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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:

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

 

3. Nature of Facility:

  • Education Loan 

 

4. Quantum of Finance: 

Category

Institutions

Limit eligible

A

Students of IIMs.

Limit up to Rs 25.00 lacs.

B

Students of ISB, Hyderabad & Mohali

Limit up to Rs 36.00 lacs.

C

All other institutions other than  A and B

Limit up to Rs 20.00 lacs.

 

5. Expenses considered for loan : 

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

 

6. Margin: 

  • As per extant guidelines under Education Loan scheme i.e. 5%.
  • Scholarship/ assistantship to be included in margin.
  • Margin to be brought-in on year-to-year basis as and when disbursements are made on a pro-rata basis.

 

7. Rate of Interest:

  • Ongoing One Year MCLR Rate of Interest + 0.20 %.
  • However further concession of 0.5% to Girl Students is not available under Vidya Turant Scheme.

 

8. Security: 

  • No Security up to limits for institutions designated category wise  ( i.e. For students of IIMs Limits  up to Rs 25.00 lacs,  For students of ISB,  Limits  up to Rs 36.00 lacs and for students of all other institutions Limits  up to Rs 20.00 lacs )
  • Parent/guardian has to join as Co-borrower.
  • Assignment of future income of the student

 

9. Repayment:  up to 15 years, irrespective of loan amount:

  • Uniform one year moratorium period is available for repayment after completion of studies in all cases. i.e. Repayment holiday consists of Course period + (1 year after completion of course).
  • Repayment of the loan is to be in equated monthly installments for a period of 15 years for all loans irrespective of loan amount.

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

 

10. Upfront / Processing Fee: NIL

 

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ANNEXURE


VIDYA TURANT SCHEME - LIST OF APPROVED INSTITUTONS AND DESIGNATED  BRANCHES

Sl.No.

INSTITUTION

BRANCH

CIRCLE OFFICE

CATEGORY-A ( Maximum  Limit  Rs 25.00 lacs )

1

Indian Institute of Management, Ahmedabad

Ahmedabad,  Vastrapur (DP Code-2637)

AHMEDABAD

2

Indian Institute of Management, Bangalore

Arakere Gate Branch ( DP Code 2753)

BANGALORE

3

Indian Institute of Management, Indore

Indore RNT Marg(DP Code-0359)

BHOPAL

4

Indian Institute of Management, Kozhikode

Calicut West Hill (DP Code-833)

TRIVANDRUM

5

Indian Institute of Management, Kolkata

Thakurpukur Branch (DPCode-8626)

KOLKATA

6

Indian Institute of Management, Lucknow

Lucknow Janakipuram,
( DP Code-3210)

LUCKNOW

7

Indian Institute Management, Ranchi

Kanke Road, Ranchi,(DP Code 2869)

RANCHI

8

Indian Institute Management, Trichy

NIT, Thuvkudi, (DP Code 3314)

MADURAI

9

Indian Institute Management, Rohtak

Rohtak Main, (DP Code 1171)

KARNAL

10

Indian Institute Management, Udaipur

Udaipur Main, Udaipur,
(DP Code 2982)

JAIPUR

11

Indian Institute Management, Kashipur

Kashipur,( DP Code 2795)

DELHI

12

Indian Institute Management, Raipur

Raipur Main, Raipur, (DP Code 381)

BHOPAL

13

Indian Institute of Management, Mananwala, Amritsar.

IIM  Amritsar Branch
(DP Code : 6177 )

CHANDIGARH

 

CATEGORY-B ( Maximum  Limit  Rs. 36.00 lacs )

14

Indian School of Business, Mohali, Sector 8A, SAS Nagar, Mohali – 140 306

Mohali, IISER Campus,
(DP Code 4790)

CHANDIGARH

15

Indian School of Business, Hyderabad

Madhapur branch, (DP Code 3091 )

HYDERABAD

CATEGORY-C ( Maximum  Limit  Rs 20.00 lacs )

16

Rajiv Gandhi Indian Institute of Management, Shillong

Shillong Main, (D P code-1184)

GUWAHATI

17

IIT, Madras

IIT, Chennai, (D P Code-2722)

