Saturday, 22 August 2015

vidyalakshmi.co.in | HOW TO APPLY FOR EDUCATION LOANS IN VIDYALAKSHMI.CO.IN

Hey student\professionals apart from interview here we come with great loan related post which is very important for education and it can be a questions in your interview. eg.
Which site is started by Gvt. for Education loan?
Ans: www.vidyalakshmi.co.in

In a student-friendly move, the Central government(Modi goverment) has launched a portal, where students can apply for education loan to multiple banks by filling just one form. So far, 13 banks have registered 22 educational loan schemes on www.vidyalakshmi.co.in.
The portal has the following features:
1- Information about educational loan schemes of banks
2- Common educational loan application form for students
3- Facility to apply to multiple banks for educational loans
4- Facility for banks to download Students’ loan applications
5- Facility for banks to upload loan processing status
6- Facility for students to email grievances/queries relating to educational loans to banks
7- Dashboard facility for Students to view status of their loan application and linkage to National Scholarship Portal for information and application for government scholarships.

Here are the steps "How to Apply For Education Loans"


Steps:
Step 1). Register: Visit www.vidyalakshmi.co.in and register yourself

Account Created
Step 2: Login

Step 3: You will See the list of Bank Schemes
Read the Schemes. Currently there are 22 schemes available. you can read scheme disc below


Available Scheme Description:


1).
Dena Bank
Bank NameDena Bank
Scheme NameSkill Loan Scheme ( Kaushal Wrin Yojana)
DescriptionSkill Loan Scheme ( Kaushal Wrin Yojana) which is a Model Education Loan Scheme for pursuing vocational courses.
Minimum CriteriaAs required by the enrolling institutions/organizations as per National Skill Qualification Framework i.e. NSQF. , which is available on web site www.skilldevelopment.gov.in
Repayment PeriodRs.50000/- , Between Rs.50000/- to Rs.1.00 lac, & above Rs.1.00 lac respectively.
36 months, 60months & 84 months respectively
Interest RateInterest rate for Male (Floating)
11.55% (BR +1.55) payable within 36 months , & 11.55% {BR +1.05 +TP (0.50)} payable above 36 months
1% Interest concession to be provided, if interest is serviced during moratorium period .
Interest rate for Female (Floating)
11.55% (BR +1.55) payable within 36 months , & 11.55% {BR +1.05 +TP (0.50)} payable above 36 months"
Processing FeeFor India : NIL For Abroad Rs. 1000 (Refundable on availing Loan from the bank)
Pre-Payment ChargesNIL
Amount (maximum amount can be approved to applicant)150000
2).
BANK OF INDIA
Bank NameBANK OF INDIA
Scheme NameBOI STAR EDUCATION LOAN SCHEME
Description
The Star Educational Loan Scheme aims at providing financial support from the bank to deserving/ meritorious students for pursuing higher education in India and abroad. The main emphasis is that every meritorious student is provided with an opportunity to pursue education with the financial support on affordable terms and conditions.
Student Eligibility
  • Should be an Indian National;
  • Secured admission to professional/technical courses in India or Abroad through Entrance Test/Merit based selection process.
  • Good academic career.
  • The student should not have outstanding education loan from any other Institution.
ELigible Courses
Studies in India
  • Graduation/ Post Graduation courses
  • Professional courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, etc.
  • Courses conducted by IIM, IIT, IISc, XLRI, NIFT, NID and other Institutes set up by Central/State Govt.
  • Other courses leading to diploma/degree, etc. conducted by colleges/universities approved by UGC/Govt./AICTE/AIBMS/ ICMR, etc.
Studies Abroad
  • Graduation: For job oriented professional/technical courses offered by reputed universities.
  • Post-Graduation: MCA, MBA, MS, etc.
  • Courses conducted by CIMA - London, CPA in USA, etc.
Margin
  • Upto Rs.4 lakh : Nil
  • Above Rs.4 lakh - Studies in India : 5%
  • Studies Abroad : 15%• Scholarship could be included in margin
  • Margin to be brought in on year to year basis as and when disbursements are made.
Security
  • Upto Rs. 4 lakh : No security
  • Above Rs.4 lakh & upto Rs.7.5 lakh : Collateral security in the form of a suitable third party guarantee.
  • Above Rs.7.5 lakh : Co-obligation of Parents together with tangible Collateral security of suitable value along with the assignment of future income of the student for payment of installments.
Minimum Criteria
  • Student should be an Indian National;
  • Secured admission to professional/technical courses in India or Abroad through Entrance Test/Merit based selection process.
  • Good academic career
Repayment Period
After commencement of repayment :
  • Loan amount up to Rs.7.50 lacs: 10 years.
  • Loan amount over Rs.7.50 lacs: 15 years.
  • Course period + 1 year or 6 months after getting job, whichever is earlier.
Interest Rate
  • Upto Rs.7.50 lacs – 3% above Base Rate, (presently 12.95 %
  • Above Rs.7.50 lacs – 2.50% above Base Rate, (presently 12.45 %)
  • Int. Concession of 0.50%p.a. for woman beneficiaries for limits up to Rs.50,000/- and 1% for limits over Rs.50,000/-
  • For Professional courses (like Engg./Medical/ Management, etc.) int. concession : 0.50% (Maximum under a) and b), above is 1%)
1% int. concession if interest is serviced during moratorium period, where repayment holiday is specified for interest/repayment under the scheme (concession available for moratorium period only)
Simple interest during the repayment holiday/moratorium period. Penal interest @2% for loans above Rs.4 lakh for the overdue amount and overdue period.
