Vidya Loan

Education loan for studying in premier Institutions in India

Advantages

  • NIL Processing charges
  • No collateral security
  • Nil margin
  • No documentation charges
  • No hidden charges
  • No prepayment penalty
  • Takeover of loan facility from other bank available

Quantum of Loan

  • Institutes under List “A” Rs.40.00 Lacs
  • Institutes under List “B” Rs.25.00 Lacs
  • Institutes under List “C” Rs. 15.00 Lacs

(Please refer to list attached below for List of Institutions)

Expenses Covered

  • Fees payable to college / school / hostel
  • Examination / Library Fees
  • Purchase of books / equipment / instruments
  • Purchase of computer / laptop
  • Caution deposit / building fund / refundable deposit supported by Institution bills / receipts.
  • 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.

For further information
You may contact nearest branch of the Bank. Loan at the sole discretion of Bank of India.

*Terms & Conditions apply. For further details, Please contact your Nearest Branch

  • Students should be Indian National
  • Should have secured admission in select Premier Educational Institutions in India, through Entrance Test /Selection process

Courses Covered

  • Regular full time Degree/Diploma courses (certificate / part-time courses not covered)
  • Full time Executive Management courses like PGPX (For IIMs)

Margin

NIL

Security

  • No collateral Security
  • Parents/Guardians to join as Co- borrowers
  • Assignment of future income

For further information
You may contact nearest branch of the Bank. Loan at the sole discretion of Bank of India.

*Terms & Conditions apply. For further details, Please contact your Nearest Branch

Rate of interest

@RBLR
For more details Click Here

Repayment Period

  • Moratorium up to course period plus 1 year.
  • Repayment period : 15 years from the date of commencement of repayment

Charges

  • No processing Charges
  • VLP portal charges of Rs. 100.00 + 18% GST
  • One time charges for any deviation from the scheme norms including approval of courses outside the scheme:
    Up to Rs.4.00 lacs : Rs. 500/-
    Over Rs.4.00 lacs & Upto Rs.7.50 lacs : Rs.1,500/-
    Over Rs.7.50 lacs : Rs.3,000/-
  • Student applicant may be required to pay fee/charges, if any, levied by third party service providers who operate common portal for lodging loan applications set up

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 Terms & 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

For further information
You may contact nearest branch of the Bank. Loan at the sole discretion of Bank of India.

*Terms & Conditions apply. For further details, Please contact your Nearest Branch

Document Student Co-applicant
Proof of Identity ( PAN & Aadhaar) Yes Yes
Proof of Address Yes Yes
Income proof (ITR/Form16/Salary slip etc.) No Yes
Academic Records(X ,XII , Graduation if applicable) Yes No
Poof of admission/ qualifying examination result ( if applicable) Yes No
Schedule of study expenses Yes No
2 passport size photograph Yes Yes
1 year Bank statement No Yes
VLP portal Reference Number Yes No
VLP portal Application Number Yes No
Collateral security details and documents , if any No Yes

For further information
You may contact nearest branch of the Bank. Loan at the sole discretion of Bank of India.

*Terms & Conditions apply. For further details, Please contact your Nearest Branch

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