VIJAYA BANK - EDUCATIONAL LOANS

Eligible persons :
A Student of Indian Nationality is eligible to apply for the loan provided he/she has secured admission to the institution/college/university.

Eligible courses :
Full time courses (Diploma, Teachers' Training, graduation or Post graduation and Doctorate studies) in all branches of medicine, engineering, agriculture, CA/ICWA/ACS, Computer Science, Architecture, Busines Administration, Law, Arts, Science, Commerce, Hotel Management, Nursing and Pharmacy (except Foreign University Degree courses offered in India)

Duration of the course :
Normally not exceed 5 years

Loan amount (Quantum of loan) :
The bank provides a loan of Rs.10000/- for a student's education at a junior college; teacher's training course and other short-term courses that are approved by the Government.

Loans worth Rs.50,000/- ar also offered to students who wish to do a polytechnic course/computer course, or desired to pursue graduation/post-graduation in any discipline, such as arts, commerce, science, pharmacy, agriculture & fisheries.

A maximum amount of Rs.4 lakhs for graduation/post-graduation in engineering, architecture, dental science, medicine, chartered/cost accountancy & business administration courses, offered by an reputed institution.

Security :
The bank does not insist on security for loans up to Rs.25000/-, however, a 3rd party guarantee is a pre-requisite. Minors are to be represented by parents/guardians along with a separate guarantor.

For loans above Rs.25.000/-, collateral security by way of an unencumbered property/asset equal to 150% of the value of the loan or NSC/IVP/KVP, the maturity value of which should not be less than teh loan amount, or LIC policy the surrender value of which should not be less than the loan amount.

LIC policy in the name of the borrower equal to the loan amount will also be obtained and assigned to the bank.

A guarantee of the parent/guardian will also be taken.

Margin :
No margin forloans up to and inclusive of Rs.25,000/- and a minimum margin of 25% for loans above Rs.25,000/-.

Repayment :
Repayment of the loan commences from the 6th month after the student completes his/her course or the 3rd month of securing a job, whichever is earlier. The loan is to be repaid within a maximum period of 6 months depending upon the repayment capacity.