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