Vitjnan Pradhan Scheme

• The main features of the scheme are as follows:
  • Applicable to Indian Nationals or NRI with Indian passport
  • Parents/ guardians to be the joint borrowers
  • 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 Criteria Meritorious student (UG):
  • A minimum cut-off marks of 80% in those subjects which are considered as qualifying subjects and 75% in aggregate in HSC (10 plus 2 or equivalent) for such higher education in states where no separate entrance test is required for admission.
• Admission Criteria Meritorious student (PG):
  • A minimum mark of 75% in UG or marks as prescribed by the Institution for Post Graduate or Research studies must be secured by the student along with clearing the entrance test and/ or GD and/ or interview processes as prescribed by the institution.
• Finance available for funding tuition fees, exam, library, lab fees, books, equipment, hostel, uniform, insurance premium.
• Loan Amount:
  • Loan up to Rs.10 lacs for Domestic studies
  • Up to Rs. 20 lacs for overseas studies
• Margin:
  • NIL margin up to Rs. 4 lacs
  • Above Rs. 4 lacs - 5% margin for domestic and 15% margin for foreign studies
• Security:
  • Nil collateral security/third party guarantee up to Rs. 7.50 lacs
  • For loans up to Rs.7.50 lacs, Credit Guarantee Coverage from National Credit Guarantee Trustee Company (NCGTC) Limited namely Credit Guarantee Fund Scheme for Education Loans (CGFSEL) to be obtained
  • For loan above Rs. 7.50 Lakhs, 100% collateral cover is mandatory
• Interest Rate:
  • REPO rate + 4.74 %, onwards
  • Simple interest will be charged during moratorium
  • Servicing of interest during study period and the moratorium period till commencement of repayment is optional for the borrower
  • In case interest is allowed to be funded, accrued interest will be added to the principal amount borrowed while fixing EMI for repayment
• Moratorium period will be course period plus 1 year and maximum loan repayment period is 15 years.
• Life insurance to be taken, mandatorily for the student availing Education Loan.
• NIL prepayment charges
• Top up loans allowed within the moratorium period of the first course.
• Central Sector Interest Subsidy (CSIS) Scheme is available for eligible cases.
• Maximum limit of 45 days is given to the applicants for submission of the income certificate/ other documents for proving his/her eligibility under CSIS subsidy scheme, even after sanction.
• Documents required:
  • Proof of Identity and Address, PAN of student as well as Parents, Offer/ Admission letter/ Basic qualification & mark list, qualifying exam score card/ Fee structure/ Affiliations and approval of course/ Property related documents/ Income certificates for proving the eligibility under CSIS.
• All non-subsidy education loan applicants to be routed through Vidya Lakshmi Portal (VLP) and subsidy loan applications through Jan Samarth Portal.

To apply through Vidyalakshmi portal kingly go through https://www.vidyalakshmi.co.in