Vidya Turant – Scheme guidelines
· Student should be an Indian National.
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
C. Expenses considered for loan :
i. Fee payable to college/ school/ hostel.
Ø As per extant guidelines under EL scheme
Ø Scholarship/ assistantship to be included in margin.
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.
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.
B. Students of ISB Upto Rs 30.00 lacs
7. Upfront / Processing Fee:
· 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.