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  • Loan to pursue higher studies.
  • NIL Processing Charges.
  • High Quantum of Loan.
  • No Collateral Security.
  • Lower Rate of Interest.
  • Reducing Balance Interest Rate.
  • No Prepayment penalty
Purpose To provide hassle free education loan to meritorious students who are pursuing their higher studies in select institutions viz., Selected IIMs/IITs/NITs/IISc /ISB (Hyderabad & Mohali) and other reputed institutes.
Loan Quantum
Category Institutions Maximum Eligible Limit
1 Students of ISB, Hyderabad & Mohali Limit upto Rs 50.00 lacs
2 Students of IIMS (19 nos), IITs (23 nos), Symbiosis Groups(5 nos), BITS(4 nos), IIFT(2 nos), IMI(1 nos), IRMA(1 nos), ISM(1 nos), IMT(1 nos), KJSIMSR(1 nos), MDI(1 nos), SPJINMR(1 nos), NMIMS(1 nos), RGIIM(1 nos), XIM(1 nos), XLRI (1 nos) Limit upto Rs 40.00 lacs
3 All other institutions other than A and B(109 nos) Limit upto Rs 30.00 lacs
Margin NIL
(Scholarship/assistantship if any to be included in margin.)
Processing Charges NIL
Security
  • Assignment of future income of the student.
  • No security upto specified limits for institutions as per the Maximum limit specified as below :
    • For limit upto Rs.50.00 Lakhs (Group "A" Institutes- e.g. Indian School of Business)
    • For limit upto Rs.40.00 Lakhs (Group "B" Institutes-e.g. IIMs & Other Premier Institutes)
    • For limit upto Rs.30.00 Lakhs (Group "C" Institutes-e.g. IIITs & Other Premier Institutes)
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).
  • No prepayment penalty will be levied for prepayment of loan any time during the repayment period.
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 accomodation
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.
  • Students should have cleared the previous qualifying exam and selected through Entrance Test conducted by Competent Authorities
  • 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).
  • Copy of land records.
  • Any other documents as required by Bank..
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Last updated on 02-04-2024 04:17 PM

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