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. Apply for Loan - www.vidyalakshmi.co.in
PURPOSE OF THE LOAN
ELIGIBLE PERSONS
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