ING Vysya Bank Education Loan

Eligibility:
 
Student should be an Indian National and should have secured admission to professional / technical curses in India and abroad through Entrance Test/Merit based selection process
 
Courses Eligible:
 
Studies in India: (Indicative list)

• Graduation courses: BA, B.Com, B.Sc., etc.
• Post Graduation courses: Masters and PhD.
• Professional courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc.

• Computer certificate courses of reputed institutes accredited to Dept. of Electronics or institutes affiliated to university.
• Courses like ICWA, CA, CFA etc.
• Courses conducted by IIM, IIT, IISc, XLRI. NIFT etc.
• Courses offered in India by reputed foreign universities.
• Evening courses of approved institutes.
• Other courses leading to diploma/ degree etc. conducted by colleges/ universities approved by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc.

• Courses offered by National Institutes and other reputed private institutions depending upon future prospects /recognition

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 Considered:

• Fee payable to college/ school/ hostel.
• Examination/ Library/ Laboratory fee.
• Purchase of books/ equipments/ instruments/ uniforms.
• Caution deposit/ building fund/ refundable deposit supported by Institution bills/ receipts.
• Travel expenses/ passage money for studies abroad.
• Purchase of computers - essential for completion of the course.
• Any other expense required to complete the course - like study tours, project work, thesis, etc.

Note: A certificate from the college/institute to the schedule of expenses for the course year wise to be submitted

Loan Amount:

• Studies in India - Maximum Rs.7.50 lakhs
• Studies abroad - Maximum Rs.15.00 lakhs

Rate of Interest:

• Up to Rs 4 lacs: IVRR
• Above Rs 4 lacs: IVRR +1% p.a
• Up to 1% interest concession is provided for loanees if the interest is serviced during the study period

      Margin:

•     Studies in India: Upto Rs 4 lacs - Nil
•     Above Rs 4 lacs - 5%
•     Studies Abroad: 15%

Security:

•  Up to Rs 4 lacs: No security
•  Above Rs 4 lacs and up to Rs 7.5 lacs: Collateral in the form of a 'third party guarantee' having net worth of 100% of the loan amount.
•  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 installment.

The collateral security can be in the form of Land/Building/Govt Securities/Public Sector Bonds/Units of UTI, NSC, KVP/LIC Policy and Shares/Debentures, Bank Deposits in the name of the student/parent/guardian or any other third party. Land/ Building wherever already mortgaged, the unencumbered portion can be taken as security on II charge basis provided it covers the required loan amount (loan not to exceed 75% of unencumbered value). In case the loan is given for purchase of a computer the same to be hypothecated to the Bank.

Tenor:
Repayment Holiday / Moratorium: Course period + 1 year or 6 months after getting a job whichever is earlier. Interest has to be serviced during the course period. The loan to be repaid in 5-7 years after commencement of repayment.

 Processing Fee:
 
Processing Fee: Nil
Foreclosure Charges: Nil

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