Educational Loans-Vidya Jyoti

Educational Loans-Vidya Jyoti
Eligibility
  • Should be an Indian National
  • Should have secured admission to professional/technical courses in India or abroad
Purpose  

Loan is made available for Graduation/Post graduation/Diploma/Computer education in any recognized State/Central Government/University, professional courses including Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, courses like ICWA, CA, CFA, etc., courses conducted by IIM, IISC, XLRI, NIFT etc, courses offered in India by reputed foreign universities/Evening courses of approved institutes, regular degree/ diploma  courses like Aeronautical , Pilot training , shipping etc  approved by Director  General of Civil Aviation/ shipping  if  the course is pursued in India. Incase the course is pursued abroad,  the institute should be  recognized by the competent local aviation/ shipping authority.   For studies abroad, loans will be made available only for Graduation and Post Graduation Courses offered by Reputed Universities and not for diplomas

Quantum of loan

Maximum of Rs. 30.00 lakhs for studying in India and Rs. 40.00 lakhs for studying abroad.

Rate of Interest 

Please click Retail credit interest rates
  - Interest to be debited monthly  on simple basis during the repayment holiday/moratorium 
    period.

Margin 

Margin
For loans upto Rs. 4.00 lakh  Nil
For loans above Rs. 4.00 lakh
Studies within India 5%
For studies abroad 15%
Scholarship/assistantship to be included in margin.

Security 

Security
For loans upto   Rs. 4.00 lakh  Co obligation of parents . No security
For loans above Rs. 4.00 lakh and up to Rs.7.50 lakh  Co obligation of parents together with collateral security  in the form of suitable  third party guarantee.
For loans above Rs.7.50 lakh  Co obligation of parents  together with tangible collateral security .Collateral security in the form of NSC /KVP/ LIC Policy/ Gold/ Shares/Debentures or immovable properties Bank Deposits in the name of student/Parent/Guardian or any other third party with suitable margin. Wherever the land/ building is already mortgaged the unencumbered  portion can be taken as security on second charge basis provided  it covers the required  loan amount. In case the loan is given for the purchase of computer , the computer  has to be hypothecated to the bank..


Holiday period


6 months after getting the job or 12 months after completion of  the course whichever is earlier.

Repayment 

Repay the loan in equal monthly Instalments for a maximum period of 5 - 7 years excluding holiday period.

Interest servicing

It is left to the option of the student either to service the interest during the study period or pay it along with the principal over a period of 5 - 7 years to commence from 12th month after completion of the study.

Interest servicing - concession 

 For prompt servicing of interest for all months during the study period when repayment holiday  is specified for interest / repayment  under the scheme, an interest rebate @1.00 % is allowed. Interest concession at 0.50% on all Education Loans to Girl Students for pursuing education in India and Abroad is allowed. The interest rebate thus calculated will be credited back to loan account at the time of commencement of repayment of the principal sum.

Download the application Please Click here for Educational Loan Application
Save it on your computer, print it out and send it to the nearest/convenient I.O.B. branch for processing.
 
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