Processing FeeNo processing charges.
Pre-Payment ChargesNA.
Amount (maximum amount can be approved to applicant)
Studies in India - Maximum Rs.10.00 lakh
Studies abroad - Maximum Rs.20.00 lakh.
3).
CENTRAL BANK OF INDIA
Bank NameCENTRAL BANK OF INDIA
Scheme NameCent Vidyarthi
Description
  1. Studies in India: (Indicative list)
    1. Approved courses leading to graduate/ post graduate degree and P G diplomas conducted by recognized colleges/ universities recognized by UGC/ Govt. / AICTE/ AIBMS/ ICMR etc.2.Courses like ICWA, CA, CFA etc. 3. Courses conducted by IIMs, IITs, IISc, XLRI. NIFT, NID etc. 4. Regular Degree/Diploma courses like Aeronautical, pilot training, shipping, degree/diploma in nursing or any other discipline approved by Director General of Civil 4.Aviation/Shipping/Indian Nursing Council or any other regulatory body as the case may be, if the course is pursued in India.5.Approved courses offered in India by reputed foreign universities.6.Other job oriented courses leading to technical/ professional degrees, post graduate degrees/diplomas offered by recognized institutions. 7. Courses other than the above offered by reputed institutions may also be considered on the basis of employability. 8. Students pursuing employment oriented courses like teachers training courses and 3 years technical diploma courses in polytechnic institutions after completion of 10th standard are also eligible provided they are offered by approved/recognised colleges/institutions.
    2. Reference: www.ugc.ac.in, www.education.nic.in, www.aicte.org.in
  2. Studies abroad
    1. Graduation :For job oriented professional/ technical courses offered by reputed universities.
    2. Post-graduation:MCA, MBA, MS, etc.,Courses conducted by CIMA-London, CPA in USA etc.;Degree/diploma courses like aeronautical, pilot training, shipping etc provided these are recognized by competent regulatory bodies in India/abroad for the purpose of employment in India/abroad.
    3. Reference: www.webometrics.info (indicative only)
Minimum Criteria
  1. Student should be an Indian National
  2. b. Student should have secured admission to a higher education course in recognized institutions in India through Entrance Test/ Merit Based Selection process after completion of HSC (10 plus 2 or equivalent)
Repayment Period
  • Upto Amount (in Rs.) : Possible Values could be
  • Upto Rs. 4 lacs- 120 months
  • Between Rs. 4 lacs and Rs. 7.5 lacs- 120 months
  • Above Rs. 7.5 Lacs- 180 months
  • Please enter period in months
  • If the repayment period is different for different amounts, please fill details in separate columns
Interest Rate
For loans upto Rs.4 lacs: 3.65% above Base Rate, currently 13.35% p.a.
Above Rs.4 lacs and upto Rs.7.50 lacs: 3.90% above Base Rate, currently 13.60% p.a.
Above Rs.7.50 lacs: 1.90% above Base Rate, currently 11.60% p.a.
0.50% concession in interest for girl students
1% concession for full tenure of the loan, if interest is serviced promptly as and when applied during the moratorium period, including course duration
Processing FeeNIL
Pre-Payment ChargesNIL
Amount (maximum amount can be approved to applicant)INDIA: Rs 10 lakhs, ABROAD: Rs. 20 lakhs
Bank Name
Bank NameBANK
Scheme NameSCHEME
DescriptionDescription
Minimum CriteriaMinimum
Repayment PeriodRepayment
Interest RateInterest
Processing FeeProcessing
Pre-Payment ChargesPre-Payment
Amount (maximum amount can be approved to applicant)Amount
4).
Canara Bank
Bank NameCanara Bank
Scheme NameCanara Bank Vidya Turant Loan scheme
Description
Loan Limit:
  • Students of IIMs: Limit up to Rs 25.00 lacs
  • Students of ISB, Hyderabad & Mohali: Limit up to Rs 30.00 lacs.
  • All other institutions other than Limit up to Rs 20.00 lacs
Minimum Criteria
  • Student should have secured Admission to the approved institutions by Canara Bank under Vidya Turant Scheme
Repayment Period
  • 10 - 15 years
Interest Rate
  • base rate i.e.10.00 %
Processing FeeNIL
Pre-Payment ChargesNIL
Amount (maximum amount can be approved to applicant)
  • Students of IIMs Limit up to Rs 25.00 lacs.
  • Students of ISB, Hyderabad & Mohali Limit up to Rs 30.00 lacs.
  • All other institutions other than Limit up to Rs 20.00 lacs.
5).
Canara Bank
Bank NameCanara Bank
Scheme NameCanara Bank Vidya Sahay Loan scheme
DescriptionAt the Counseling centres, students are expected to remit the initial amount by way of DD which may range from Rs.40000/- upto Rs.1.00 lac. Many parents of such students find it difficult to arrange for funds, and resort to outside borrowings at higher rates. Hence to help such students a new scheme – Vidya Sahay has been designed and introduced
Minimum CriteriaStudents who appeared in CET conducted by respective State Governments, CBSE, IIT and such other All India Examinations and selected for counseling and otherwise eligible for Education Loans under our Scheme.
Repayment Period
  • 10 - 15 years
Interest Rate
  • base rate + 1.50 i.e.11.50 %
Processing FeeNIL
Pre-Payment ChargesNIL
Amount (maximum amount can be approved to applicant)
  • As applicable to IBA's Model Education Loan Scheme
6).
