Education and Career Forum

Can I know the IBA scheme of Vijaya Bank Education Loan? I want to know the details of this scheme because I am looking to apply for this Bank Education Loan. Kindly tell me asap.

Details of IBA Scheme of Vijaya Bank Education loan scheme are mentioned below :-

--> You should have secured admission in the eligible course in a recognised institution.

--> Quantum of loan is Rs. 10 lakhs for studies in India and Rs. 20 lakhs for studies in Abroad.

--> Moratorium period :- Course period + 1 year.

--> Margin :-
For loan up to Rs 4.00 Lakh :- NIL
Above Rs 4.00 Lakh for studies in India :- 5%
For studies abroad :- 15%

--> Rate of interest :-
Up to Rs 4.00 Lakh :- MCLR 1 Year + 1.70%=11.15% p.a.
Above Rs 4.00 Lakh and up to Rs 7.50 Lakh :- MCLR 1 Year + 2.20%=11.65% p.a.
Above Rs 7.50 Lakh :- MCLR 1 Year+1.70%=11.15% p.a.

--> Security :-
i. For loans up to Rs 4.00 Lakh :- No security.
ii. For loans above Rs 4.00 Lakh and up to Rs 7.50 Lakh :- Parents should be Joint borrowers and suitable third party guarantee should be provided to bank.
iii. For loans above Rs 7.50 Lakh :- Parents should be joint borrowers and Tangible collateral security in the form of Land/Building, Life Policy, Gold Jewellery, Bank Deposits, etc., of suitable value acceptable to bank should be provided.

The details of Vijaya Bank IBA Education loan scheme are mentioned below :-

=> To be eligible for an Education loan, you should have secured admission in the eligible course in a Government recognised institution.

Quantum of loan :-
=> Rs. 10 lakhs for studies in India
=> Rs. 20 lakhs for studies in Abroad.

=> Moratorium period :- Course period plus 1 year.

Margin :-
=> For loan up to Rs 4.00 Lakh :- NIL
=> Above Rs 4.00 Lakh for studies in India :- 5%
=> For studies abroad :- 15%

Rate of interest :-
=> Up to Rs 4.00 Lakh :- MCLR 1 Year + 1.70% = 11.15% p.a.
=> Above Rs 4.00 Lakh and up to Rs 7.50 Lakh :- MCLR 1 Year + 2.20% = 11.65% p.a.
=> Above Rs 7.50 Lakh :- MCLR 1 Year+1.70% = 11.15% p.a.

Security :-
=> Up to Rs 4.00 Lakh :- No security.
=> Above Rs 4.00 Lakh and up to Rs 7.50 Lakh :- Your Parents should be Joint borrowers and third party guarantee should be provided.
=> Above Rs 7.50 Lakh :- Your parents should be joint borrowers and tangible collateral security in the form of Land/Building, Bank Deposits, etc., suitable value acceptable to bank should be provided.