ING Vysya Bank

Educational Loan: Educational Loan provides financial support to deserving/meritorious students to pursue higher education in India and abroad
Eligibility:
Student should be an Indian National and should have secured admission to professional / technical curses in India and abroad through Entrance Test/Merit based selection process
Courses Eligible:
Studies abroad:

• Graduation: For job oriented professional/ technical courses offered by reputed universities.
  


• Post graduation: MCA, MBA, MS, etc.


• Courses conducted by CIMA - London, CPA in USA etc.

Expenses Considered:

• 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.

Note: A certificate from the college/institute to the schedule of expenses for the course year wise to be submitted.
Rate of Interest:

• Up to Rs 4 lacks: IVRR


• Above Rs 4 lacks: IVRR +1% p.a Up to 1% interest concession is provided for loans if the interest is serviced during the study period

Margin:

• Studies in India: Upto Rs 4 lacs - Nil


• Above Rs 4 lacs - 5%


• Studies Abroad: 15%

Security:

• Up to Rs 4 lacs: No security


• Above Rs 4 lacs and up to Rs 7.5 lacs: Collateral in the form of a 'third party guarantee' having net worth of 100% of the loan amount.


• Above Rs 7.5 lacs: Collateral security equivalent 100% of the loan amount and assignment of future income of the student for the payment of installment.

The collateral security can be in the form of Land/Building/Govt Securities/Public Sector Bonds/Units of UTI, NSC, KVP/LIC Policy and Shares/Debentures, Bank Deposits in the name of the student/parent/guardian or any other third party. Land/ Building wherever already mortgaged, the unencumbered portion can be taken as security on II charge basis provided it covers the required loan amount (loan not to exceed 75% of unencumbered value). In case the loan is given for purchase of a computer the same to be hypothecated to the Bank.

Tenor:
Repayment Holiday / Moratorium: Course period + 1 year or 6 months after getting a job whichever is earlier. Interest has to be serviced during the course period. The loan to be repaid in 5-7 years after commencement of repayment.
Processing Fee:
Processing Fee: Nil
Foreclosure Charges: Nil
To apply for the loan - Contact your nearest branch.

Contact:
Delhi Tel: 3329212
Bangalore Tel: 2235189, 2230511
Chennai Tel: 8522244
Hyderabad Tel: 4753725, 4750798
Kolkata Tel: 2425440, 2423509
Mumbai Tel: 2882666, 2884247

For more details Click here

Posted in: Scholarships