Make college memories that last a lot longer than your student loan payments.

Karur Vysya Bank Education Loan

Karur Vysya Bank's education loans for courses can be utilised to realize your dreams of higher education both abroad and in India. These loans have several unique features as well as competitive interest rates. There are also special government schemes for students from the minority community that can be accessed through Karur Vysya Bank.

Karur Vysya Bank Education Loan Interest Rates

The interest rates for education loans from Karur Vysya Bank are as follows:

Schemes Maximum Loan Amount Interest Rates (p.a.)
KBL Education Loan In India: Rs.10 lakh Abroad: Rs.20 lakh 10.75% to 11.75% p.a.

These interest rates are effective from 1 June 2020

Karur Vysya Bank Education Loan EMI Calculator

The Karur Vysya Bank education loan EMI calculator is a helpful and free online tool to help you calculate your Equated Monthly Instalments accurately, precisely, and quickly.

Just enter the prevailing education loan interest rate of Karur Vysya Bank, the repayment tenure you have chosen (maximum of 7 years), and the loan amount sanctioned or which you are applying for. Click on the ''Calculate'' button and the amortisation table and the other details will be instantly displayed on the screen.

To illustrate

For a Karur Vysya Bank educational loan of Rs.10 lakh with an interest rate of 10.75% and a tenure of 7 years, you will be paying the following as EMI, interest, and total amount:

  • Equated Monthly Instalment (EMI): Rs.16,991
  • Total interest due: Rs.4,27,267
  • Total amount payable: Rs.14,27,267

The amortisation table for the loan will be as follows:

Principal Paid(A)1 Interest Paid(B) Total Payment (A+B) Outstanding Loan Balance
74,942 77,980 1,52,922 9,25,058
1,09,753 94,141 2,03,894 8,15,303
1,22,152 81,742 2,03,894 6,93,151
1,35,949 67,944 2,03,893 5,57,200
1,51,308 52,589 2,03,897 4,05,893
1,68,397 35,496 2,03,893 2,37,495
1,87,422 16,475 2,03,897 50,074
50,074 900 50,974 0

How to Apply for Karur Vysya Bank Education Loan

You can apply for the education loan from Karur Vysya Bank in two ways:

Offline: Visit your nearest branch with the required documents. Request for the application form and after filling it up accurately, submit it along with the documents to the concerned official.

Online: To apply online, follow the steps given below:

Step 1: Visit the official website of Karur Vysya Bank

Step 2: Click on ''Menu''

Step 3: In the dropdown menu, click on ''Loans''

Step 4: Select ''Education Loans''

Step 5: On the loan page, click on ''Read More'' under the loan you wish to apply for

Step 6: Click on ''Apply Online'' on that page

Step 7: On the pop-up page, click on ''Accept'' after reading the terms and conditions

Step 8: You will be redirected to the Vidya Lakshmi page where you can complete your loan application

Subsidy Schemes for Karur Vysya Bank Education Loan

The subsidy loan scheme provided by Karur Vysya Bank is:

Padho Pardesh Scheme: This is a scheme sponsored by the Central Government for students who belong to minority communities to enable them to pursue higher education in foreign colleges or universities through subsidy on the interest of the education loan. To be eligible for this scheme, the student's family income should not exceed Rs.6 lakh. Master's degree, postgraduate degree, M.Phil, and Ph.D. level courses are eligible for the loan subsidy under this scheme.

Karur Vysya Bank Education Loan Scheme for Students

These are the features of the KVB Education Loan:

  • Interest rate: 10.75% to 11.75% p.a.
  • Processing fee: None
  • Collateral: None for loans up to Rs.4 lakh
  • Loan Tenure: 7 years after moratorium (course period + 1 year or 6 months after employment, whichever is earlier)
  • Eligibility: Indian nationals who have secured admission through the Common Entrance Test into technical and professional courses in India or into courses abroad in colleges or universities

FAQ's

  1. Is there a processing fee component involved towards handling the education loan application?

    Karur Vysya bank does not charge a fee towards education loan processing. Ideally, interest charges will be the only major cost involved in the loan.

  2. I have decided to go for a study loan from KVB for my daughter who will be pursuing her masters in US. I have sufficient liquid assets equivalent to the loan amount. Can the collateral third party guarantee clause be waived?

    The “third party guarantee “clause is flexible and not mandatory. If the bank is satisfied with the net worth of parent(s), this condition can be waived on a case to case basis.

  3. What is the standard turnaround time (TAT) taken by KVB to process education loan application?

    The bank takes up to 15 business days to process study loan application (India and abroad), provided all relevant documents are in place. If there is a delay owing to paperwork or verification, the bank officials will inform you.

  4. I am an engineering student in 1st semester and need a standard configuration laptop computer towards project work. Am I eligible to approach KVB for funding the purchase? (Note: I have availed an education loan from this bank)

    Yes, you can. Please contact the relevant branch. The laptop will be hypothecated to the bank until full repayment of the loan.

  5. What are the documents required at the time of application for an education loan?

    The following documents (non-exhaustive) will be required.

    • Marks sheets/Convocation certificate of the last qualifying exam.
    • Proof of admission to the course along with details of expenses involved.
    • Bank account statements of all the borrowers and guarantors.
    • Passport size photographs, ID and residence proof. PAN details.
    • Statement of assets and liabilities of the borrower(s). IT returns statement, Income tax assessment.
    • If the course is being undertaken at a foreign university/institution, foreign exchange permit, scholarship details etc.
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