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  • Vijaya Bank Education Loan

    Vijaya Bank Education Loan
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    Overview:

    Vijaya Bank, a PAN India institution, offers a variety of attractive products and services to its customers including educational loans to commendable and meritorious students who are seeking to pursue their education further in India and abroad.

    Features and Benefits:

    Purpose:

    Vijaya Bank Educational Loan aims at providing finance to students who desire to pursue higher education in India and abroad.

    Eligible courses:

    Studies in India:

    • Graduate or Post-graduate degree or diploma in technical and professional courses conducted by colleges/universities approved by UGC, AICTE, IMC, Govt., AIBMS, ICMR, etc.
    • Degree or Diploma conducted by premier educational institutions such as IIT, IIM, NIFT, IISc, etc.
    • Degree or Diploma for aeronautical, pilot training, shipping, etc. approved by Director General of Civil Aviation or Shipping.
    • ICWA, CA, CFA courses.

    Studies abroad:

    • Professional or technical graduation degree courses/post-graduation degree and diploma courses like MCA, MBA, MS, etc., from reputed universities.
    • Courses conducted by CIMA-London, CPA in USA and so on.

    Loan Limit:

    • For studies in India, the maximum loan amount given is Rs.10 lakhs.
    • For studies abroad, the loan limit is Rs.20 Lakhs.
    • For students of Indian School of Business (ISB), and other Premier Institutions like IITs and IIMs, the maximum loan amount is Rs.20 Lakhs.

    There is a Vijaya Bank education loan EMI calculator available online to help you estimate the monthly instalments on your loan amount.

    Rate of interest:

    For students under the Indian Banks' Association (IBA) Scheme, the Vijaya Bank Education Loan rate of interest is:

    Amount

    Rate of interest

    Up to Rs.4 lakhs

    Base Rate + 1.80 = 12.05%

    Rs.4 lakhs and above

    Base Rate + 2.25 = 12.50%

    For other loans, the rate of interest is fixed irrespective of the loan amount.

    Type

    Rate of interest

    Management Quota (Non IBA)

    Base Rate + 2.55% = 12.80%

    ISB

    11.75% ( Fixed)

    Premier Institutions such as IIMs, IITs, etc.

    11.75% ( Fixed)

    Margin:

    Type

    Loan amount

    Margin

    IBA scheme

    Up to Rs.4 Lakhs

    Nil

    Above Rs.4 Lakhs

    5%

    Studies in India

    15%

    Studies abroad

    Premier Institutions, IIMs, IITs, etc.

    Up to Rs.4 Lakhs

    Nil

    Above Rs.4 Lakhs

    15%

    Management Quota (Non IBA)

    Irrespective of loan amount

    15%

    ISB

    Irrespective of loan amount

    5%

    Processing Fee:

    There are no upfront or processing fees.

    Repayment:

    The moratorium period for all loans except ISB is the duration of the course plus 1 year or 6 months after employment, whichever is earlier.

    For the students of ISB, the moratorium is the duration of the course plus 18 months or soon after employment, whichever is earlier.

    Tenure:

    Type

    Tenure

    IBA Scheme

    Up to 10 years - Up to Rs.7.5 lakhs

    Up to 15 years - Rs.7.5 lakhs and above

    Management Quota (Non IBA)

    Up to 10 years

    Premier Institutions, IIMs, IITs, etc.

    Up to 7 years

    ISB

    Up to 7 years

    Security:

    IBA scheme:

    • Loans up to Rs.4 lakhs do not require security.
    • For loans of Rs.4 lakhs to Rs.7.5 lakhs, a third party guarantor is required. If the bank is satisfied with the net worth or means of parents, it may at its own discretion waive the need for a third party guarantor. The parents will be joint borrowers.
    • Loans above Rs.7.5 lakhs require tangible collateral of acceptable value, along with the assignment of the student’s future income towards repayment in instalments.

    Management Quota (Non IBA):

    Irrespective of loan amount, tangible collateral in the form of Land, Building, Govt. Securities, NSC, LIC Policies, KVP, etc., of acceptable value to the extent of 150% of the amount of the loan is needed, along with the assignment of the student’s future income towards repayment in instalments.

    Premier Institutions, IIMs, IITs, etc.:

    • For loans up to Rs10 lakhs, only the assignment of the future income of the student towards repayment in instalments is required.
    • Loans above Rs.10 lakhs require tangible security of value to the full amount of the loan, along with the assignment of the student’s future income towards repayment in instalments.

