Vijaya Bank Education Loan- Student Loan in India

Vijaya Bank Education Loan Scheme

Eligibility
Student should be an Indian National and should have secured admission to the relevant Professional/ Technical courses in India or Abroad through Entrance Test/ Merit Based Selection process.

Courses Eligible

A) Studies in INDIA (Indicative List)

Graduation courses: BA, B.Com., B.Sc., etc.
Post Graduation courses: Masters & Phd.
Professional Courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc.
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.
Professional courses with ICFAI National College.
Coursed offered by M/s. Franklin Institute of Air Hostess.
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.

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.

Loan Amount
Studies in India : Maximum Rs.10.00 lakhs
Studies abroad : Maximum Rs.20.00 lakhs

Margin
Upto    Rs.4 lakhs : NIL
Above Rs.4 lakhs : Studies in India : 5 % *
                               Studies Abroad : 15 % *

              * Scolarship / Assistantship to be included in the margin. Margin can be brought in as and when disbursements are made on prorata basis.
Rate of Interest
with effect from 15.02.2008:
[BPLR = 13.00%]
Amount Slab Rate of interest per annum - Floating
Upto   Rs. 4 lakhs 11.50 %     [BPLR - 1.5%]
Above Rs. 4 lakhs 11.50 %     [BPLR - 1.5%]

Repayment
Repayment will commence one year after completion of course or six months after securing a job, whichever is earier