Lakshmi Vilas Bank

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:

• Should have secured admission to professional / technical courses in India or abroad through entrance test / merit based selection process after completion of HSC ( 10 plus 2 or equivalent ).
• However, entrance test or selection purely based on marks obtained in qualifying examination may not be the criterion for admission to some of the post graduate courses or research programmes.

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 :

• For studies in India: Maximum up to Rs. 10.00 lacs.
• For studies abroad: Maximum up to Rs. 20.00 lacs.

Margin :

• For loans up to Rs.4.00 lacs: Nil
• For loans above Rs.4.00 lacs:
• Studies in India: Minimum of 5%.
• Studies Abroad: Minimum of 15%.

Moratorium: Nil

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 loans up to   Rs.7.50 lacs: up to 10 years
• For loans above Rs.7.50 lacs: up to 15 years

For more Details, Kindly refer the following link :

http://www.lvbank.com/Vidhya_Lakshmi_Loan.aspx