Corp Vidya - for higher education in India/Abroad
Applicant should be an Indian National and secured admission to professional/ technical courses through Entrance test/ Merit based selection process in India or abroad.
2. Eligible for
|Studies in India||Studies Abroad|
B.A., B.Sc., B.Com., etc.
Job-oriented courses Professional /Technical courses offered by reputed Universities
Commercial Pilot Training both within and outside India, provided the colleges/institutions providing the training conform to the scheme guidelines
3. Expenses Eligible for Finance
Fee payable to College/ School/ Hostel Purchase of books/ equipment/ instruments/ uniforms
Caution deposit/ Refundable deposit supported by bills.Travel expenses/ Passage money for studies abroad Any other expense required to complete the course - like study tours, project work, thesis etc.
4. Quantum of Finance
Need based finance subject to repaying capacity of the parents/ student with following ceilings
Studies in India - Rs 10.00 lakh
Studies abroad - Rs 20.00 lakh
|Upto Rs.4.00 lakh||Nil|
|Above Rs.4.00 lakh for studies in India||5%|
|Above Rs.4.00 lakh for studies abroad||15%|
|Upto Rs.4.00 lakh||No security|
|Above Rs.4.00 lakh and upto Rs.7.50 lakh||Collateral inthe form of a satisfactory third party guarantee|
|Above Rs.7.50 lakh||Collaeral Security of suitable value or third party guarantee along with the assignment of future income of the student for payment of instalments.|
7. Rate of Interest with effect from 01.06.2007
|Upto Rs.7.50 lakhs||11.25%|
|Above Rs.7.50 lakhs - Secured loans||10.25%|
|Above Rs.7.50 lakhs - Unsecured Loans||11.25%|
(1% concession is available during repayment holiday period if the interest is serviced promptly as and when debited )
8. Repayment Holiday
Course period + one year OR 6 months after getting job, whichever is earlier.
The loan to be repaid in 5 - 7 years after commencement of repayment.
Click Here for Online Request for Corp Vidya (Education Loan) (For Professsional Courses only)