CHENNAI

18

IIT, Roorkee

Roorkee,(DP Code-2200)

DELHI

19

IIT, Delhi

IIT Delhi Branch, IIT Campus, Hauz Khas, Delhi,(D P Code-8599)

DELHI

20

IIT, Guwahati

IIT Guwahati,(D P Code-8652)

GUWAHATI

21

IIT, Kharagpur

Kharagpur Branch, (DP Code-0190)

DURGAPUR

22

IIT (BHU)

Varanasi Lanka, (DP Code-2453)

LUCKNOW

23

IIT, Kanpur

Kanpur Mall Road, (DP Code- 1195)

LUCKNOW

24

IIT, Patna

Pataliputra Colony  Branch, Patna ,(DP Code 2518)

PATNA

25

IIT, Mumbai

Mumbai IIT, Powai, (DP Code-2724)

MUMBAI

26

Indian Institute of Technology, Bhilai, Chhattisgarh

Raipur, Sejbahar  Branch
(DP Code : 5142 )

BHOPAL

27

NIT, Rourkela

Rourkela Main,  (DP Code 0395)

BHUBANESWAR

28

NIT, Calicut

Koduvally, DP Code-3487

TRIVANDRUM

29

NIT, Srinagar

Srinagar Main, DP Code-1190

CHANDIGARH

30

NIT, Hamirpur

Hamirpurm, (DP Code-3238)

CHANDIGARH

31

NIT, Agartala

NIT, Agartala (D P Code-4121)

GUWAHATI

32

NIT, Kurukshetra

Kurukshetra Branch,
(DP Code 2475)

KARNAL

33

NIT, Durgapur

Durgapur NIT Campus Branch, D P Code-8569

KOLKATA

34

NIT Silchar

Silchar, DP Code-3050

GUWAHATI

35

NIT,  Karnataka, Surathkal

Surathkal NITK Camp D P Code-8517

MANGALORE

36

NIT, Raipur

GE Road, Raipur D P Code-2555

BHOPAL

37

NIT, Patna

Patna Exhibition Road DP Code-2004

PATNA

38

NIT, Jamshedpur

Jamshedpur Bistupur,( DP Code 0324)

DELHI

39

NIT, Tiruchirappalli

Trichy Thuvakudi (DP Code- 3314)

MADURAI

40

NIT, Warangal

Hanumakonda, (DP Code 2450)

HYDERABAD

41

Motilal Nehru National Institute of Technology, Allahabad

Allahabad Civil Lines,(DP Code-0627)

LUCKNOW

42

Visvesvaraya National Institute of Technology, Nagpur

VNIT, Nagpur
(D P Code-3124)

PUNE

43

Xavier Institute Of Management, Bhubaneswar

ICMR, Bhubaneshwar,
( DP Code 2957)

BHUBANESWAR

44

Faculty Of Management Studies(FMS)

Kamalanagar 3F, Delhi,
(DP Code 0156)

DELHI

45

Management Development Institute(MDI)

Gurgaon Main, Gurgaon,DP Code 1723

KARNAL

46

Institute Of Management Technology-IMT

Ghaziabad Main, Ghaziabad,
(DP Code 1149)

DELHI

47

S. P.Jain Institute Of Management and Research, Mumbai – 400 058

Andheri West (SSB), Mumbai,
( DP Code 26670

MUMBAI

48

Jamnalal Bajaj Institute Of Management Studies(JBIMS), Reclaimation, Mumbai

Nariman Point, Mumbai,
(DP Code 1720

MUMBAI

49

K.J.Somaiya Institute Of Management Studies And Research

Chembur Amarmahal, Mumbai
(DP Code 232)

MUMBAI

50

Symbiosis Institute Of Business Management(SIBM), Pune

MSFC Branch, Pune(DP Code 28290

PUNE

51

Symbiosis Centre for Management and Human Resource Development (SCMHRD)

Model Colony, Pune ( DP Code 262)

PUNE

52

Xavier Labour Relations Institute (XLRI)

Bistupur Main,Jamshedpur
(DP Code 0324)

RANCHI

53

Narsee Monjee Institute Of Management Studies (NMIMS),  Mumbai – 400 056

JVPD Scheme, Mumbai
(DP Code 0121)

