Vidya Turant

Vidya Turant – Scheme guidelines

1. Eligibility:

· Student should be an Indian National.
· Students should have cleared the previous qualifying exam and selected through Entrance Test conducted by Competent Authorities.

2. Purpose:

Ø To assist the needy and meritorious students who are in need of education loans who are pursuing their higher studies in reputed institutions viz., Select IIMs/IITs/NITs/IISc/ISB (Hyderabad & Mohali ) and other reputed institutions

3. Quantum of Finance:

A. Students of IIMs/IITs/NITs & IISc & other institutions--- Upto Rs 20.00 lacs
B. Students of ISB--- Upto Rs 30.00 lacs

C. Expenses considered for loan :

i. Fee payable to college/ school/ hostel.
ii. Examination/ Library/ Laboratory fee
iii. Travel expenses/ passage money for studies abroad
iv. Insurance premium for student borrower, if applicable
v. Caution deposit, Building fund/refundable deposit supported by Institution bills/receipts.
vi. Purchase of books/ equipments/ instruments/ uniforms
vii. Purchase of computer at reasonable cost, if required for completion of the course
viii. Any other expense required to complete the course - like study tours, project work, thesis, etc
ix. Reasonable lodging and boarding charges will be considered in case the student chooses / is required to opt for outside accommodation.

4. Margin:

Ø As per extant guidelines under EL scheme

  • Upto Rs.4 lacs Nil
  • Above Rs. 4 lacs 5%

Ø Scholarship/ assistantship to be included in margin.
Ø Margin to be brought-in on year-to-year basis as and when disbursements are made on a pro-rata basis

5. Rate of Interest:

Ø BR ie 10.00% presently

However further concession of 0.5% to Girl Students will not be available under Vidya Turant Scheme.

6. Security:

A. Students of IIMs/IITs/NITs & IISc & other institutes -- Upto Rs 20.00 lacs

· No Security. However, parent/guardian has to join as Co-borrower.

  • Assignment of future income of the student.

B. Students of ISB Upto Rs 30.00 lacs

  • No Security. However, parent/guardian has to join as Co-borrower.
  • Assignment of future income of the student

7. Upfront / Processing Fee:

Ø Nil.

8. Repayment:

  • For loans upto Rs.7.5 lakhs - upto 10 years

· For loans above Rs.7.5 lakhs - upto 15 years

Note: No prepayment penalty will be levied for prepayment of loan any time during the repayment period.