Education and Career Forum

I want to know about the IBA Model of Vijaya Bank produced for candidates who are interested to get an Education Loan. I am willing to do Bachelor’s Degree in India and trying to get an information of this model. Kindly help me!

Details regarding Vijaya Bank IBA Model Education loan is mentioned below :-

Eligible Criteria :-
--> Candidates who have secured admission in top rated Institutions like IITs, IIMs, IISc Bangalore, ISB Hyderabad, BITS, AIIMS, NITs, IIFT Delhi, IMI Delhi, ISM Dhanbad, IRM Anand, SIBM Pune, XLRI Jamshedpur are eligible to apply for IBA Model Vijaya Bank Education loan.

--> Candidates who have secured admission in Graduate/ Postgraduate/ PG Diploma courses in AICTE/ UGC/ ICMR/ AIBMS, etc., recognised Colleges/ Universities are eligible to apply for IBA Model Vijaya Bank Education loan.

Expenses Considered for Loan :-
--> Fees payable to college and hostel.
--> Examination/ Library/ Laboratory fee.
--> Caution deposit, Building fund/refundable deposit supported by Institution Bills/ receipts.
--> Purchase of books/ equipments/ instruments/ uniforms.
--> Purchase of computer at reasonable cost, if required for completion of the course.
--> Any other expense required to complete the course - like study tours, project-work, thesis, etc.
--> Insurance premium for student borrower, if applicable.
--> While computing loan required, scholarships, fee waiver etc., if any, available to the student borrower may be taken into account
--> If the scholarship component is included in the loan assessment, it may be ensured that the scholarship amount gets credited to the loan account when received from the Government.

Margin :-
--> Loan up to Rs. 4 lakhs :- NIL
--> Above Rs. 4 lakhs :- 5%

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