.:: Lakshmi Vilas Bank: Vidhya Lakshmi Loan ::.

Purpose: 

To meet expenses connected with the pursuit of specific courses of study at recognized institutions, including professional/job-oriented courses, which offer reasonable opportunity for employment & loan repayment capacity on successful completion.

Student eligibility 

Should be an Indian National.
Should have secured admission to professional/technical courses in India or abroad through entrance test/merit based selection process.

Courses eligible 

Studies abroad

• Graduation: For job oriented professional/technical courses offered by reputed universities.
• Post graduation: MCA, MBA, MS, etc.
• Courses conducted by CIMA-London, CPA in USA, etc.

Expenses eligible for finance

• Fee payable to college/school/hostel.
• Examination/library/laboratory fee.
• Purchase of books/equipment/ instruments /uniforms.
• Caution deposit/building fund/ refundable deposit supported by Institution’s bills/receipts, subject to the condition that the amount does not exceed 10% of the total tuition fees for the entire course.
• Travel expenses/passage money for studies abroad.
• Purchase of computers essential for completion of the course.
• Insurance premium for student borrower.
• Any other expenses including hostel deposit/rent/monthly mess bills and other expenses required for completing the course such as study tours, project work, thesis, etc.

Loan Amount 
Need based finance subject to repaying capacity of the parents/student with margin and the following ceilings:
For studies abroad: Maximum up to Rs.20.00 lacs.
Within the above maximum levels, the loan amount is to be fixed taking into account the minimum stipulated margin, the expenses eligible for finance, actual requirement of the student, anticipated repayment capacity of the student on completion of the course, capacity of the parents, etc. In the normal course, while appraising the loan, the future income prospects of the student will be looked into. However, where required, the means of parent/ guardian could also be taken into account to evaluate repayment capability.

INTEREST RATE 
For Boy Students: 
For loans up to Rs.4.00 lacs: Base Rate + 6.25% (PER: 15% p.a.)
For loans above Rs.4.00 lacs: Base Rate + 7.25% (PER: 16% p.a.)
For Girl Students: 
For loans up to Rs.4.00 lacs: Base Rate + 5.75% (PER: 14.50% p.a.)
For loans above Rs.4.00 lacs: Base Rate + 6.75% (PER: 15.50% p.a.)

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