MUMBAI

54

BITS – Pilani

Jhunjhunu Branch,(DP Code 2330)

JAIPUR

55

International Management Institute (IMI), Delhi

Jit Singh Marg Branch,(DP Code 1484)

DELHI

56

IRMA – Anand

Anand Main Branch,(DP Code 0163)

AHMEDABAD

57

Indian School of Mines (ISM), Dhanbad

Seraidhela Branch (DP Code 0986)

RANCHI

58

Indian Institute of Foreign Trade, New Delhi

Jit Singh Marg Branch,(DP Code 1484)

  DELHI

59

NITIE – Mumbai

IIT, Powai Branch,(DP Code 2724)

MUMBAI

60

Shailesh J Mehta Institute of Management, Mumbai

IIT, Powai Branch,(DP Code 2724)

MUMBAI

61

Indian Institute of Sciences  (IISc), Bangalore

Indian institute of Sciences branch, DP 0683

BANGALORE

62

S.V. National Institute of Technology, Surat

Surat KM Road Main- DP Code-336

AHMEDABAD

63

Maulana Azad National Institute of Technology

Bhopal New Market D P Code- 2651

BHOPAL

64

Dr. B.R. Ambedkar National Institute of Technology

Dr. B.R. Ambedkar National Institute of Technology,Jalandhar DP Code-2945

CHANDIGARH

65

Malaviya National Institute of Technology, Jaipur

Jaipur Malviya Nagar, DP Code-2550

JAIPUR

66

Birla institute of Technology,Mesra,Ranchi

Ormanjhi Branch ( DP Code 5708)

RANCHI

67

MICA ( Mudra Institute of Communications, Ahmedabad )

Bopal Branch ( DP Code 3423)

AHMEDABAD

68

A: NID ( National Institute of Design , Gandhinagar)

Gandhi nagar Branch ( DP Code 2381),

AHMEDABAD

 

B: NID (National Institute of Design,Ahmedabad)

Paldi Branch ( DP Code 0174)

AHMEDABAD

69

Institute of Management, NIRMA University. Ahmedabad

Thaltej Branch ( DP Code 3180)

AHMEDABAD

70

IIT, Hyderabad, Telangana

Yeddumailaram Branch(DP Code 3458)

HYDERABAD

71

National Institute of Foundry and Forge Technology (NIFFT), Ranchi, Jharkhand

NIFFT Campus Branch (DP Code 2730)

RANCHI

72

IIT, Jodhpur, Rajasthan

Jodhpur Main( DP Code 1088)

JAIPUR

73

LN  Mittal Institute of
Information &  Technology University, Jaipur

Saint Angella Sophia School Branch
( DP Code 8465)

JAIPUR

74

International Management
Institute (IMI),Kolkata, West Bengal

Alipore, Kolkata, ( DP Code : 0254)

KOLKATA

75

T. A. Pai Management Institute (TAPMI), Manipal , Karnataka

Udupi Town Branch (DP Code :0630)

MANGALORE

76

Indian Institute of Information Technology(IIIT), Allahabad,

Allahabad Main, (DP Code : 0627)

LUCKNOW

77

Indian Institute of Technology
(IIT) Gandhinagar, Gujarat

IIT,Gandhinagar Branch,
( DP Code: 5159)

AHMEDABAD

78

Bharathidasan Institute of Management, Tiruchirappalli

Thuvakudi Branch, ( DP Code: 3314)

MADURAI

79

Indian Institute of Technology(IIT), Indore

Simrol IIT Branch,(DP Code : 6223)

BHOPAL

80

Indian Institute of Technology(IIT), Palakkad

IIT, Palakkad Branch,
(DP Code: 6174)

TRIVANDRUM

81

Indian Institute of Technology, Ropar, Punjab

 Rupnagar Branch
(DP Code :2473)

Chandigarh

82

Institute of Management Technology, Nagpur

Kalmeshwar
(DP Code 3704)

Pune

83

Birla Institute of Technology & Science, Pilani, Goa Campus

RAH PANAJI
( DP Code 4593)

Mangalore