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 :

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