Vidya Suraksha Educational Loan (Credit Guarantee Fund Scheme) 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 Maximum upto Rs. 7.50 Lacs MARGIN Up to Rs. 4.00 Lacs: NIL Above Rs 4.00 Lacs: Sudies 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 No Security/Guarantee required. Parents or Legal Guardian to be joint borrower (s) OTHER CONDITIONS All the loans under this scheme is eligible for Credit Guarantee Coverage. 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 All the Educational Loan applications are routed only through Vidya Lakshmi Portal. (www.vidyalakshmi.co.in) 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
Vidya Suraksha Educational Loan (Credit Guarantee Fund Scheme)
PURPOSE OF THE LOAN
ELIGIBLE PERSONS
QUANTUM OF LOAN
Maximum upto Rs. 7.50 Lacs
MARGIN
Up to Rs. 4.00 Lacs: NIL
Above Rs 4.00 Lacs:
Sudies 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
No Security/Guarantee required.
Parents or Legal Guardian to be joint borrower (s)
OTHER CONDITIONS