Lakshmi Vilas Bank’s Educational Loan - Vidhya Lakshmi
Objective of the Scheme:
To meet expenses connected with the pursuit of specific courses of study at recognized institutions, including professional / job-oriented courses, which offer reasonable opportunity for employment & loan repayment capacity on successful completion.
Eligibility of the Student:
Studies in India:
Regular Degree / Diploma courses like aeronautical, pilot training, shipping, degree / diploma in nursing or any other discipline, approved by Director General of Civil Aviation / Shipping / Indian Nursing Council or any other regulatory body as the case may be, if the course is pursued in India.
Studies over a Wide Area :
Degree / Diploma courses like aeronautical, pilot training, shipping, etc. provided these are recognized by competent regulatory bodies in India / abroad for the purpose of employment in India / abroad.
Liability of Finance :
Expenses allotted for the Loan :
Purchase of computer at reasonable cost essential for completion of the course.
Quantum of Finance :
Processing Fee / Mortgage Charges : NIL
Rate of Interest:
For Boy Students:
Loans up to Rs.4.00 lacs: Base Rate + 3.25% ( PER: 14.50% p.a. )
Loans above Rs.4.00 lacs: Base Rate + 4.25% ( PER: 15.50% p.a. )
For Girl Students:
Loans up to Rs.4.00 lacs: Base Rate + 2.75% ( PER: 14.00% p.a. )
Loans above Rs.4.00 lacs : Base Rate + 3.75%( PER: 15.00% p.a. )
Repayment Period of the Loan :
Holiday Period: Course period* + 1 year or 6 months after employment, whichever is earlier. ( Holiday period could be extended up to 24 months after completion of the studies. )
Repayment Period: The principal & interest ( including interest accrued during the holiday period ) to be repaid in EMIs as follows:
For more Details, Kindly refer the following link :