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Model Education Loan Scheme 

Parameter

Details

Purpose

For Studies in India and Abroad

Eligibility

Studies in India: Graduation courses/Colleges under Universities approved by UGC. Other courses leading to diploma / degree etc. conducted by colleges / universities approved by UGC / Govt. / AICTE / AIBMS / ICMR etc.

Studies Abroad : Job oriented Prof./Technical / PG courses/ Post Graduation: - MCA, MBA, MS etc

Age

Student should be Indian national, have secured admission by Entrance test / Merit bases selection.

Maximum amount

In India : Rs. 10.00 lac
Abroad : Rs. 20.00 lac
Loan for Higher Amount can be considered on merit and case to case basis

Security

  • Up to Rs.7.5 lakhs: Clean.
 

          Parents / Guardian to be joint borrowers.

         All Eligible Education loans should be covered under Guarantee Fund Scheme for Education Loan (CGFSEL).

 
  • Above Rs.7.50 lakh: Collateral equivalent to quantum of finance after providing requisite margin.
 

         Parents / Guardian to be joint borrowers.

Margin:

Up to 4 lakhs

NIL

Above 4 lakhs

 5% for studies in India

15% for studies abroad

Rate of Interest

Click here to view the Interest Rate

  • Simple interest during moratorium period, there after compounded monthly
  • 1% interest concession may be provided to the loanees if the interest is serviced regularly as and when applied during the study period when repayment holiday is specified for interest/ repayment under the scheme. Interest concession is available only for moratorium period.

Repayment

Course period + 1 year (Uniform 1 year moratorium for repayment after completion of studies in all cases)

Repayment of the loan will be maximum 180 equated monthly instalments (EMIs). (i.e. 15 years maximum excluding moratorium period).

Special Offers

Interest rate concession

  • 0.50% concession for girl students
  • 0.50% concession to our existing Housing Loan borrower
  • Up to 0.25% for meritorious students.

    *Over all Maximum concession of 0.5% allowed

Others

  • Loan will be granted to student with parent as Co-borrower/s
  • Loan will be disbursed in stages as per requirement directly to Institute / College.
  • Pre-approved Education loan (In principle sanction) is available for student applying to multiple universities/Colleges for study abroad.

All Education Loans application should be applied through Vidya Lakshmi Portal.

VLP-Online Education Click Here to Apply

Checklist for Education Loans

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