Corporation Bank

Corp Vidya - Education Loan

Corp Vidya - for higher education in India/Abroad

1. Eligibility

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
Graduation Courses
B.A., B.Sc., B.Com., etc.

Post Graduation courses
Masters and Ph.D.

Professional Courses
Engineering, Medical, Agriculture, Law, Management, Computer studies, etc.
Courses like ICWA, CA, CFA, etc.
Courses conducted by IIM, IIT, IISC, XLRI, NIFT, etc.
Nursing/Teachers Training Courses for a period of one year and above from recognised colleges/institutions leading to Diploma/Degree certificate.
Other Courses leading to Diploma/Degree conducted by Colleges/Universities approved by UGC/Government/AICTE/AIBMS

Job-oriented courses Professional /Technical courses offered by reputed Universities

Post Graduation
MCA, MBA, MS etc.
Courses conducted by CIMA, London, CPA in USA, etc.

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

5. Margin

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%

6. Security

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.

9. Repayment

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)

Click Here to download the application in PDF format