Corporation Bank Education Loan

Corp Vidya Education Loan Scheme

Corp Vidya Education Loan Scheme for higher education in India and Abroad

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

Loan up to Rs. 4 lakhs Nil
Loan above Rs.4 lakhs in India 5%
Loan above Rs.4 lakhs in Abroad 15%

Security

  • Upto Rs.7.50 Lakh : Co-obligation of Parent/s, Grand Parent/s ( if parents are deceased). No other security.
  • Above Rs.7.50 Lakh : Co- obligation of Parents/ Grand Parent/s ( if parents are deceased) 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 MCLR and subject to annual reset .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

For Interest Rates, Please click here.

Processing Charges

For Processing Charges - Click Here.

Prepayment Charges

-NIL-

Repayment

  • Uniform repayment tenor of 15 years irrespective of loan amount.
  • The repayment tenor is after completion of moratorium/Initial Repayment Holiday
  • Initial Repayment Holiday/Moratorium is Course Period + 1 year

Corp Scheme-Interest Rates - applicable from 15.09.2019


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