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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.
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 etc.
• 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.
• Professional courses with ICFAI National College.
• Coursed offered by M/s. Frankfinn Institute of Air Hostess.
• 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
Margin
• Upto Rs.4 lakhs : NIL
• Above Rs.4 lakhs : Studies in India : 5 % #
Studies Abroad : 15 % #
# Scolarship / Assistantship to be included in the margin. Margin can be brought in as and when disbursements are made on prorata basis.
Rate of Interest
with effect from 15.02.2008: [BPLR = 13.00%]
Amount Slab Rate of interest per annum - Floating
Upto Rs. 4 lakhs 11.50 % [BPLR - 1.5%]
Above Rs. 4 lakhs 11.50 % [BPLR - 1.5%]
Repayment
Repayment will commence one year after completion of course or six months after securing a job, whichever is earier
Place of Study - In India
Loan Amount - Up to Rs. 7.5 lacs for 5-7 yrs
Above Rs. 7.5 lacs for 5-10 yrs
Place of Study - Abroad
Loan Amount - Up to Rs. 15 lacs for 5-7 yrs
Above Rs. 15 lacs for 5-10 yrs
Security -
Amount - Upto Rs. 4 lacs
Studies in India - No Security
Studies Abroad - No Security
Amount - Above Rs. 4 lacs to Rs. 7.50 lacs
Studies in India - Suitable Third Party Guarantee
Studies Abroad - Suitable Third Party Guarantee
Amount - Above Rs. 7.50 lacs to Rs. 10 lacs (India) / Rs. 15 lacs (Abroad)
Studies in India - Tangible Collateral security for full value of loan
Studies Abroad - Tangible Collateral security of suitable value of loan or third party guarantee with assignment of future income of the student for payment of instalments
Amount - Rs 15 lacs to Rs. 20 lacs
Studies in India - N/A
Studies Abroad - 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
1. Loan considered for Professional Courses only.
2. Bank is not responsible for non-receipt of any reply from the Bank due to wrong e-mail ID submitted by the applicant.
3. Only those applicants whose place of domicile / permanent address is not exceeding ‘10’ Km radius to the nearest branch of Vijaya Bank should apply.
4. The applicant to preferably purchase a DD / PO of Rs.500.00 favouring Vijaya Bank from the same branch where the education loan is to be availed by the applicant.
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Responses
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| Author: Vidya 27 May 2008 | Member Level: Diamond Points : 2 | nice information
| | Author: Shinu 31 May 2008 | Member Level: Gold Points : 2 | I was looking for information on loans. I have been interested in this and happy to read more about it.Thanks for the information
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