Vijaya Bank

Eligibility:

1. Only for Educational Loans availed from Scheduled Banks for pursuing any of the approved courses after Class XII in Technical and Professional streams from recognized institutes in India under the Educational Loan Scheme of IBA.


2. Students belonging to Economically Weaker Sections with annual gross parental/family income from all sources with an upper limit ofRsA.50 lacs. Certificate to this effect issued by authorized officers of State Government is to be submitted.


3. Full interest subsidy is available for the period of moratorium i.e Course Period plus 1 year or 6 months after getting the job, whichever is earlier.


4. Scheme is applicable for the loan amount availed from April 01, 2009 to March31, 2010(Academic Year 2009-10).


5. For Loans sanctioned earlier to 1.04.2009, only amounts disbursed during the above period are eligible.

Education loan : 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. However there is no age restriction for the applicant.

Courses Eligible for 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

Rate of Interest
BPLR - 1.25 % p.a. Floating
Simple interest basis during study & repayment holiday period (upto one year after completion of the course or six months after securing a job, whichever is earlier)
Concession for Girl Students: Our Bank has extended a 0.50 % interest concession to Girl Students for loans availed on or after 01.11.2008 and will be effective till 31.12.2010. This interest concession will be extended till closure of the loan.
Note: 1% interest concession is provided for loanees if the interest is serviced during the study period. There will be NO Pre-payment and NO Pre-Closure Charges
Margin
Upto Rs. 4.00 Lakhs : NIL
Above Rs. 4.00 lakhs : Studies Abroad:15 % #
# Scholarship / Assistantship to be included in the margin. Margin can be brought in as and when disbursements are made on prorate basis

Security

Amount	Studies Abroad
Upto Rs. 4 lacs	No Security
Above Rs. 4 lacs to Rs. 7.50 lacs	Suitable Third Party Guarantee
Above Rs. 7.50 lacs to Rs. 10 lacs (India) / Rs. 15 lacs (Abroad)	Tangible Collateral security of suitable value of loan or third party guarantee with assignment of future income of the student for payment of instalments
Rs 15 lacs to Rs. 20 lacs	Tangible Collateral security for full value of loan and third party guarantee with assignment of future income of the student for payment of instalment

Repayment
Repayment will commence one year after completion of the course or 6 months after securing a job, whichever is earlier.

Place of Study	Loan Amount	Repayment Period in Years
In India	Up to Rs. 7.50 lakh	5 - 7
In India	Above Rs. 7.5 lakh	5-10
Abroad	Up to Rs. 15 lakh	5 - 7
Abroad	Above Rs. 15 lakh	5-10

In respect of Pilot Training Programme, Loan is to be repaid within 5 years after commencement of repayment
Additional conditions applicable for online education loan applications

• Loan considered for Professional Courses only.


• Bank is not responsible for non-receipt of any reply from the Bank due to wrong e-mail ID submitted by the applicant.


• Only those applicants whose place of domicile / permanent address is not exceeding ‘ 10’ Km radius to the nearest branch of Vijaya Bank should apply.


• The applicant to purchase a DD / PO of Rs.500.00 favouring Vijaya Bank, preferably from the same branch where the education loan is to be availed by the applicant.

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