Corporation Bank
Bank NameCorporation Bank
Scheme NameCorp Vidya
DescriptionUnder - Graduation
Minimum Criteria
  1. Student should be an Indian national. Should have passed previous qualifying examination.
  2. Should have secured at least 60% marks [ 55% for student belonging to SC/ST category ] in the previous qualifying examination.
  3. Should have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance test / Merit based selection process/through Management quota after completion of HSC [10+2 or equivalent]
Repayment Period
  • Upto Rs. 4 Lacs Upto 120 Months
  • Upto Rs. 7.5 Lacs Upto 120 Months
  • Above Rs. 7.5 Lacs Upto 180 Months
Interest Rate
  • Male:- For loans upto Rs.4 lacs: 11.60% (Floating)
  • Male:- For loans upto Rs.4 lacs: to Rs.7.5 lacs 12.60% (Floating)
  • Male:- Above loans Rs.7.5 lacs: 12.10% (Floating)
  • Female:- For loans upto Rs.4 lacs: 11.10% (Floating)
  • Female:- For loans upto Rs.4 lacs: to Rs.7.5 lacs 12.10% (Floating)
  • Female:- Above loans Rs.7.5 lacs: 11.60% (Floating)
Processing FeeNIL
Pre-Payment ChargesNIL
Amount (maximum amount can be approved to applicant)Maximum Rs. 20 lacs
7).
IDBI Bank
Bank NameIDBI Bank
Scheme NameEducation Loan Scheme for Other Management Quota Students
Description
Granted to Students who are Indian Nationals –Having secured confirmed admission under management quota since he/she has not qualified for admission under merit quota for Courses offered in India.
Any job oriented courses offered by any educational institute/organization located in India and having the approval of any statutory authority like AICTE, UGC, etc.
Co-applicant is mandator
Guarantors : Not applicable.
Collateral security :
Tangible Security is mandatory irrespective of the loan amount.
  1. In the form of Land/Building which should have value of 1.33 times the amount of loan sought. Such security should not be an open plot or agricultural land engaged in cultivation activities
  2. Any Fixed Income Security viz. Govt. securities/ Public Sector Bonds, NSC, KVP, LIC policy, debentures, Fixed Deposits with IDBI bank, etc. having fixed returns/ surrender value in the name of student/ parent/ guardian/ Co-applicant(s).The minimum value of such security shall be 1.1 times of the loan sought after considering the margin requirement applicable for the loan against respective security instrument.
    Applicable heads of expenses: Purchase of Books/ Equipments/ Instruments/ Uniforms.
    1. Fee payable to college/ school / hostel.
    2. Examination/Library/Laboratory Fee.
    3. Caution Deposit/Building Fund/ Refundable Deposit supported by Institution Bills/Receipts subject to the condition that the amount does not exceed 10% of total tuition fees for the entire course.
    4. Travel Expenses/ passage Money for Studies Abroad.
    5. Purchase of Computers - Essential for Completion of the Course.
    6. Any other expense required to complete the course - like Study Tours, Project Work, Thesis, etc.
    7. Insurance premium for student borrower, if insurance cover sought.
The maximum total expenditure under the heads e, f, g and h to be restricted to 50% of the total tuition fees payable for completion of the course.
Balance Transfer from other FI to IDBI Bank: Not Allowed
Minimum CriteriaStudent should be an Indian National and have secured admission under management quota since he/she has not qualified for admission under merit quota for Courses offered in India
Repayment PeriodThe repayment tenor after completion of the moratorium period is 10 years.
Interest Rate13%
Processing Fee1% of the loan amount plus applicable taxes
Pre-Payment Charges2% on the amount of prepayment to be charged if prepaid before 6 months from the date of commencement of EMI
Amount (maximum amount can be approved to applicant)Maximum Rs. 10 Lakh or 85% of the course fee whichever is lower.
8).
IDBI Bank
Bank NameIDBI Bank
Scheme NameEducation Loan for Vocational Courses
Description
Granted to Students who are Indian Nationals – Having secured admission in a course run or supported by Ministry /Department /Organization of the Government or a company / society /organization supported by National Skill Development Corporation or State Skill Mission / State Skill Corporations, preferably leading to a certificate, Diploma/Degree, etc. issued by a Government Organization or an organization recognized /authorized by the Government to do so.
Co-applicant is mandatory.
Guarantors/Collateral Security : Not applicable.
Applicable heads of expenses:
  1. Tuition /course fees
  2. Examination / Library / Laboratory fee.
  3. Caution Deposit
  4. Purchase of books, equipment and instruments
  5. Any other reasonable expenditure found necessary for completion of the course to be considered on merits.
  6. Insurance premium for student borrower, if insurance cover sought.
Balance Transfer from other FI to IDBI Bank: Not Allowed
Minimum CriteriaStudent should be an Indian National and have secured admission for Vocational /skill development courses run or supported by a Ministry/Department /Organization of the Government or a company /society / organization supported by National Skill Development Corporation or State Skill Mission /State Skill Corporations, preferably leading to a certificate, Diploma /Degree, etc. issued by a Government Organization or an organization recognized /authorized by the Government to do so.
