ING Vysya Bank Education Loan: Application, Eligibility, Interest Rate, Documents & Much More.

ING Vysya Education Loan
ING Vysya Education Loan

The ING Vysya Bank was a privately owned Indian multinational bank based in Bangalore, with retail, wholesale, and private banking platforms formed from the 2002 purchase of an equity stake in Vysya Bank by the Dutch ING Group. ING Vysya Bank decided to merge with Kotak Mahindra Bank, creating the fourth largest private sector bank in India. If you want Education Loan to pursue higher studies from Abroad or India, You are at the right place to collect every aspect of information related to Education Loan in India.

ING Vysya Logo

Read this full post on ING Vysya Bank Education Loan for information Like Eligibility, How to apply, Interest Rates, Documents Needed, Different aspects of Education Loan, Interest Rates, Return Policy, General Instructions etc. Throughout the article, we will share information regarding ING Vysya Bank Educational Loan it’s Process to Apply and full detailed Information.


ING Vysya Bank Education Loan


The major aim of the bank is to ensure anywhere and any time banking for the customer with the latest state-of-the-art technology. The Bank is very serious about its Education Loan Facility and by developing an effective customer-centric relationship it promises to emerge as a world-class education Loan provider. Before we share further, let us first have a brief review of the Bank.

Brief Review

Profile Description
Name of Bank  ING Vysya Bank
Founded on 2002
Headquarter Bangalore, India
Type of Bank  Private Bank
Number of Employees 10,000+
CEO Name Shailendra Bhandari
Maximum Loan Amount  Rs 20.0 Lacs
Timeline for Loan Disposal Maximum 15 Working days
Annual Revenue 5,588 crore (US$ 780 million)
Processing Fees 2% of the loan amount+ GST
Subsidiaries
  • Kotak Securities
  • Kotak Life Insurance
  • Metropolitan Stock Exchange
  • Kotak Mahindra General Insurance
  • Kotak Mahindra Trusteeship Services Limited
Category  Education Loan in India

Types of ING Vysya Bank Student Loan

As ING Vysya Bank has decided to merge with Kotak Mahindra Bank. So the Schemes Specified below are taken from Kotak Mahindra Bank Education loan Section.

S.no. Schemes Description
1. Education Loan This Loan is for pursuing higher education in India or abroad. One can avail a loan amount up to Rs. 10 Lakhs for studies in India and Rs 20 Lakhs for studies abroad.
2. Vocational education and training scheme This scheme is for students who tend to go with skill development programs also candidates should have the minimum educational qualification as required by educational institutions running vocational education and training programmes. one can avail the loan from Rs. 50000 to  Rs.1.5 lacs

How to Apply

Online

  • Visit official Web Site of ING Vysya Bank (Click Here)
  • Find the Educational Loan Section Apply Now Button
  • Fill online Application Form

Offline

  • Visit the nearest branch of ING Vysya Bank to get offline Education Loan form.
  • You may also download the form from official web handle.
  • Submit the Application Form to Nearest Branch along with document needed.

Eligibility

  • The applicant should be an Indian national.
  • The student shall have secured the admission in India or abroad through an entrance test or through a merit-based selection process.
  • There is no specific age restriction of a student in order to apply for an education loan.
  • Eligible courses: India (PG courses, Professional Courses, Master and Diploma Management Courses, Regular Degree/diploma courses etc.) Abroad (Graduation, Post Graduation, Degree/Diploma courses, Other courses)

Documents Needed

  • Application Form
  • Mark sheet of last qualifying examination for school and graduate studies in India
  • Proof of admission: Offer Letter or Admission Letter from the Institution.
  • Proof of Identity, Relationship, Ownership and Residence
  • Schedule of expenses for the course
  • 2 photographs
  • Details of course and fee structure to be paid.
  • Signature verification from the bank
  • Income Details

Note:- Documents must be selfly Attested by the applicant.

