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
    • 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.