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  • Deposit products offered by APGVB:

    Loans for Education -Vidya Vikas

    Purpose

    Financial assistance to deserving /meritorious students 
    pursuing higher education in India and abroad

    Eligible courses

    All courses having employment prospects are eligible.1.Graduation/Post Graduation/Professional Courses.2 Other courses approved by UGC/Government/AICTE etc.

    3.MInimum 75% marks should have been secured in qualifying exam, Management quota student not eligible.

    Eligible expenses

    a) Fees payable to college/hostel
    b) Examination/ Library /Laboratory fees
    c) Purchase of Books/ Equipment/ Instruments/ Uniforms
    d) Caution Deposit/Building Fund/Refundable Deposit
    e) Travel Expenses /Passage money for studies abroad
    f) Purchase of computer considered necessary for completion of course
    g) Any other expenses required to complete the course viz: study tours, project work, thesis etc.

    Loan amount

    a) For studies in India, maximum Rs. 10 Lakhs.
    b) For studies abroad, maximum Rs. 20 Lakhs

    Margins

    a) Up to Rs.4 lakhs---Nil.
    b) Above Rs. 4 lakhs 5% for Studies in India and 15% for Studies abroad

    ROI

     

    See interest rates on loans and advances

    0.5% interest concession to girl students

    Simple interest to be applied during the study period.

    Processing fee

    See service charges

    Penal Interest

    2% may be charged for loans above Rs.4 lakhs for the overdue amount and overdue period.

    Repayment

    The loan will be recovered in 60 monthly installments from the parent and student one year after completion of the course irrespective of employment by the student.

    Gestation: Course Period + One year or 6 months after getting the job.

    5 to 7 years depending upon the course and Income flow.

    Security:

    a) Personal liability of parent and student for limits up to Rs.4.00lakhs
    b) Collateral security with 200 percent of the loan including third party guarantee for limits above Rs.4.00 lakhs

    Papers / Documents required

    a) Agreement for Term Loan for Vidya Vikas
    b) Guarantee agreement wherever applicable
    c) Arrangement letter

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