Education Loan

  • Vidya Sahakari Bank Ltd. - Cash Credit Loan Purpose :
    To meet the expenses of Post Graduation / Job Oriented Professional courses in India and Abroad
  • Eligibility :
    Salaried Employees / Businessmen / Professionals having regular source of income
    Student should have secured admission by Entrance Test / Merit basis selection
    Loan will be granted to parent with student as Co-Borrower
  • Loan Amount :
    Maximum Rs.10/- Lac for domestic and Rs. 20 lac for abroad
    Loan will be disbursed in stages as per requirement
    Loan amount will cover course fees + Study Material + Hostel Expenses
  • Margin :
    Period - Maximum 7 years including moratorium period
    Moratorium - Course period + 1 year OR 6 months after getting job whiecever is earlier
  • Rate of Interest :
    13% p.a. Interest to be paid regularly as and when applied during the study and moratorium period
  • Security :
    Collateral security equal to quantum of finance
  • Guarantee :
    Two competent guarantors acceptable to bank.
  • Processing Charges :
    0.5 % of the loan amount applied
  • Shareholding :
    As per Bank's rule
  • Special Features :
    No prepayment charges
    Issue of Solvancy Certificate
    Foreign Currency / Demand Drafts / Travellerís cheques available
  • Documents Required :
    I. Latest Photograph, Photo Identity Proof, Residence proof of the Applicant and Guarantors
    II. In case parent is salaried person, salary slip for last 3 months and bank statement for last 6 months, ITR for 3 years
    III. In case parent is businessman, last 2 years profit & loss and balancesheet, ITR copies of last 3 years and bank       statement of business account for last 6 months.
    IV. Bonafied certificate from college / Admission confirmation letter
    V. Structure of fees for full course duration from college
    VI. Attested copies of last yearís mark list / Degree Certificate / School Leaving Certificate
    VII. Property / Collateral Security Details with legal documents