Personal BankingLoansEducation LoansSIB VITJNAN PRADHAN SCHEME

SIB VITJNAN PRADHAN SCHEME (VPS)

The main features of the scheme are as follows:
  • Applicable to Indian Nationals or NRI with Indian passport.
  • If student is major, parents to join as co applicants else parent will be principle borrower.
  • Eligible courses leading to graduate/PG/PG diploma with approval and university affiliation in India and job oriented professional/technical courses leading to degree/PG/PG diploma and other diploma courses for overseas study.
  • Admission through merit channel for PG and UG courses and securing 60% overall aggregate and 65% aggregate in qualifying subjects (in case of UG course).
  • Finance available for funding tuition fees, exam, library, lab fees books, equipment, hostel, uniform, insurance premium.
  • Loan up to Rs.10 lacs for Domestic studies.
    • Up to Rs.20 lacs for overseas studies.
  • NIL margin up to Rs.4 lacs.
    • Above Rs.4 lacs-5% margin for domestic and 15% margin for foreign studies
  • Nil collateral security up to Rs.4 lacs
    • Third party guarantee for loan greater than Rs.4 lacs up to Rs.7.50lac.
    • 100% collateral for loan greater than Rs.10 lacs.
    • In case of NRI’s tangible collateral security having value equal to loan amount plus funded interest is required.
  • ROI ranges from MCLR + 2.5 % to MCLR +3.5%
    • 0.5% concession for women borrowers.
    • Simple interest charged during moratorium.
    • 1% concession if interest is serviced during moratorium period or
    • 1% concession for prompt repayment of EMI if interest is funded during moratorium.
  • Moratorium period will be course period plus 1 year and loan repayment period is max at 15 years.
  • Mandatory Life insurance under SIB EDUGUARD scheme.
  • NIL proc fees/prepayment charges.
  • Top up loans allowed within the moratorium period of the first course.
  • Students under economically weaker sections pursuing domestic technical/professional courses are eligible under centralised scheme for interest subsidy if any.
  • Income Tax benefit under Section 80(E) in respect of interest paid.
  • Documents required- Proof of Indentity and Address including PAN, Offer/Admission letter/Basic qualification & mark list, qualifying exam score card/Fee structure/Affiliations and approval of course/Property related documents