Vijaya Bank

Vijaya Bank’s Education Loan

Objective of the Scheme :

Vijaya Bank provides Education Loans for Indian nationals- meritorious students for pursuing higher education in India or abroad.

Studies in India :

  • Graduation, Post-graduation including regular technical and professional Degree / Diploma courses conducted by colleges / universities approved by UGC / AICTE / IMC / Govt. / AIBMS / ICMR. Etc
  • Regular Degree / Diploma Courses conducted by autonomous institutions like IIT, IIM, NIFT, IISc etc
  • Regular Degree / Diploma Courses like Aeronautical, pilot training, shipping etc. approved by Director General of Civil Aviation / Shipping.
  • Courses like ICWA, CA, CFA etc.

Studies over a Wide Area :

Job oriented professional / technical Graduation Degree courses / Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc offered by reputed universities and Courses conducted by CIMA-London, CPA in USA etc.

Liability of Finance :

Expenses allotted for the Loan :

  • Fees payable to college / school / hostel.
  • Examination / Library / Laboratory fees.
  • Purchase of Books / Equipment / Instruments / Uniforms, Purchase of computers- essential for completion of the course ( maximum 20% of the total tuition fees payable for completion of the course ).
  • Caution Deposit / Building Fund / Refundable Deposit ( maximum 10% tuition fees for the entire course ).
  • Travel Expenses / Passage money for studies abroad.
  • Fee payable to college for Indian School of Business.

Quantum of Finance :

  • Studies in India - Rs. 10 lakhs
  • Studies Abroad - Rs. 20 lakhs
  • Indian School of Business student - Rs. 20 lakhs
  • Students of Premier Central Institutions such as IIMs, IITs etc - Rs. 20 lakhs

Processing Fee / Mortgage Charges : NIL

Rate of Interest :

For

Loan Amount

Rate of interest

IBA Scheme

For loans up to Rs.4 lakhs

Base Rate + 1.80 = 12.00%

For loans Rs. 4 lakhs & above

Base Rate + 2.25 = 12.45%

Management Quota ( Non IBA )

Irrespective of loan amount

Base Rate + 2.55 = 12.75%

Education Loan to Indian School of Business student

Irrespective of loan amount

11.75% ( Fixed )

Education Loan to the students of Premier Central Institutions such as IIMs, IITs etc

Irrespective of loan amount

11.75% ( Fixed )

Repayment Period of the Loan :

IBA Scheme  :

Up to Rs. 7.50 lakhs  - Up to 10 years

Rs. 7.50 lakhs & above - Up to 15 years

Repayment will commence one year after completion of course or 6 months after securing a job, whichever is earlier.

Management Quota ( Non IBA ) - Up to 10 years :

Repayment will commence one year after completion of course or 6 months after securing a job, whichever is earlier.

IIMs, IITs :

Up to 7 years - Repayment will commence one year after completion of course or 6 months after securing a job, whichever is earlier.

Indian School of Business student :

Up to 7 years - Repayment will commence after completion of 18 months or soon after the placement, whichever is earlier.

For more Details, Kindly refer the following link :

http://www.vijayabank.com/Loans-and-Advances/Retail-Lending-Schemes/Education-Loan

 

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