Meritorious students get 100% loan to meet their requirements of tuitions and other fees like boarding. In addition if they require funds for purchasing Laptop, Books and Hostel expenses also can be financed by the bank. The loans up to Rs. 4 Lakhs are available without any security or guarantee. The interest on education loan during the currency of education is reimbursed by HRD ministry (Central Government) to the banks. The students can apply online. The web site of each bank can specify the documents required. Reserve bank has started portal for education loan. Student can nominate five banks in the area. Perquisites for online application are scanned copy of address proof, marked sheet and photograph. These scanned copies you can upload on portal. Once student fill complete form he will get sanction letter with in a fortnight. In case of need or assistance contact our education guidance cell.

The website for education loan is:-
https://www.vidyalakshmi.co.in/Students/

Repayments will commence after one year completion of course or six month after job whichever is earlier. In education loan scheme your parents will be co-borrower.

Documents Required for Educational Loan:


I.       Proof of Identity (any of the following):

 

1.       Passport.

2.       Pan Card.

3.       Employee Identity Card.

4.       PAN Card.

5.       Any other valid proof.

II.      Proof of Address (any of the following):

 

1.       Electricity Bill.

2.       Ration Card.

3.       Telephone Bill.

4.       Any other valid proof.

 

III.    Last 12 Months bank statement (if you have bank account)

 

IV.    Admission Papers:

 

1.       Admission letter/ Admit card/ Score card.

2.       Schedule of expenses including fee structure and living expenses.

3.       Mark Sheets- Class X or equivalent onwards.

 

V.      Proof of Income (If any):

 

1. For salaried class:

a.  Last one year ITR.

b.  Form-16/ Letter from Employer.

c.   Last 6 months salary slip.

2.  For business class:

a.  Last 3 years ITR.

b.  P&L Balance Sheet.

3.  Agriculturist:

a.  Income certificate from concerned revenue officer (Tahsildar).

b.  Proof of land holding.

 

VI.    Photographs: 03 Nos.

 

VII.   Proof of Out-Goes:

 

a.  Loan repayment statement, if any.

b.  LIC policies.

c.  Valid proof of any other out-go.

Note: Any other documents required as per the application form of the bank.

VIII. Purpose:

 

a.  Basic Education.

b.  To pursue graduation/ higher education.

c.  To pursue Technical/ Professional/Management courses.

d.  Student must be meritorious (At least First Class or Higher Second Class).

 

IX.    Quantum of Loan:

 

•    For Studies in India- maximum up to Rs. 10 Lakhs.

 

X.      Margin, I.E. Your Share:

 

•    For loans up to Rs. 4 Lakhs, the margin is nil.

•    For loans above Rs. 4 Lakhs, the margin is 5%.

 

XI.    Moratorium Period:

          Moratorium is the tenure, which commences from the disbursal of the loan to the time the borrower makes his/her first Equated Monthly Installment (EMI). For education loans, the period is the duration of the course plus 1 year or 6 months after getting a job, whichever is earlier.

 

XII.   The moratorium is minimum of the following two:

 

•    Course Period + 1 Year.

•    Course Period + 6 Months after commencement of the job whichever is earlier.

 

 

XIII.  Repayment:

 

•    Required period of up to 3 years after moratorium period payable in monthly installments interest amount to be serviced separately.

 

XIV.  Rate of Interest (Presently):

 

•    13.50% PA (Subject to change from time to time) Interest amount and principal amount is maintained separate.

 

XV.   Security:

 

XVI.  The security required is as mentioned below:

 

•    Loan amount upto 4 Lakhs, Security is Nil.

 

XVII.  Insurance:

 

•      Life insurance of the borrower is compulsory to the tune of loan amount.

•     The insurance policy to be assigned in favor of the bank.

 

XVIII.  Other Conditions:

 

•    The loan shall be sanctioned/ disbursed from the branch nearest to the place of domicile of the student.

•    Loan would be disbursed directly to the institute.

Note:

•     Education loan scheme is in operation at all public, private sector banks & district central cooperative banks.

•     A special cell look after a loan scheme for the student at college