Vijya Bank Education Loan

Vijya Bank Education Loan

Overview: The fastest growing public sector bank Vijaya Bank, having corporate office in Karnataka, Bangalore. One of the nationalized Bank in India. Vijaya Bank offers wide range of financial products and services. Having the vast number of customers over 3500 and having 1900 branches allover India. Vijaya Bank was founded by a farmers groups led by Shri. Attavar Balakrisha Shetty on 23th October 1931 in Mangalore a well knows District of Karnataka State. As It was established on Vijayadasami also known as Dussehra, it was named 'Vijaya Bank'.

Features and Benefits: Vijaya Bank students loan offers education loan to the students of Indian origin. Vijaya Bank Education Loan helps meritorious students who are looking to grow their carrier with higher education. Vijaya Banks financially help those students to pursue higher education either in India or abroad.

Rate of Interest: Vijaya Bank Education Loan interest rate is bellow

Rate of interest
Rate of interest
For Loan Amount Rate of interest
IBA Scheme
For loans up to Rs.4 Lakh
and above Rs.7.50 Lac
Above Rs. 4 Lac and
upto Rs.7.50 Lac
For students admitted to
"Top Rated Institutions"
MCLR 1 year + 1.70 = 11.15%*
(floating)
MCLR 1 year + 2.25 = 11.90%*
(floating)
MCLR 1 year+0.20%=9.65%p.a.
(floating)
Students admitted
under Management Quota
As per bank guidelines MCLR 1 year+2.75%=12.20% p.a.(floating)
Skill development program Upto Rs. 1.50 Lac MCLR 1 year+1.70%=11.15%(floating)

Note: * 0.50% interest concession to girl students
Processing Charge: No processing / upfront charges upto the loan amount of Rs10 lakhs.

Repayment time Period:
For Loan Amount Tenure Moratorium
IBA Scheme
Up to Rs. 7.50 lakhs
Rs. 7.50 lakhs & above
Up to 10 years
Up to 15 years
Repayment will commence
one year after completion
of course or 6 months
after securing a job,
whichever is earlier.
Management Quota (Non IBA) Irrespective of loan amount Up to 10 years Repayment will commence
one year after completion
of course or 6 months
after securing a job,
whichever is earlier.
Education Loan to the
students of Premier
Central Institutions
such as IIMs,
IITs etc
Irrespective of loan amount Up to 7 years Repayment will commence
one year after completion
of course or 6 months
after securing a job,
whichever is earlier.
Education Loan to Indian
School of Business student
Irrespective of loan amount Up to 7 years Repayment will commence
after completion of
18 months or soon
after the placement,
whichever is earlier.
Eligibility for Vijaya Bank Education Loan:

Vijaya Bank loan scheme in India: Post-graduation including regular technical and professional Degree, Graduation/Diploma courses offered by reputed colleges and universities having the approval from UGC/ AICTE/IMC/Govt./AIBMS/ICMR.

Regular Degree/ Diploma Courses conducted by reputed institutions like IIT, IIM, NIFT, IISc etc

Regular Degree/Diploma Courses like Aeronautical, pilot training, shipping etc. approved by Director General of Civil Aviation/Shipping. Courses like ICWA, CA, CFA etc.

Education loan Vijaya bank for Abroad:

Job based technical Graduation courses/professional / Post Graduation Degree and Diploma courses like MBA, MS, MCA, etc offered by alleged universities and courses organized by CPA in USA, CIMA-London etc.

Margin:

For Loan Amount Margin
IBA Scheme
Up to Rs.4 lakhs
Above Rs. 4 lakhs
Nil
5% (studies in India)
15% (Studies abroad)
Management Quota (Non IBA) Irrespective of loan amount 15%
Education Loan to
Indian School of
Business student
Irrespective of loan amount 5%
Education Loan to
the students of Premier
Central Institutions
such as IIMs, IITs etc
Up to Rs.4 lakhs
Above Rs. 4 lakhs
Nil
15%
Documents required for education loan – Afinoz:

To avail the education loan facility from Afinoz, the basic necessities is to qualify loan application. And to qualify it following things are required.

  • The applicant must be Indian resident.


  • The candidate should secured admission in recognized course, in India or abroad by qualifying an entrance exam or some other qualification procedure.


  • NRI (Non – Resident Indian) applicants must have a valid Indian Passport.


  • Loan for college students for the courses in India Management courses, Graduation, Post-Graduation, Technical courses, Diploma programs and other professional courses.


  • Student loans for the courses in abroad – Post Graduation, Graduation, Degree courses and others.


Note: Banks that provide student loans may request more documents and proof.

You are appling for this Bank.

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