The main intent of granting education loan is to make economically strong to meritorious students.
For studies in India, courses include graduation, Post-graduation including regular technical and professional Degree/Diploma courses conducted by colleges/universities approved by UGC/ AICTE/IMC/Govt./AIBMS/ICMR etc. Regular Degree/ Diploma Courses conducted by autonomous institutions like IIT, IIM, NIFT, IISc etc. Regular Degree/Diploma Courses like Aeronautical, pilot training, shipping etc. approved by Director General of Civil Aviation/Shipping. Courses like ICWA, CA, CFA etc.
For overseas studies, Bank sanctions loan for 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.
Fees payable to college/school/hostel, Examination/Library/ Laboratory fees, purchase of Books/Equipment/Instruments/Uniforms, Purchase of computers- essential for completion of the course (maximum 20% of the total tuition fees payable for completion of the course), Caution Deposit/Building Fund/Refundable Deposit (maximum 10% tuition fees for the entire course), Travel Expenses/Passage money for studies abroad, fee payable to college for Indian School of Business.
To study in India, amount is Rs.10 lakhs and for abroad studies, it is 20 lakhs. Education Loan to Indian School of Business student is 20 lakhs and education loan to the students of Premier Central Institutions such as IIMs, IITs etc is also 20 lakhs.
In IBA Scheme, it is up to Rs. 7.50 lakhs and tenure is up to 10 years. For Education Loan to the students of Premier Central Institutions such as IIMs, IITs etc, amount is irrespective of loan amount and tenure is up to 7 years.
For loan amount up to Rs.10 lakhs, Parent(s) have to be joint borrower(s) and tangible collateral security acceptable to bank to the extent of 150% of loan amount along with assignment of future income of the student for payment of instalments.
Up to 4 lakh, it is 12% and more than 4 lakh, it is 12.45%. There is no processing / upfront charge to be levied on loans sanctioned under the scheme.
For further details please click on the link: Vijiya Bank Educational Loans