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 :
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 :
Quantum of Finance :
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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