Repayment Period
The repayment tenor after completion of the moratorium period is as under:
  • Loans up to Rs. 50,000 : up to 2 years
  • Loans between Rs. 50,000 to Rs. 1 Lakh : 2 to 5 years
  • Loans above Rs. 1 Lakh : 3 to 7years
Interest Rate11%
Processing FeeNIL
Pre-Payment ChargesNIL
Amount (maximum amount can be approved to applicant)
  • For courses of duration up to 3 months : Upto Rs. 20,000/-
  • For courses for the duration between 3 and 6 months : Upto Rs. 50,000/-
  • For courses of duration above 1 year : Upto Rs. 1,50,000/-
9).
IDBI Bank
Bank NameIDBI Bank
Scheme NameEducation Loans for students studying in Premier Education Institutes
Description
Granted to Students who are Indian Nationals –Studying in premier educational institutes like IIMs (Full time executive and regular programs only), IITs (full time engineering and management courses only) and ISB (courses offered at two campuses one in Hyderabad and the other at Mohali, near Chandigarh).
Co-applicant is mandatory, irrespective of loan amount.
Collateral security :
Loans upto Rs. 20 Lakh: No security, Provided the loan applicant provides satisfying net worth/ means of the parent who is the joint borrower.
Loans exceeding Rs. 20 Lakh :
Tangible security in the form of Land/Building (The minimum value shall be 1.33 times the amount of loan sought)/ Govt. securities/ Public Sector Bonds/ Units of UTI, NSC, KVP, LIC policy, gold, shares/units of mutual fund/debentures, bank deposit in the name of student/ parent/ guardian or any other third party (The minimum value shall be 1.1 times or as per respective margin limit against the security offered, whichever is minimum, of the amount of loan sought) or any other tangible security acceptable to the bank with suitable margin. The Land offered as collateral security should not be an agricultural land.
Applicable heads of expenses:
  1. Fee payable to college/ school / hostel.
  2. Examination/Library/Laboratory Fee.
  3. Purchase of Books/ Equipments/ Instruments/ Uniforms.
  4. Caution Deposit/Building Fund/ Refundable Deposit supported by Institution Bills/Receipts subject to the condition that the amount does not exceed 10% of total tuition fees for the entire course.
  5. Travel Expenses/ passage Money for Studies Abroad.
  6. Purchase of Computers - Essential for Completion of the Course.
  7. Any other expense required to complete the course - like Study Tours, Project Work, Thesis, etc.
  8. Insurance premium for student borrower, if insurance cover sought
Balance Transfer from other FI to IDBI Bank: Allowed subject to complying norms for Balance Transfer
Minimum CriteriaStudent should be an Indian National and have secured admission in Premier Education Institute (as per the enclosed list)
Repayment Period
The repayment tenor after completion of the moratorium period would be as under :
  • For loans up to Rs. 7.5 lakh : up to 10 years.
  • For loans above Rs. 7.5 lakh : up to 15 years.
Interest Rate10%
Processing FeeNIL
Pre-Payment ChargesNIL
Amount (maximum amount can be approved to applicant)Rs. 30 Lakh or 95% of the total cost of the program (Inclusive of insurance cover) whichever is lower.
10).
IDBI Bank
Bank NameIDBI Bank
Scheme NameEducation Loan for Courses offered by ICAI
Description
Granted to Students who are Indian Nationals –
Pursuing Course offered by The Institute of Cost Accountants of India (ICAI), the Institute of Cost and Works Accountants of India courses (ICWAI) and Institute of Company Secretaries of India (ICSI) viz. CA,ICWA & CS
Co-applicant is mandatory.
Collateral security : Nil
Applicable heads of expenses:
  1. The Loan will be available for initial registration fee payable to institute/examination fee/library fee for each course/stage
  2. Private Coaching fees will not be covered under the said EL.
  3. Purchase of Computers/ Laptop/ tablet, essential for completion of the course, will be allowed only after passing CPT. The loan amount for computer/ laptop not to exceed Rs. 40,000/-.
  4. Loan Amount for books, conveyance, etc. should be maximum upto total course registration fee.
  5. No finance for private tuitions. However, expenditure on Live Virtual Classes supported by institution bills/ receipts and cost of tuitions conducted by ICAI would be allowed
  6. Charges paid to hostel/PG charges to be restricted to maximum upto total course registration fee.
Balance Transfer from other FI to IDBI Bank: Not Allowed
Minimum CriteriaStudent should be an Indian National and have secured admission for Chartered Accountancy Course offered by ICAI
Repayment PeriodLoan repayment to be completed in Maximum of 84 months after commencement of repayment.
Interest Rate
  • 11% for Loans with sanction amount upto Rs.10 lakh.
  • 12% for loans with sanction amount above Rs.10 lakh
Processing FeeNIL
Pre-Payment ChargesNIL
Amount (maximum amount can be approved to applicant)Maximum Rs. 3 Lakh
11).
IDBI Bank
Bank NameIDBI Bank
Scheme NameEducation Loan for Special Courses
Description
Granted to Students who are Indian Nationals –
Enrolled for degree / diploma / certification Courses in India offered by reputed Institutes/ Private Agencies/ Companies including part time courses/ executive programmes by IIMs, other reputed management institutions, open and central universities, IITs, NITs/ franchises / OEMs of IT related Hardware & Software, which result into significant enhancement in job opportunities or career growth for the student eg. SAP, .net, C-DAC, etc.
Co-applicant is mandatory.
Collateral security: Either guarantee/ collateral security is mandatory.
Net worth of the guarantor should be at least equal to the loan amount extended, after considering margin requirement applicable for loan against respective security instrument. Creation and acceptance of security, margin and other norms would be as applicable to Loans against respective security instrument.
