Karnataka Bank

Karnataka Bank’s Educational Loan - KBLVIDYANIDHI

Objective of the Scheme:

Karnataka Bank provides financial support to meritorious students for pursuing higher education in India and abroad. Meritorious Students under management Quota are eligible for Education Loan.

Eligibility of the Student  :

Any student, representing himself / herself if major, or a minor student represented by parent or guardian, of Indian nationality, who has secured admission to a professional / technical / other course, in India or abroad.

Studies in India :

Graduate Courses - B.A., B.Sc., B.Com., B.C.A., B.B.M., Diploma in Engineering, Post Graduate Courses - Masters and Ph.D; Professional Courses - Engineering, Medical, Agriculture, Nursing, Veterinary, Law, Dental, Management, Computer, Pharmacy, Physiotherapy, Hotel Management, ICWA, CA, CFA; Courses conducted by IIM, IIT, XLRI, NIFT; Courses offered in India by reputed foreign universities; Evening Courses of approved Institutes; Other Courses leading to Diploma / Degree conducted by Colleges / Universities approved by UGC / GOVT. / AICTE / AIBMS / ICMR; Courses offered by National Institutes and other reputed private Institutions.

Studies over a Wide Area :

Graduation - Only for job oriented professional / technical courses offered by the reputed Universities; Post Graduation - MCA, MBA, MS; Courses conducted by CIMA-London, CPA in USA etc.

Liability of Finance :

Expenses allotted for the Loan :

Tuition Fees, Hostel Fees and Boarding and Lodging Fees if resident outside Hostel; Examination / Laboratory and Library Fees; Purchase of Books / Study material / Equipment and Uniforms; Caution Deposit / Building Fund / Refundable Deposits ( supported by Receipts issued by the Institution ); Travel expenses / passage money for study abroad; Purchase of Computer if certified as essential for completion of course; other expenses like Project Work, Study Tour and Thesis, which are necessary for completion of course.

Quantum of Finance :

  • For studies in India - a maximum of Rs.10 lakh.
  • For studies abroad - a maximum of Rs.20 lakh.

Margin :

  • Loan Upto Rs.4 lakh: No margin required.
  • Loan above Rs.4 lakh: 5% for studies in India and 15% for studies abroad. Scholarship / apprenticeship may be reckoned as part of margin. Margin may be brought in on year-to-year basis as and when disbursements are made, on a pro-rata basis.

Processing Fee / Mortgage Charges: NIL

Rate of interest:

General Up to Rs. 4 lakh

Normal

10.75

3.50

14.25

Meritorious

10.75

3.00

13.75

Girl Student

10.75

3.00

13.75

Girl Meritorious

10.75

2.50

13.25

General above Rs. 4 lakh

Normal

10.75

4.00

14.75

Meritorious

10.75

3.50

14.25

Girl Student

10.75

3.50

14.25

Girl Meritorious

10.75

3.00

13.75

Repayment Period of the Loan :

  • The loan shall be repaid in 5 to 7 years after commencement of repayment. If the student secures employment during the holiday period, the repayment schedule should be advanced to commence immediately.
  • The completion of the course includes internship or apprenticeship if compulsory for award of Degree. If the student does not complete the course within the scheduled period, a maximum period of 2 years is permitted for completion. If the student is unable to complete the course for reasons beyond his control then extension may be granted if deemed necessary to complete the course.
  • The accrued interest during the repayment holiday will be added to the principal and repayment in equated monthly installments ( EMI ) shall be fixed.

For more Details, Kindly refer the following link :

http://www.karnatakabank.com/ktk/SpAdvances.htm

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