Should have secured admission in recognized institution for approved courses by UGC / Govt. / AICTE through Entrance Test / Merit Based selection process after completion of HSC (10 plus 2 or equivalent).
Courses Covered
The Course should be approved/ recognized by the designated academic authority/regulatory body for the stream of study concerned in India.
Please click on the link below for details of courses covered
Tangible Collateral security of suitable value acceptable to the Bank.
Assignment of future income of the student for payment of Installments.
Repayment Period
Moratorium up to course period plus 1 year.
Repayment period : 15 years from the date of commencement of repayment
Expenses Covered
Fees payable to college / school / hostel /
Examination / Library Fees.
Purchase of books / equipment / instruments.
Purchase of computer / laptop
Life Insurance Premium for life cover of student/co- borrower for total tenure of loan
Any other expenses related to education.
Insurance
All the student borrowers are offered a specially designed OPTIONAL Term Insurance cover and the premium can be included as an item of finance.
Processing Charges
No processing Charges
Coverage Under Credit
All Educational Loans upto Rs.7.50 lacs conforming to the guidelines of “IBA Model Education Loan Scheme for pursuing studies in India and Abroad” are eligible for coverage under CGFSEL by National Credit Guarantee Trustee Company(NCGTC)
Other Conditions
Loan will be disbursed in stages as per requirement / demand, directly to the Institution/ Vendors of books/equipment’s/instruments to the extent possible
Student to produce mark list of previous term/semester before availing next instalment
Student / Parent to provide latest mailing address, in case of any change
Student /Parent to inform Branch immediately on change of course /completion of studies/termination of studies/ any refund of fees by college /institution /successful placement /obtention of job/change of job etc.
Students should apply online via Vidya Lakshmi Portal developed by NSDL e-Governance Infrastructure Ltd. To apply on line on Vidya Lakshmi Portal click here
www.vidyalakshmi.co.in
For further information, you may contact nearest branch of the Bank. Loan at the sole discretion of Bank of India.