In case of Security :
  1. In the form of Land/Building. Such security should not be an open plot or agricultural land engaged in cultivation activities.
  2. OR
  3. Any Fixed Income Security viz. Govt. securities/ Public Sector Bonds, NSC, KVP, LIC policy, debentures, Fixed Deposits with IDBI bank, etc. having fixed returns/ surrender value in the name of student/ parent/ guardian/ Co-applicant(s). The minimum value of such security shall be 1.1 times of the loan sought after considering the margin requirement applicable for the loan against respective security instrument.
These loans will not qualify for CSIS on Education Loan, as this variant is outside the purview of IBA guidelines.
Applicable heads of expenses:
  1. Fee payable to college/ school / hostel.
  2. Examination/Library/Laboratory Fee.
  3. Purchase of Books/ Equipments/ Instruments/ Uniforms.
  4. Caution Deposit/Building Fund/ Refundable Deposit supported by Institution Bills/Receipts subject to the condition that the amount does not exceed 10% of total tuition fees for the entire course.
  5. Travel Expenses/ passage Money for Studies Abroad.
  6. Purchase of Computers - Essential for Completion of the Course.
  7. Any other expense required to complete the course - like Study Tours, Project Work, Thesis, etc.
  8. Insurance premium for student borrower, if insurance cover sought.
The maximum total expenditure under the heads e, f, g and h to be restricted to 50% of the total tuition fees payable for completion of the course.
Balance Transfer from other FI to IDBI Bank: Not Allowed.
Minimum CriteriaStudent should be an Indian National and have secured admission for degree / diploma / certification Courses in India offered by reputed Institutes/ Private Agencies/ Companies including part time courses/ executive programmes by IIMs, other reputed management institutions, open and central universities, IITs, NITs/ franchises / OEMs of IT related Hardware & Software, which result into significant enhancement in job opportunities or career growth for the student.
Repayment PeriodLoan repayment to be completed in Maximum of 84 months after commencement of repayment.
Interest Rate
  • 11% for Loans with sanction amount upto Rs.10 lakh.
  • 12% for loans with sanction amount above Rs.10 lakh
Processing FeeNIL
Pre-Payment ChargesNIL
Amount (maximum amount can be approved to applicant)Maximum Rs.5 Lakh
12).
IDBI Bank
Bank NameIDBI Bank
Scheme NameEducation Loan to Physically Challenged Persons under NHFDC scheme
Description
Granted to Students who are Indian Nationals –Having physical disability to the extent of 40% or more and have secured admission in a recognized educational institution, through merit quota, in India or Abroad.
Co-applicant mandatory in each case, irrespective of loan amount
Collateral security : "Up to Rs. 4 lakh : No security
Above Rs. 4 lakh and up to Rs. 7.5 lakh : Third Party Guarantee However Bank at its discretion, in exceptional cases, waive third party guarantee if satisfied with the net-worth/means of parent/s who would be executing the documents as "joint borrower".
"Above Rs. 7.5 lakh : Land/Building (The minimum value shall be 1.33 times the amount of loan sought)/ Govt. securities/ Public Sector Bonds/ Units of UTI, NSC, KVP, LIC policy, gold, shares/units of mutual fund/debentures, bank deposit in the name of student/ parent/ guardian or any other third party (The minimum value shall be 1.1 times or as per respective margin limit against the security offered, whichever is minimum, of the amount of loan sought) or any other tangible security acceptable to the bank with suitable margin. The Land offered as collateral security should not be an agricultural land.
Applicable heads of expenses:
  1. Fee payable to college/ school / hostel.
  2. Examination/Library/Laboratory Fee.
  3. Purchase of Books/ Equipments/ Instruments/ Uniforms.
  4. Caution Deposit/Building Fund/ Refundable Deposit supported by Institution Bills/Receipts subject to the condition that the amount does not exceed 10% of total tuition fees for the entire course.
  5. Travel Expenses/ passage Money for Studies Abroad.
  6. Purchase of Computers - Essential for Completion of the Course.
  7. Any other expense required to complete the course - like Study Tours, Project Work, Thesis, etc.
  8. Cost of a Two-wheeler up to Rs. 50,000/-
Balance Transfer from other FI to IDBI Bank: Not Allowed
Minimum CriteriaStudent should be an Indian National having physical disability to the extent of 40% or more and have secured admission in a recognized educational institution, through merit quota, in India or Abroad.
Repayment PeriodThe repayment tenor after completion of the moratorium period 7 years
Interest Rate4% for Male Students and 3.50% for Female students
Processing Fee
  • For studies in India : NIL
  • For studies abroad : 1% of the loan amount subject to a maximum of Rs.5000/- plus applicable taxes to be collected for studies abroad and refunded at the time of disbursement
Pre-Payment ChargesNIL
Amount (maximum amount can be approved to applicant)
Need based finance subject to repaying capacity of the parents/students with margin and the following ceilings:
  1. Studies in India – Maximum Rs.10 Lakh
  2. Studies abroad – Maximum Rs. 20 Lakh
13).
IDBI Bank
Bank NameIDBI Bank
Scheme NameEducation Loan for Non-Vocational Courses
Description
Granted to Students who are Indian Nationals –
  1. Having secured admission to a higher education course in recognized institutions in India or Abroad through Entrance Test /Merit Based selection process after completion of HSC (10 plus 2 or equivalent).

