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Last Updated on 07/08/2019
Educational Loans - Vidya Jyoti

PURPOSE OF THE LOAN

  • To meet educational expenses such as tuition fees, hostel fees, cost of books, exam fees, and airfare (for studies abroad) for pursuing any Graduation / Post-Graduation / Diploma course in an Institution recognized by the State / Central Government / University.
  • For job oriented professional / technical courses from reputed universities in abroad.
  • To finance individuals who undertake training programme to acquire skills needed to join as pilots.

ELIGIBLE PERSONS

  • Should be an Indian National
  • Should have secured admission to higher education course in recognized institutions in India through Entrance Test / Merit Based Selection process after completion of HSC (10 plus 2 or equivalent).
  • In the states where there is no common entrance test (CET) the applicant must secure 60% for others and 55% for SC / ST students in the qualifying examination as Cut-off marks.
  • Wherever common entrance test (CET) is absent for securing admission to post graduate courses / research programmes, employment and reputation of institution concerned should be the criteria.
  • The student applicant should not be in gainful employment.

QUANTUM OF LOAN

Minimum Loan Amount: Above Rs. 7.50 Lacs

Maximum Loan Amount: Inland : Rs. 30.00 Lacs

Foreign: Rs. 40.00 Lacs

MARGIN

Studies in India: 5%

Studies Abroad: 15%

Scholarship / assistantship to be included in margin.

Margin may be brought-in on year-to-year basis as and when disbursements are made on a pro-rata basis.

REPAYMENT & HOLIDAY PERIOD

Repayment of loan will be in equated monthly installments for a period of 15 years.

Repayment Holiday / Moratorium: Course Period + 1 year

RATE OF INTEREST

Refer - Interest rates at a Glance

SECURITY

Co-obligation of parents together with tangible collateral security of suitable value, along with the assignment of future income of the student for payment of installments.

OTHER CONDITIONS

  • If the student is not able to complete the course within the scheduled time, extension of time for completion of course may be permitted for a maximum period of 2 years.
  • 1% interest concession may be provided by the bank, if interest is serviced during the study period and subsequent moratorium period prior to commencement of repayment.
  • The loan to be disbursed in stages as per the requirement / demand directly to the Institutions / Vendors of equipments / instruments to the extent possible.