Purpose | Financial assistance to deserving /meritorious students |
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 |
Loan amount | a) For studies in India, maximum Rs. 10 Lakhs. |
Margins | a) Up to Rs.4 lakhs---Nil. |
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 |
Papers / Documents required | a) Agreement for Term Loan for Vidya Vikas |