• Loan to assist PWD category students.
  • NIL Processing Charges.
  • High Quantum of Loan.
  • No Collateral Security.
  • Lower Rate of Interest.
  • Reducing Balance Interest Rate.
  • No Prepayment penalty.
  • Purpose

    To assist the PWD category students who are in need of education loan for pursuing the special devices courses in India. Education loans for abroad studies will be as per the guidelines of IBA Model Education loan/Skill loan scheme.

  • Loan Quantum

    Need based finance shall be considered subject to the following conditions :

    • For degree Courses : Maximum Rs 7.50 lakhs.
    • Vocational/Certificate/Diploma courses/Skill loan : Maximum Rs 1.50 lakhs.
    • Loans beyond the limits mentioned above are to be sanctioned under IBA’s Model Education Loan scheme.

  • Margin
    • Upto a loan amount of Rs 4.00 lakhs – NIL.
    • Above Rs 4.00 lakhs – Minimum margin of 5% (Scholarship/assistantship if any to be included in margin).
  • Processing charges
    NIL Including Vidya Lakshmi portal referral fee.
  • Security
    • Assignment of future income of the student.
    • Parent/guardian has to join as Co-borrower.
    • No collateral Security up to a limit of Rs 7.5 lakhs.
    • Loans up to a limit of Rs 7.50 lakhs sanctioned are to be invariably covered under the Credit Guarantee Fund Scheme For Education Loans (CGFSEL) guarantee scheme.
  • Repayment tenure
    • Repayment of the loan will be in equated monthly Installments up to a maximum of 15 years excluding the moratorium period ( i.e., course period plus one year).
    • For skill development loan, 3 to 7 years depending upon the loan quantum.
  • Eligibility under CSIS scheme
    All Education loans under Vidya Turant can be covered under CSIS scheme (Central Scheme of Interest Subsidy on Education Loans), subject to eligibility, as per income & other norms.
  • Student should be an Indian National with physical disability to the extent of 40% or more.
  • Stipulated Loan Application with 2 passport size photos of applicant / Co-applicants or guarantor.
  • KYC documents of applicant/ Co-applicants or guarantor
  • Proof of Identity

    PAN CARD/Driver’s License/Voter ID /Passport/ Aadhar Card etc.

  • Proof of Residence

    Driver’s License/Voter Id/Passport / Aadhar Card / Electricity Bill/Telephone Bill etc., /Business Proof related GST and others.

  • Age proof of the applicant/ Co-applicants.
  • PAN card (photo copy).
  • Proof of admission to the course.
  • Schedule of expenses for the course.
  • Mark sheet of last qualifying examination.
  • Proof of income/assets (if any).
  • Income Proof for Co-applicant/guarantor (if any).
  • Any other documents as required by Bank.
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Last updated on 28-09-2023 10:20 AM

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