Corp Vidya - Corporation Bank Education loan

Eligibility

Student should be an Indian national.

Should have passed previous qualifying examination.

Should have secured at least 60% marks [ 55% for student belonging to SC/ST category ] in the previous qualifying examination.

Should have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance test / Merit based selection process/through Management quota after completion of HSC [10+2 or equivalent]

 

Purpose

To meet expenses related to pursuing studies in India and abroad

 

Loan Amount

Study in India – upto Rs.10 lakhs, Study Abroad : upto Rs. 20 lakhs

 

Margin

Up to Rs. 4 lakhs : -NIL- Above Rs.4 lakhs : Studies in India  5%, Studies abroad  15% Scholarship/Assistantship to be in included in margin.

 

Security

Up to Rs.4.00 Lakh : Co-obligation of Parent/s, No other security.

Above Rs.4.00 Lakh & up to Rs.7.50 Lakh : Co obligation of Parent/s together with collateral in the form of suitable third party guarantee with a net worth of at least equal to loan amount.

Above Rs.7.50 Lakh : Co- obligation of Parents together with tangible collateral security along with the assignment of future income of the student for payment of instalments.

Loan shall be fully secured after maintaining prescribed margin on respective securities offered.

In case of married person, co obligant can be either spouse, or the parents or parents -in-law.

 

Rate of interest

Floating rate of interest is linked to the Base Rate & subject to revision from time to time Simple interest will be charged during repayment holiday period. 

Concession in rate of interest at 25 bps below the applicable card rate is extended to SC/ST/Women beneficiaries for fresh loans sanctioned/ disbursed on or after 15.08.2008. 

Concession in rate of interest at 50 bps (inclusive of 25 bps available for SC/ST/Women) below the applicable card rate for girl students for new loans sanctioned/ disbursed w.e.from : 04.03.2009.

Interest concession of 0.50% is extended to Physically Challenged students for loans initially disbursed on or after 20.09.2010

Processing Charges

Study in India – NIL- , For study abroad: Rs.2000/- refundable on availment of loan.

 

Prepayment Charges

-NIL-

 

Repayment

For loans upto Rs.7.5 lakhs : 10 years – Fixed – excluding initial repayment holiday For loans above Rs.7.5 lakhs : 15 years -Fixed – excluding initial repayment holiday Repayment holiday is the course period + 1 year OR 6 months after getting the job whichever is earlier.

 

Nature of facility

In the form of Term loan

 

Eligible Courses

 

For Studies in India:

1. Approved courses leading to Graduate/Post Graduate Degree, Diploma and PG Diplomas conducted by recognized Colleges/Universities recognized by UGC/Govt/AICTE/AIBMS/ICMR etc.
2. Courses like ICWA, CA/integrated CA-on virtual /video mode, CFA, etc.
3. Courses conducted by IIMs, IITs, IISc, XLRI, NIFT, NID etc.
4. Regular Degree/Diploma courses like Aeronautical, Pilot training, Shipping etc., approved by Director General of Civil Aviation/ Shipping, if the course is pursued in India.
5. In case of the Aircraft Maintenance Engineering /Pre Sea training courses must be either a Degree course recognized by a competent University or Diploma course recognized by appropriate State Body
6. Teachers training /Nursing/B.Ed courses provided the training institutions are approved either by Central Govt or by State Govt and such courses should lead to Degree or Diploma and not to Certificate course.
7. Approved Courses offered in India by reputed Foreign Universities
8. Research course/Ph. D courses for study in India are not eligible for loan under the scheme.
9. Correspondence courses/Part time /Certificate/Short duration courses / off-campus courses and On-site/Partnership Programme are NOT eligible for loan under the scheme. However, Vocational/Skill development courses are eligible for loan under the CVDVC Scheme.

For Studies abroad:

1. Graduation: For job oriented Professional/Technical courses offered by reputed Universities.
2. Post-Graduation: MCA, MBA, MS etc.
3. Course conducted by CIMA- London, CPA in USA etc.
4. Degree/Diploma courses like aeronautical, pilot training, shipping etc provided these are recognized by competent regulatory bodies in India/Abroad for the purpose of employment in India/Abroad.
5. PG diploma courses for study abroad is permitted.
6. Diploma courses for study abroad is NOT permitted.
7. Research course/Ph.D courses for study abroad are not eligible.

Eligible Expenses:

Fee payable to College./School/Hostel /Examination/ Library/ Laboratory fee.

Travel expenses/Passage money for studies abroad.

Caution Deposit, Building Fund/Refundable deposit, though supported by Institution bills/receipts, are not eligible.

Purchase of books/Equipment/Instruments/Uniforms, Purchase of computer at reasonable cost, if required for completion of the course, any other expenses required to complete the course like study tours, project work, thesis etc, subject to maximum permissible limit as per the scheme.

For more information and apply online visit: http://www.corpbank.com