  2. OR
  3. Having secured admission under Management Quota although he/she was eligible to secure admission under the merit quota, i.e. having secured marks above the cut-off level required for admission on merit basis as specified for General / SC / ST / OBC / Girl students, for that educational institute/programme.
  1. Studies in India : (Indicative List)
    • Approved courses leading to graduate/post graduate degree and PG diplomas conducted by recognized colleges/universities recognized by UGC / Govt. / AICTE /AIBMS / ICMR, etc.
    • Other job oriented courses leading to technical/professional degrees, post graduate degrees/diplomas offered by recognized institutions.
    • Technical Diploma courses (generally 3 years) offered by approved polytechnic institutions after completion of 10th standard.
    • Approved courses offered in India by reputed foreign universities.
    • In case part of the courses is in India, and part abroad, the authenticity of domestic course and institution will be considered.
  2. Studies Abroad
    • Graduation: For job oriented professional/technical courses offered by reputed universities.
    • Post graduation: MCA, MBA, MS, etc. Approved Post Graduate Diploma courses are also eligible.
    • Courses conducted by CIMA- London, CPA in USA etc.
  3. Special Courses
    Regular Degree/diploma courses like Aeronautical, pilot training, shipping, etc. provided these are recognised by competent regulatory bodies in India/abroad for the purpose of employment in India /abroad.
    Co-applicant mandatory in each case, irrespective of loan amount
    Collateral security : Up to Rs. 4 lakh : No security
    Above Rs. 4 lakh and up to Rs. 7.5 lakh : Third Party Guarantee
    Above Rs. 7.5 lakh : Land/Building (The minimum value shall be 1.33 times the amount of loan sought)/ Govt. securities/ Public Sector Bonds/ Units of UTI, NSC, KVP, LIC policy, gold, shares/units of mutual fund/debentures, bank deposit in the name of student/ parent/ guardian or any other third party (The minimum value shall be 1.1 times or as per respective margin limit against the security offered, whichever is minimum, of the amount of loan sought) or any other tangible security acceptable to the bank with suitable margin. The Land offered as collateral security should not be an agricultural land.
    Applicable heads of expenses:
    1. Fee payable to college/ school / hostel.
    2. Examination/Library/Laboratory Fee.
    3. Purchase of Books/ Equipments/ Instruments/ Uniforms.
    4. Caution Deposit/Building Fund/ Refundable Deposit supported by Institution Bills/Receipts subject to the condition that the amount does not exceed 10% of total tuition fees for the entire course.
    5. Travel Expenses/ passage Money for Studies Abroad.
    6. Purchase of Computers - Essential for Completion of the Course.
    7. Any other expense required to complete the course - like Study Tours, Project Work, Thesis, etc.
    8. Insurance premium for student borrower, if insurance cover sought.
    9. The maximum total expenditure under the heads e, f, g and h to be restricted to 50% of the total tuition fees payable for completion of the course.
Balance Transfer from other FI to IDBI Bank:Allowed subject to complying norms for Balance Transfer
Minimum CriteriaStudent should be an Indian National and have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance Test /Merit Based selection process after completion of HSC (10 plus 2 or equivalent) OR have secured admission under Management Quota although he/she was eligible to secure admission under the merit quota, i.e. having secured marks above the cut-off level required for admission on merit basis as specified for General / SC / ST / OBC / Girl students, for that educational institute/programme.
Repayment Period
The repayment tenor after completion of the moratorium period would be as under :
  • For loans up to Rs. 7.5 lakh : up to 10 years.
  • For loans above Rs. 7.5 lakh : up to 15 years.
Interest Rate
  • 11% for Loans with sanction amount upto Rs.10 lakh.
  • 12% for loans with sanction amount above Rs.10 lakh
Processing Fee
  • For studies in India : NIL
  • For studies abroad : 1% of the loan amount subject to a maximum of Rs. 5000/- plus applicable taxes to be collected for studies abroad and refunded at the time of disbursement
Pre-Payment ChargesNIL
Amount (maximum amount can be approved to applicant)
Need based finance subject to repaying capacity of the parents/students with margin and the following ceilings:
  • Studies in India – Maximum Rs.10 Lakh
  • Studies abroad – Maximum Rs. 20 Lakh
14).
KOTAK MAHINDRA BANK LTD
Bank NameKOTAK MAHINDRA BANK LTD
Scheme NameKotak Mahindra Bank Ltd
DescriptionEducation is the most important investment one makes in life. Kotak Mahindra bank aims to finance meritorious students who choose to pursue a higher education (professional or technical) in India and abroad.
Minimum Criteria
Student shall be an Indian national.
The student shall have secured the admission in India or abroad through entrance test / merit based selection process.
Repayment Period
  • Loan amt upto 7.50 lacs - upto 120 months
  • Loan amt greater than 7.50 lacs - upto 180 months
Interest Rate
  • Male-fixed ROI
  • ROI is linked to the base rate whichever is applicable
  • Upto 4 Lacs - base rate + 7.25%
  • Greater than 4lacs - base rate + 8.25%
  • Female-fixed ROI
  • ROI is linked to the base rate whichever is applicable
  • Upto 4lacs - base rate + 7.25%
  • Greater than 4lacs - base rate + 8.25%
Processing FeeNA
Pre-Payment Charges
  • Loan amt upto 7.50 lacs - upto 120 months
  • Loan amt greater than 7.50 lacs - upto 180 months
  • Loan amt upto 7.50 lacs - upto 120 months
  • Loan amt greater than 7.50 lacs - upto 180 months
Amount (maximum amount can be approved to applicant)
10,00,000/- for studies in India
20,00,000/- for studies in abroad
15).
