Vijaya Bank Loan

Vijaya Bank Education Loan

Since the rules, regulations, eligibility conditions, repayments and interests rates etc are revised by the banks from time to time. students and parents are advised to check thoroughly the terms and conditions of educational loan scheme of respective bank on offer at the time of application.

Eligibility :

For studies in India :

student of Indian Nationality is eligible to apply for the loan provided he/she has secured admission to the institution/college/university.

Approved courses :

Full time courses (Diploma, Teachers' Training, graduation or Post graduation and Doctorate studies) in all branches of medicine, engineering, agriculture, CA/ICWA/ACS, Computer Science, Architecture, Business Administration, Law, Arts, Science, Commerce, Hotel Management, Nursing and Pharmacy (except Foreign University Degree courses offered in India)

Amount of loan :

The bank provides a loan of Rs.10000/- for a student's education at a junior college; teacher's training course and other short-term courses that are approved by the Government. Loans worth Rs.50000/- are also offered to students who wish to do a polytechnic course/computer course, or desire to pursue graduation/post-graduation in any discipline, such as arts, commerce, science, pharmacy, agriculture & fisheries. A maximum amount of Rs.4 lakhs for graduation/post-graduation in engineering, architecture, dental science, medicine, chartered/cost accountancy & business administration courses, offered by a reputed institution.

Margin :

No margin for loans up to and inclusive of Rs.25000/- and a minimum margin of 25% for loans above Rs.25000/-

Repayment :

Repayment of the loan commences from the 6th month after the student completes his/her course or the 3rd month of securing a job, whichever is earlier. The loan is to be repaid within a maximum period of 6 months depending upon the repayment capacity.

For studies abroad :

Eligibility :

Meritorious students who have been selected for any course in foreign universities are eligible to avail of the foreign education loans.

Amount of loan :

The bank provides Rs. 10, 00,000/- as a loan for his/her education at a foreign university.

Margin :

25% (To be brought pro rata as and when disbursements are made)

Period of loan :

The loan is repayable in 60 monthly installments. Repayment of the loan is to commence 6 months after the student completes the course or completion of 3rd month after securing a job, whichever is earlier.