YES

1) Education Loan

2) Education Loan for Vocational & Training Course:

1) Education Loan

Graduate or Post-graduate degree or diploma in technical and professional courses conducted by colleges/universities approved by UGC, AICTE, IMC, Govt., AIBMS, ICMR, etc.

Degree or Diploma conducted by premier educational institutions such as IIT, IIM, NIFT, IISc, etc.

Degree or Diploma for aeronautical, pilot training, shipping, etc. approved by Director General of Civil Aviation or Shipping.

ICWA, CA, CFA courses.

2) Education Loan for Vocational & Training Course:

Development courses of 2 months to 3 years run by an organization of the Government or supported by the Government or National Skill Development or State Skill Missions/Corporations, preferably leading to a degree, diploma or certificate issued by a Government organization or by an organization authorized by the Government.

1) Education Loan

For studies in India, the maximum loan amount given is Rs.10 lakhs. For students of Indian School of Business (ISB), and other Premier Institutions like IITs and IIMs, the maximum loan amount is Rs.20 Lakhs.

There is a Vijaya Bank education loan EMI calculator available online to help you estimate the monthly instalments on your loan amount.

2) Education Loan for Vocational & Training Course:

Up to 3 months

Rs. 20,000/-

3 months to 6 months

Rs. 50,000/-

6 months to 1 year

Rs. 75,000/-

Above 1 year

Rs. 1,50,000/-

There is no margin or processing fees applicable on this loan.

1) Education Loan

Up to Rs.4 lakhs

Base Rate + 1.80 = 12.05%

Rs.4 lakhs and above

Base Rate + 2.25 = 12.50%

For other loans, the rate of interest is fixed irrespective of the loan amount.

Management Quota (Non IBA)

Base Rate + 2.55% = 12.80%

ISB

11.75% ( Fixed)

Premier Institutions such as IIMs, IITs, etc.

11.75% ( Fixed)

2) Education Loan for Vocational & Training Course:

Loan is offered at a floating rate of interest of Base Rate + 1.8% = 12.05% p.a.

1) Education Loan:

2) Education Loan for Vocational & Training Course:

1) Education Loan

The moratorium period for all loans except ISB is the duration of the course plus 1 year or 6 months after employment, whichever is earlier.

For the students of ISB, the moratorium is the duration of the course plus 18 months or soon after employment, whichever is earlier.

Tenure:

IBA Scheme

Up to 10 years - Up to Rs.7.5 lakhs

Up to 15 years - Rs.7.5 lakhs and above

Management Quota (Non IBA)

Up to 10 years

Premier Institutions, IIMs, IITs, etc.

Up to 7 years

ISB

Up to 7 years

2) Education Loan for Vocational & Training Course:

The Vijaya Bank education loan scheme moratorium period for loans up to 1 year is the duration of the course plus 6 months. For courses more than 1 year duration, it is 12 months after course completion.

:Up to 6 months

2 years

6 months to 1 year

3 years

Above 1 year

3 to 5 years

1) Education Loan:

2) Education Loan for Vocational & Training Course:

1) Education Loan

IBA scheme

Up to Rs.4 Lakhs

NIL

Above Rs.4 Lakhs

5%

Studies in India

15%

Studies abroad:

Premier Institutions, IIMs, IITs, etc.

Up to Rs.4 Lakhs

NIL

Above Rs.4 Lakhs

15%

Management Quota (Non IBA)

Irrespective of loan amount

15%

ISB

Irrespective of loan amount

5%

1) Education Loan

IBA scheme: Loans up to Rs.4 lakhs do not require security.

For loans of Rs.4 lakhs to Rs.7.5 lakhs, a third party guarantor is required. If the bank is satisfied with the net worth or means of parents, it may at its own discretion waive the need for a third party guarantor. The parents will be joint borrowers.

Loans above Rs.7.5 lakhs require tangible collateral of acceptable value, along with the assignment of the student’s future income towards repayment in installments.

Management Quota (Non IBA): Irrespective of loan amount, tangible collateral in the form of Land, Building, Govt. Securities, NSC, LIC Policies, KVP, etc. of acceptable value to the extent of 150% of the amount of the loan is needed, along with the assignment of the student’s future income towards repayment in instalments.

Premier Institutions, IIMs, IITs, etc.

For loans up to Rs10 lakhs, only the assignment of the future income of the student towards repayment in instalments is required.

Loans above Rs.10 lakhs require tangible security of value to the full amount of the loan, along with the assignment of the student’s future income towards repayment in  installments.                                  

International School of Business (ISB):

Only the assignment of the student’s future income towards repayment in instalments is required.

2) Education Loan for Vocational & Training Course:

Third party guarantee or collateral is not required. The parents must execute the loan jointly as co-borrower.

2) Education Loan for Vocational & Training Course:

Central Scheme of Subsidy for Educational Loans

The Government of India provides subsidies on the interest on Education loans to help economically weaker sections of society so that nobody is denied professional education. The Indian Banks’ Association (IBA) devised a comprehensive plan for all banks to adopt in the interest of subsidising educational loans. Full interest subsidy on the moratorium period is provided which is the duration of the course plus 1 year or 6 months after getting a job, whichever is earlier.

Eligibility:

This scheme is applicable only to Indian nationals who have sought loans from Scheduled Banks for pursuing approved technical and professional courses in recognized institutions in India after Class 12

There is no age restriction.

Parents/family income must be below Rs.4.5 lakhs. A certificate issued by authorized officers of State Government is needed

1) Education Loan

1. Tuition or course fees towards the college/hostel
2. Examination, library, laboratory fees
3. Caution deposit, building Fund, refundable Deposit (maximum 10% of the entire tuition fees)
4. Travel expenses and passage money for studies abroad
5. Books/Equipment/Instruments/Uniforms
6. Purchase of computers- essential for completion of the course
7. (For E and F, maximum 20% of the total tuition)

Additional information:

1. A list of Central and State IHMs are available on the Vijaya Bank website.
2. The Vijaya Bank education loan form is available online.
3. Vijaya Bank education loan subsidy is available for economically weaker sections.

2) Education Loan for Vocational & Training Course:

1. Course fees
2. Caution deposit
3. Examination, library, laboratory fee
4. Books, equipment, instruments
5. Any other reasonable expenditure necessary to complete the course.