Expenses Considered

  • Tuition and course fee
  • Examination, library and laboratory fees
  • Caution deposit
  • Cost of books, Uniforms, Equipment and other instruments.
  • Travel Expenses

Return Policy

  • In case of ING Vysya Bank Education loan, repayment will start after the completion of course period +1 year or moratorium period. Repayment will also 6 months after securing a job. whichever is earlier

EMI Calculator

EMI Calculator is used for calculating the periodic payment amount due on a loan. For calculating EMI one must input data like Amount, Interest Rate, tenure, Processing Fee etc.

  • If you want to calculate EMI for ING Vysya Bank Educational LoanClick Here

Security

  •  Up to Rs 4 Lacs
    • No security
  •  Above Rs 4 lacs and up to Rs 7.50 Lacs
    •Co-obligation of parents together with collateral security
    in the form of suitable third party guarantee. The bank
    may, at its discretion, in exceptional cases, waive third
    party guarantee if satisfied with the net-worth/means of
    parent/s who would be executing the documents as
    “joint borrower”.
  • Above Rs 7.5 Lacs
    • Collateral security equivalent 100% of the loan amount and assignment of future income of the student for the payment of instalment.

Contact Details

Head office  Dindigul – Bangalore Road, Vishweshwarapura, Shankarapura, Bengaluru, Karnataka 560004
Official website www.kotak.com
Apply for Loan  Click Here
Contact Number 1860-266-2666

 

ING Vysya Student Loan FAQs

We hope that the information furnished above will guide you to get the best educational loan for your studies. In case of any doubt regarding the loan procedure and other related terms, read our FAQ’s session.

Q1. Who can be my co-borrowers?

Ans. Your parents/guardian can be a co-borrower as well as the spouse in case of a married applicant. The co-borrower should have a steady source of income and a good credit history in order to improve the applicant’s chances of a successful loan application.

Q2. How long does it take to process Educational Loan?

Ans. Generally, the time taken for the education loan to process is somewhat between 7-10 working days. Often, the whole process can be easily completed within 3 to 5  Working days, once the student fulfils all documentation.

Q3. What all expenses will be covered by education loans?

Ans. Apart from the tuition fees, other aspects of expenses such as hostel charges, equipment purchases and other course-related expenses may also be covered by the education loan.

Q4. What are the courses for which an education loan can be availed?

Ans. An education loan can be availed for all courses recognized by the UGC in case of India and all regular courses abroad. Each lender has its own list of educational institutions and courses that they would provide a loan for whether overseas or within India.

Q5. Can a student avail another loan for further studies?

Ans. Yes, this is possible. You can borrow a loan for a bachelor’s degree followed by one for master’s without repaying the first loan. This loan can be taken as a top-up loan against the already existing loan; however, it is subject to the lending bank’s discretion and the internal rules and regulations of the lender.

Q6. Do education loans have any Income Tax benefits?

Ans. Loan borrowers can avail tax benefits on interest paid on education loan under Sec 80E of the Income Tax Act. This benefit is available over and above the Rs. 150,000 deduction allowed under Section 80C. Tax benefits can be availed once the borrower starts paying the interest on the education loan. Further, the deduction is available until the borrower pays off the full interest amount on the loan or for a maximum period of 8 years, whichever is earlier.

Q7. Why do banks require an insurance policy?

Ans. Banks usually prefer that students avail a life insurance policy equivalent to, or more than, the loan amount. The policy acts as a security feature and forms a part of the collateral. In case of the untimely demise of the borrower, the bank recovers the outstanding loan amount from the student’s life insurance policy and the remaining amount, if any, is paid out to the beneficiary of the policy.

Q8. Is any incentive available for a girl student applying for education loan?

Ans. Banks generally provide a 0.5% concession on the applicable education loan interest rate to girl students pursuing higher education in India and abroad.

Q9. Are there any special privileges for students of SC/ST category who avail education loans?

Ans. Yes, eligibility criteria and loan margins on education loan are relaxed for Scheduled Caste/Scheduled Tribe students availing education loans in India. The eligibility criteria are lowered from first/second class to pass class for SC/ST category students seeking education loan for graduate and postgraduate studies, while, margin money is sometimes lowered than the regular percentage or nil.

Q10. Where can I avail on an ING Vysya Bank education loan?

Ans.
The loan is available from all branches in metro/urban areas as well as those having personal banking divisions.

Best of Luck..!!

 

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