ORIENTAL BANK OF COMMERCE
Bank NameORIENTAL BANK OF COMMERCE
Scheme NameORIENTAL BANK OF COMMERCE
DescriptionThe scheme aims at providing financial support to meritorious students for pursuing higher studies in India & abroad with affordable terms & conditions
Minimum CriteriaStudent who is Indian National & meritorious and secured admission to higher education course in any institution recognized by a statutory body in India or abroad through entrance test/ merit based selection process after completion of HSC (10+2 or equivalent). However, entrance test or selection purely based on marks obtained in qualifying examination may not be the criterion for admission to some of the post graduate courses or research programmes. In such cases, banks will have to adopt appropriate criteria based on employability and reputation of the institution concerned.
Repayment Period
  • Upto Rs 7.5 Lacs - 120 months
  • Above Rs 7.5 Lacs - 180 months
Interest Rate
For Male:
  • Upto Rs 4 Lacs - BR + 2.5 %
  • Between Rs 4 Lacs to Rs 7.5 Lacs - BR + 3 %
  • Above Rs 7.5 Lacs - BR + 1.75 %
  • In case loan above 4.00 lacs upto 7.50 lacs and Immovable Property or Tangible Assets is offered then ROI shall be BR +1.75% (Present effective BR is 10.00%)
For Female:
  • Upto Rs 4 Lacs - BR + 2 %
  • Between Rs 4 Lacs to Rs 7.5 Lacs - BR + 2.5 %
  • Above Rs 7.5 Lacs - BR + 1.25 %
  • In case loan above 4.00 lacs upto 7.50 lacs and Immovable Property or Tangible Assets is offered then ROI shall be BR +1.75% (Present effective BR is 10.00%)
Processing Fee
INDIA - NIL irrespective of loan limit.
ABROAD- 1% of loan amount to be recovered upfront, subject to minimum of Rs. 10000/- plus service tax if any. The process fee (excluding service tax if paid to Government) shall be refunded by way of credit to the loan account on availment of loan in borrower’s loan account.
Pre-Payment ChargesNIL
Amount (maximum amount can be approved to applicant)Rs. 100 lacs (we think its showing wrong in site, it should be 10 lacs)
16).
PUNJAB & SIND BANK
Bank NamePUNJAB & SIND BANK
Scheme NamePUNJAB & SIND BANK
DescriptionScheme for financing higher education in India and Abroad for Indian Nationals.
Minimum CriteriaThe student should be an Indian National and have secured admission to a higher education course in recognized institution in India or Abroad.
Repayment Period
  • Upto Rs 7.5 Lacs - 120 months
  • Above Rs 7.5 Lacs - 180 months
Interest Rate
For Male:
  • Upto Rs 4 Lacs - 13 %
  • Between Rs 4 Lacs to Rs 7.5 Lacs - 13.25 %
  • Above Rs 7.5 Lacs - 12.5 %
For Female:
  • Upto Rs 4 Lacs - 12.5 %
  • Between Rs 4 Lacs to Rs 7.5 Lacs - 12.75 %
  • Above Rs 7.5 Lacs - 12 %
Processing FeeNo processing / upfront charges may be levied on loans sanctioned under the scheme. Borrower to deposit Rs. 2000/- (for studies abroad) in lieu of Processing fee, in Saving account (to be kept under reserve, withdrawal thereof may be allowed to the borrower only after full availment of the loan. Otherwise the same be recovered as processing fee.
Pre-Payment ChargesNIL
Amount (maximum amount can be approved to applicant)Rs. 30 lacs
17).
Punjab National Bank
Bank NamePunjab National Bank
Scheme NamePNB KAUSHAL
DescriptionVocational Course/SKILL DEVELOPMENT
Minimum CriteriaNo minimum criteria for eligibility of loan
Repayment Period
  • 36 months for loan upto Rs.50000;
  • 60 months for loan between Rs.50000 and Rs.100000;
  • 84 months for loan above Rs.100000
Interest RateBR+2%-0.50% (i.e. 11.50 %)
Processing FeeNIL
Pre-Payment ChargesNIL
Amount (maximum amount can be approved to applicant)1.5 lacs
18).
Punjab National Bank
Bank NamePunjab National Bank
Scheme NamePNB SARASWATI
DescriptionApproved courses leading Graduate/ PG and PG Diploma conducted by recognized colleges/universities in India
Minimum CriteriaSecured admission to a higher education course in recognized institutions in India through Entrance Test/Merit Based Selection process after completion of HSC (10 plus 2 or equivalent).
Repayment Period
  • Upto Rs. 7.50 lacs :-120 Months
  • Above Rs. 7.50 Lacs :-180 Months
Interest RateBR+2%-0.50% (i.e. 11.50 %)
Processing FeeNIL
Pre-Payment Charges
Upto Rs. 4 lacs :-BR+2%- 0.50%
Between Rs. 4 lacs and Rs. 7.5 lacs :-BR+3%- 0.50%
Above Rs. 7.5 Lacs : BR+1% -0.50% (WHERE 100% TANGIBLE COLL. SECURITY)
Others Above Rs. 7.5 Lacs :- BR+2.5% - 0.50%
(Present BR (Base rate) is 10%)
Amount (maximum amount can be approved to applicant)10 lacs
19).
