Education and Career Forum

Can anyone of you kindly provide me the details of the insurance covered in the IBA Model Skill Loan scheme offered in Vijaya Bank? I am going to apply an education loan in this bank so I want to know about the insurance.

The IBA Model Skill Loan scheme offered by Vijaya Bank covers the following types of insurances:

• Life Insurance: The life of the borrower will be insured under this scheme. In the event of the borrower's death during the loan tenure, the outstanding loan amount will be settled by the insurance company.
  
• Health Insurance: The scheme also provides for a health insurance cover for the borrower. This insurance will cover medical expenses for the borrower in case of hospitalization due to illness or accident.

It is important to note that the cost of insurance premium will be borne by the borrower and is not included in the loan amount. The premium amount will be determined based on the loan amount, tenure and the age and health condition of the borrower.