Educational Loans-Vidya Jyoti
Eligibility

• Should be an Indian National
• Should have secured admission to professional/technical courses in India or abroad

Purpose
Loan is made available for Graduation/Post graduation/Diploma/Computer education in any recognized State/Central Government/University, professional courses including Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, courses like ICWA, CA, CFA, etc., courses conducted by IIM, IISC, XLRI, NIFT etc, courses offered in India by reputed foreign universities/Evening courses of approved institutes, regular degree/ diploma courses like Aeronautical , Pilot training , shipping etc approved by Director General of Civil Aviation/ shipping if the course is pursued in India. Incase the course is pursued abroad, the institute should be recognized by the competent local aviation/ shipping authority. For studies abroad, loans will be made available only for Graduation and Post Graduation Courses offered by Reputed Universities and not for diplomas

Quantum of loan
Maximum of Rs. 30.00 lakhs for studying in India and Rs. 40.00 lakhs for studying abroad.

Rate of Interest
- Interest to be debited monthly on simple basis during the repayment holiday/moratorium period.

Margin

For loans upto Rs. 4.00 lakh	Nil
For loans above Rs. 4.00 lakh	Studies within India 5% For studies abroad 15%

Scholarship/assistantship to be included in margin.

Security

For loans upto Rs. 4.00 lakh	Co obligation of parents . No security
For loans above Rs. 4.00 lakh and up to Rs.7.50 lakh	Co obligation of parents together with collateral security in the form of suitable third party guarantee.
For loans above Rs.7.50 lakh	Co obligation of parents together with tangible collateral security .Collateral security in the form of NSC /KVP/ LIC Policy/ Gold/ Shares/Debentures or immovable properties Bank Deposits in the name of student/Parent/Guardian or any other third party with suitable margin. Wherever the land/ building is already mortgaged the unencumbered portion can be taken as security on second charge basis provided it covers the required loan amount. In case the loan is given for the purchase of computer , the computer has to be hypothecated to the bank..

Holiday period
6 months after getting the job or 12 months after completion of the course whichever is earlier.

Repayment
Repay the loan in equal monthly Instalments for a maximum period of 5 - 7 years excluding holiday period.

Interest servicing
It is left to the option of the student either to service the interest during the study period or pay it along with the principal over a period of 5 - 7 years to commence from 12th month after completion of the study.

Interest servicing - concession
For prompt servicing of interest for all months during the study period when repayment holiday is specified for interest / repayment under the scheme, an interest rebate @1.00 % is allowed. Interest concession at 0.50% on all Education Loans to Girl Students for pursuing education in India and Abroad is allowed. The interest rebate thus calculated will be credited back to loan account at the time of commencement of repayment of the principal sum.

Disclaimer:
     Since the rules, regulations, eligibility conditions, repayments and interests rates etc are revised by the banks from time to time in keeping pace with the changing capital market conditions, students and parents are advised to thoroughly check the terms and conditions of educational loan scheme on offer at the time of application.