Corporation Bank Education Loan
Corp Vidya Education Loan Scheme
Corp Vidya Education Loan Scheme for higher education in India and Abroad
- 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]
To meet expenses related to pursuing studies in India and abroad
Study in India – upto Rs.10 lakhs, Study Abroad : upto Rs. 20 lakhs
|Loan up to Rs. 4 lakhs
|Loan above Rs.4 lakhs in India
|Loan above Rs.4 lakhs in Abroad
- 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.
For Processing Charges - Click Here.
- 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