South Indian Bank Education Loan

1. Name of the Scheme : VITJNAN PRADHAN SCHEME (VPS)

2. Target Group : Students desirous of pursuing professional courses in India and abroad.

3. Courses eligible & amount of loan : Various courses For details please contact the branch.

4. 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.Fees

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.

(i). Minimum Margin

• Up to Rs. 4 Lacs                             : NIL
• Above Rs.4Lacs : Studies in India     : 15%
• Overseas studies                            : 25%

(ii). Security

Upto Rs 4 lacs - Guarantee of parents. No security required
Above Rs.4 lacs -Guarantee of parents together with collateral security

(iii). 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 instalments after the holiday/moratorium as above.

The scheme details are furnished in brief only. For more details please  contact any of the branches.
 
Penal interest : @2% to be charged for loans above Rs.2 lacs for the overdue amount and overdue period.
 
Processing/ upfront charges : NIL 
All loans are subject to the discretion of the bank and subject to such conditions as may be stipulated by the Bank. Interest rates are subject to change without notice 

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