State Bank Of India
Bank NameState Bank Of India
Scheme NameSBI STUDENT LOAN SCHEME
DescriptionTo view the detailed description of this scheme, Click Here
Minimum Criteria
  1. Student should be an Indian National
  2. Student should have secured admission to a higher education course in recognized institutions in India through Entrance Test/ Merit Based Selection process after completion of HSC (10 plus 2 or equivalent)
Repayment Period
  • Upto Rs. 4 Lacs Upto 10 years
  • Above Rs. 4 Lacs and upto Rs. 7.5 Lacs Upto 10 years
  • Above Rs. 7.5 Lacs Upto 12 years
Interest Rate
  • For loans upto Rs.4 lacs: 3.65% above Base Rate, currently 13.35% p.a.
  • Above Rs.4 lacs and upto Rs.7.50 lacs: 3.90% above Base Rate, currently 13.60% p.a.
  • Above Rs.7.50 lacs: 1.90% above Base Rate, currently 11.60% p.a.
0.50% concession in interest for girl students
1% concession for full tenure of the loan, if interest is serviced promptly as and when applied during the moratorium period, including course duration
Processing FeeNIL
Pre-Payment ChargesNo Prepayment Charges
Amount (maximum amount can be approved to applicant)
  • For studies in India: Maximum Rs. 10 lacs
  • For studies Abroad: Maximum Rs. 30 lacs
20).
Union Bank
Bank NameUnion Bank
Scheme NameUnion education
Description
For Studies in India - Approved courses leading to graduate/post graduate degree or post graduate diploma conducted by recognized colleges/ universities recognized by UGC/ Govt. / AICTE/ AIBMS/ ICMR etc.
For Studies Abroad - Job oriented professional / technical graduate & post graduate courses offered by reputed universities. Courses conducted by CIMA London, CPA, USA etc., Degree / diploma courses like aeronautical, pilot training, shipping etc, provided these are recognized by competent regulatory bodies in India / abroad for the purpose of employment in India/ abroad and Post graduate diploma courses of reputed institutes / universities.
Student should be an Indian national. Loan can be given for studies in India & studies for aborad.
Selection critieria for studies in India is that student has to secured admission to an eligible course in a recognised initituion in India.
For Studies in abroad student has to secured admission to an eligible course in a recognized institution abroad thorough following process:
  1. Merit based selection process such as common entrance exams conducted by recognized universities/institutions and other approved authorities.
  2. OR
  3. Admission based on the marks obtained in the qualifying examinations for studies abroad. The minimum marks to be secured in the qualifying examination should be as under.
    • Category & Minimum marks
    • General - 60%
    • OBC/SC - 50%
    • ST - 45%
Minimum Criteria
  • Student should be an Indian national.
  • Student has to secured admission for eligible course in recognized institution.
Repayment Period
  • Upto 7.5 Lacs - 10 years
  • Above 7.5 lacs - 15 years
Interest Rate
For male student
  • Up to Rs 7.50 Lakh 12.25% (fixed)
  • Above Rs 7.50 Lakh 12.00% (fixed)
For girl student
  • Up to Rs 7.50 Lakh - 11.75% (fixed)
  • Above Rs 7.50 Lakh - 11.50% (fixed)
Processing FeeNIL
Pre-Payment ChargesNIL
Amount (maximum amount can be approved to applicant)
  • 10 Lakh for Inland studies
  • 20 Lakh for aboard studies
  • Higher quantum of loan can be consider on case to case by higher authority
21).
VIJAYA BANK
Bank NameVIJAYA BANK
Scheme NameIBA MODEL EDUCATION LOAN -INDIA
DescriptionLoans to meritorious Indian Nationals for pursuing higher education in India
Minimum CriteriaSecured admission to higher education course in recognized institutions through entrance test or merit based selection after passing qualifying examination
Repayment Period
  • UPTO Rs. 750000 120 Months
  • for above 750000 is 180 months.
    Repayment period is excluding moratorium period
Interest Rate
Male (floating) for 400000 @ 11.8 % &
400000 – 1000000 @ 12.25 %
Female (floating) for 400000 @ 11.3 % &
400000 – 1000000 @ 12.25 %
Processing FeeNIL upto 10 lacs. Above 10 lacs 0.75% + Service Tax
Pre-Payment ChargesNIL
Amount (maximum amount can be approved to applicant)1000000
22).
VIJAYA BANK
Bank NameVIJAYA BANK
Scheme NameIBA MODEL EDUCATION LOAN -ABROAD
DescriptionLoans to meritorious Indian Nationals for pursuing higher education abroad
Minimum CriteriaSecured admission to higher education course in recognized institutions through entrance test or merit based selection after passing qualifying examination
Repayment Period
  • UPTO Rs. 750000 120 Months
  • for above 750000 is 180 months
    Repayment period is excluding moratorium period
Interest Rate
Male (floating) for 400000 @ 11.8 % &
400000 – 1000000 @ 12.25 %
Female (floating) for 400000 @ 11.3 % &
400000 – 1000000 @ 12.25 %
Processing FeeNIL upto 10 lacs. Above 10 lacs 0.75% + Service Tax
Pre-Payment ChargesNIL
Amount (maximum amount can be approved to applicant)2000000

Step 4). Now after reading (all dis. avaliable here ) 
When you click on apply then you will need to fill the below form

Step 5 : Now click on Submit
Happy Loan :)
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1 comment:

  1. Thank you for the information you are providing to us it is helpful to me. Really a nice blogger you are.

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