    International School of Business (ISB):

    Only the assignment of the student’s future income towards repayment in instalments is required.

    Expenses considered for loan:

    1. Tuition or course fees towards the college/hostel
    2. Examination, library, laboratory fees
    3. Caution deposit, building Fund, refundable Deposit (maximum 10% of the entire tuition fees)
    4. Travel expenses and passage money for studies abroad
    5. Books/Equipment/Instruments/Uniforms
    6. Purchase of computers- essential for completion of the course

    (For E and F, maximum 20% of the total tuition)

    Additional information:

    • A list of Central and State IHMs are available on the Vijaya Bank website.
    • The Vijaya Bank education loan form is available online.
    • Vijaya Bank education loan subsidy is available for economically weaker sections.

    Education Loan for Vocational & Training Course:

    Vijaya Bank offers educational loans specifically for vocational and training courses to Indian nationals who have secured admission for courses supported or run by the Department of Central or State or an institution authorized by the Government to do so.

    Eligible courses:

    Development courses of 2 months to 3 years run by an organization of the Government or supported by the Government or National Skill Development or State Skill Missions/Corporations, preferably leading to a degree, diploma or certificate issued by a Government organization or by an organization authorized by the Government.

    Loan Amount:

    Course Duration

    Amount

    Up to 3 months

    Rs. 20,000/-

    3 months to 6 months

    Rs. 50,000/-

    6 months to 1 year

    Rs. 75,000/-

    Above 1 year

    Rs. 1,50,000/-

    There is no margin or processing fees applicable on this loan.

    Security:

    Third party guarantee or collateral is not required. The parents must execute the loan jointly as co-borrower.

    Rate of interest:

    The loan is offered at a floating rate of interest of Base Rate + 1.8% = 12.05% p.a.

    Repayment:

    The Vijaya Bank education loan scheme moratorium period for loans up to 1 year is the duration of the course plus 6 months. For courses more than 1 year duration, it is 12 months after course completion.

    Duration

    Repayment period

    Up to 6 months

    2 years

    6 months to 1 year

    3 years

    Above 1 year

    3 to 5 years

    Expenses considered:

    • Course fees
    • Caution deposit
    • Examination, library, laboratory fee
    • Books, equipment, instruments
    • Any other reasonable expenditure necessary to complete the course.

    Central Scheme of Subsidy for Educational Loans

    The Government of India provides subsidies on the interest on Education loans to help economically weaker sections of society so that nobody is denied professional education. The Indian Banks’ Association (IBA) devised a comprehensive plan for all banks to adopt in the interest of subsidising educational loans. Full interest subsidy on the moratorium period is provided which is the duration of the course plus 1 year or 6 months after getting a job, whichever is earlier.

    Eligibility:

    • This scheme is applicable only to Indian nationals who have sought loans from Scheduled Banks for pursuing approved technical and professional courses in recognized institutions in India after Class 12
    • There is no age restriction.
    • Parents/family income must be below Rs.4.5 lakhs. A certificate issued by authorized officers of State Government is needed

    Vijaya Bank Educational Loan FAQs:

    1. I live far away from Vijaya Bank. Can I apply online?
    2. You can apply for an educational loan online, but you will be required to visit the nearest branch for verification and sanctioning of the loan. To apply online, Vijaya Bank requires your domicile or permanent residence to be not more than 10 kms from the nearest Vijaya Bank branch.
    3. Does Vijaya Bank have any charges for applying online?
    4. There are no charges as such but applications should purchase a DD/PO of Rs. 500 favouring Vijaya Bank. The DD/PO should preferably be from the same branch at which the educational loan is being availed. This is not refundable in case the loan is not sanctioned or not taken.
    5. I am under the Central Scheme of Subsidy. Does this mean I don’t have to pay the loan amount for the moratorium period?
    6. The Central Scheme of Subsidy only covers the interest charged during the moratorium period. When this period is over, you will have to pay back your loan as usual. The only difference is that you will have the benefit of not paying any interest accrued while you were studying.
    7. I am employed looking to study further, can I apply for a loan?
    8. As long as you are gainfully employed, you are not eligible for a loan.
    9. What is the maximum loan amount I can avail?
    10. You can avail up to Rs. 10 lakhs if you plan to study in India. You can avail up to Rs. 20 lakhs if you want to study in ISB, IIMs, IITs, etc., or if you are going abroad.
    11. Is there any prepayment penalty?
    12. No, there is no penalty if you choose to prepay your loan.
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