Why For/Purpose /Objective:
Vijaya Bank Educational Loan provides financial support to deserving/meritorious students to pursue higher education in India and abroad
Eligibility Criteria
Student eligibility:
- Student should be an Indian National
- should have secured admission to the relevant Professional/ Technical courses in India or Abroad through Entrance Test/ Merit Based Selection process.
- no age restriction for the applicant.
Courses Eligible
tudies in India
- Graduation courses : BA, B.Com., B.Sc., etc.
- Post Graduation courses : Masters & Phd.
- Professional Courses :Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer courses (BCA / MCA / BSc-CS, etc).
- Animation /Cartooning/ multimedia/Graphic Designing, etc. where the course period should be one year and above & the courses conducted by reputed Institutions and the Institute to fulfil any of the following criteria:
- NASSCOM rated/certified
- AICTE affiliated
- Accredited to any UGC affiliated university in India
- Affiliated to reputed Foreign Universities
- Computer certificate courses of reputed institutes accredited to Dept., of Electronics or institutes affiliated to University.
- Courses like ICWA, CA, CFA etc.
- Courses conducted by IIM, IIT, IISc, XLRI.NIFT etc.
- Pilot Training Programme. (Government or recognized private institute approved by Director General of Civil Aviation, Government of India).
- Courses offered in India by reputed foreign universities.
- Evening courses of approved institutes.
- Other courses leading to diploma/ degree etc, conducted by colleges/ universities approved by UGC/ Govt/ AICTE/ AIBMS/ ICMR etc.
- Courses offered by National Institutes and other reputed private institutions. Banks may have the system of appraising other institution courses depending on future prospects/ recognition by user institutions.
Studies Abroad
- Graduation: For job oriented professional / technical courses offered by the reputed university.
- Post graduation: MCA, MBA, MS, etc.
- Courses conducted by CIMA-London, CPA in USA, etc.
- Pilot Training Programme offered by recognized institutions abroad approved by competent authority in that country. Example in USA the Federal Aviation Administration, Government of USA.
The licences issued by such institutions should be convertible into corresponding Indian Licences in case the applicant desires to take up employment in India after completion of course/ training abroad, as per directives of Director General of Civil Aviation, Government of India.
Quantum/ Amount of Loan
Studies in India : Maximum Rs. 10.00 Lac
Studies Abroad : Maximum Rs. 20.00 Lac.
Expenses Considered for Loan:
- Fee payable to college/ school/ hostel.
- Examination/ Library/ Laboratory fee.
- Purchase of books/ equipments/ instruments/ uniforms.
- Caution deposit/ building fund/ refundable deposit supported by Institution bills/ receipts.
- Travel expenses/ passage money for studies abroad.
- Purchase of computers – essential for completion of the course.
- Any other expense required to complete the course – like study tours, project work, thesis etc.
- Issuance of DD favouring CET Cell
- Fee payable to the Institution/hostel/examination fee, cost of books, travel expenses for studies abroad, purchase of computer, etc.
Margin/ Allowance:
- Upto Rs. 4.00 Lakhs : NIL
- Above Rs. 4.00 lakhs : Studies in India: 5 % #
:Studies Abroad:15 % #
# Scholarship / Assistantship to be included in the margin. Margin can be brought in as and when disbursements are made on prorate basis
Rate of Interest :
- BPLR - 1.25 % p.a. Floating
Simple interest basis during study & repayment holiday period (upto one year after completion of the course or six months after securing a job, whichever is earlier)
Concession for Girl Students : Our Bank has extended a 0.50 % interest concession to Girl Students for loans availed on or after 01.11.2008 and will be effective till 31.12.2010. This interest concession will be extended till closure of the loan.
Note: 1% interest concession is provided for loanees if the interest is serviced during the study period.There will be NO Pre-payment and NO Pre-Closure Charges
Security:
Amount |
Studies in India |
Studies Abroad |
Upto Rs. 4 lacs |
No Security |
No Security |
Above Rs. 4 lacs to Rs. 7.50 lacs |
Suitable Third Party
Guarantee |
Suitable Third Party Guarantee |
Above Rs. 7.50 lacs to Rs. 10 lacs (India) / Rs. 15 lacs (Abroad) |
Tangible Collateral security for
full value of loan |
Tangible Collateral security of suitable value of loan or third party guarantee with assignment of future income of the student for payment of instalments |
Rs 15 lacs to Rs. 20 lacs |
NA |
Tangible Collateral security for full value of loan and third party guarantee with assignment of future income of the student for payment of instalment |
Contact
Delhi Tel: 011- 2376613,
Bangalore Tel: 080-22202053, 22201672,
Chennai Tel: 044- 28460099, 42666626,
Hyderabad Tel: 040- 23347852,
Kolkata Tel: 033-22306396,
Mumbai Tel: 022-26286155, 26248404 .
Website
www.vijayabank.com
