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

VIjaya Bank Education Loan
VIjaya Bank Education Loan

The Vijaya Bank today is a PAN India Institution, serving diverse sectors of the society. Vijaya Bank offers a bouquet of innovative and attractive products and services to the customers. Vijaya Bank also incorporated the latest technology to provide the best services to our customers. which also provides the facility of Vijaya Bank Education Loan. If you want Educational Loan to complete your education or pursue higher studies from Abroad, You are at the right place to collect every aspect of information related to Educational Loan in India.

Vijaya Bank Logo

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


Vijaya 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  Vijaya Bank
Founded on 23rd October 1931
Headquarter late Shri A.B.Shetty
Type of Bank  Nationalised Bank
Number of Employees 15,679 (2017)
CEO Name R A Sankara Narayanan
Maximum Loan Amount  Rs 20.0 Lakh
Timeline for Loan Disposal Maximum 15 Working days
Annual Revenue 12,379 crore (US$ 1.7 billion)(2017)
Processing Fees
  • IBA Model (India & Abroad)
    •  0.75% + GST for loans above Rs.10.00 lakhs
    • Rs.250 + GST payable to NSDL
  • Skill loan
    • Rs.250+ST
Other Subsidiaries
  • ViBank Housing Finance Ltd.
  • Vijaya Bank Ltd.
  • Asset Management Arm
Category  Education Loan in India

Types of Vijaya Bank Education Loan

S.no. Scheme Description
1. IBA Model (India & Abroad) For pursuing higher studies in technical and professional courses both in India and Abroad. One can avail a loan Maximum amount Rs.10.00 lakhs for studies in India and Rs. 20.00 lakhs for studies abroad
2. IBA Model Skill Loan Scheme SBI Skill Loan Scheme aims at providing a loan facility to individuals. who intend to take up skill development courses as per the Skilling Loan Eligibility Criteria. One can avail a loan amount from Rs 5000 to Rs 1.5 lac

How to Apply

Online

  • Visit official Web Site of Vijaya Bank (Click Here).
  • Find the Education Loan Section Apply Now button.
  • Fill the online application Form.

Offline

  • Visit the nearest branch of Vijaya 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

  • Candidate must be an Indian Resident
  • Applicant should have secured admission to the Educational Institute.
  • The student should have secured admission to a higher Educational Course in India/Abroad through the entrance test/merit based selection process. The following institutions are considered as Top Rated Institutions and few concessions are extended to students admitted to these institutions: IITs, IIMs, IISc Bangalore, ISB Hyderabad, BITS, AIIMS, NITs, IIFT Delhi, IMI Delhi, ISM Dhanbad, IRM Anand, SIBM Pune and XLRI Jamshedpur

Documents Needed

  • Completed loan application form
  • ID Proof documents (Aadhar Card, Passport, PAN Card, Voter ID Card, Arms Licence, Driving Licence, Ration Card)
  • Date of birth Certificate
  • Address Proof Documents(Voter ID Card, Certificate of address, Aadhar Card, Ration Card, Notarized Sale or Lease Agreement, Current passbook of Post Office or any scheduled Bank with your Photo on it)
  • Passport sized photographs of the applicant
  • Photocopies of marks sheet of your highest qualification.
  • Proof of Income of Parents or Guardians

Expenses Considered

  • Fees Payable to Tuition, course fee, hostel
  • Examination, library and laboratory fees
  • Caution Deposit, Building Fund, Refundable Deposit (maximum 10% tuition fees for the entire course).
  • Cost of books, Uniforms, Equipment and other instruments. Purchase of computers- essential for completion of the course (maximum 20% of the total tuition fees payable for completion of the course).
  • Travel Expenses, Passage money for studies abroad.

    Return Policy

  • In case of Vijaya Bank Education loan, repayment will start after the completion of course period and moratorium period. Repayment will commence 6 months after completion of Course.
  • Up to 15 years for all loans (after moratorium period)

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 Vijaya Bank Educational LoanClick Here

    Security

  •  Up to Rs. 4 Lacs
    • Co-obligation of parents
    •  Parent to be a Joint borrower
    • No security
  •  Above Rs. 4 lacs and up to Rs. 7.50 Lacs
    • Collateral security in the form of suitable third party guarantee.
  • Above Rs. 7.5 Lakhs
    • Tangible collateral security acceptable to the Bank along with assignment of future income of the student.

Contact Details

Head office  41/2, Trinity Circle, M.G. Road, BANGALORE – 560001
Official website www.vijayabank.com
Apply for Loan  Click Here
Contact Number 1800 425 5885, 1800 425 9992, 1800 425 4066

Vijaya Bank 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 a Vijaya 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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