Loans for Education -Vidya Vikas

Financial assistance to deserving /meritorious students pursuing higher education in India and abroad

Eligible courses :

All courses having employment prospects are eligible.
1.Graduation/Post Graduation/Professional Courses.
2 Other courses approved by UGC/Government/AICTE etc.
3.MInimum 75% marks should have been secured in qualifying exam, Management quota student not eligible.

Eligible expenses :

a) Fees payable to college/hostel
b) Examination/ Library /Laboratory fees
c) Purchase of Books/ Equipment/ Instruments/ Uniforms
d) Caution Deposit/Building Fund/Refundable Deposit
e) Travel Expenses /Passage money for studies abroad
f) Purchase of computer considered necessary for completion of course
g) Any other expenses required to complete the course viz: study tours, project work, thesis etc.

Loan amount :

a) For studies in India, maximum Rs. 10 Lakhs.
b) For studies abroad, maximum Rs. 20 Lakhs

Margins :

a) Up to Rs.4 lakhs---Nil.
b) Above Rs. 4 lakhs 5% for Studies in India and 15% for Studies abroad

ROI :

See interest rates on loans and advances
0.5% interest concession to girl students
Simple interest to be applied during the study period.

Processing fee :

See service charges

Penal Interest :

2% may be charged for loans above Rs.4 lakhs for the overdue amount and overdue period.

Repayment :

The loan will be recovered in 60 monthly installments from the parent and student one year after completion of the course irrespective of employment by the student.
Gestation: Course Period + One year or 6 months after getting the job.
5 to 7 years depending upon the course and Income flow.

Security :

a) Personal liability of parent and student for limits up to Rs.4.00lakhs
b) Collateral security with 200 percent of the loan including third party guarantee for limits above Rs.4.00 lakhs

Papers / Documents required :

a) Agreement for Term Loan for Vidya Vikas
b) Guarantee agreement wherever applicable
c) Arrangement letter

Website:http://www.apgvbank.in/index.php