- Name of the Scheme: VITJNAN PRADHAN SCHEME (VPS)
- Target Group: Students desirous of pursuing professional courses in India and abroad.
- Courses eligible & amount of loan: Various courses For details please contact the branch.
- Purpose of finance: Fees, Caution deposits and refundable deposits, Cost of study books / equipments, Cost of uniform, Hostel Boarding and lodging, one time premium of life insurance policy without maturity return covering the entire period of loan with sum assured equal to the loan amount.
A. Borrower
Borrower shall be the student him/herself if he/she is major (completed 18 years). In the case of minor students, parents shall be the borrowers.
B. Minimum Margin
Up to Rs. 4 Lacs : NIL
Above Rs.4Lacs :Studies in India : 15%
C. Security:
Upto Rs 4 lacs - Guarantee of parents. No security required
Above Rs.4 lacs -Guarantee of parents together with collateral security
D. Period of loan / Repayments
Repayment period will start from 1 year after qualifying exam or six months after obtaining employment, whichever is earlier. For overseas studies, the holiday is restricted to 6 months fixed after the qualifying examination.
Loan should be repaid in 60 equal monthly installments after the holiday/moratorium as above.
Rate of Interest :
BASE RATE (BR) 8.50% (w.e.f 20.12.2010)
Education loans BR + 4.9%
Click here to view the latest Rate of Interest: Click here
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