Lakshmi vilas Bank Education Loan

• Should have secured admission to professional/technical courses in India or abroad through entrance test/merit based selection process after completion of HSC (10 plus 2 or equivalent).
• However, entrance test or selection purely based on marks obtained in qualifying examination may not be the criterion for admission to some of the post graduate courses or research programmes.
• In such cases, appropriate criteria will be adopted based on the employability and reputation of the institution concerned.
• In case where admission is not through common entrance test and the marks secured in the qualifying examination is the only criteria adopted, the minimum cut off marks should be 65% in aggregate in the qualifying academic examination.
• Educational loans are allowed to meritorious students, who qualify in entrance examination but choose to pursue under Management quota for reasons like proximity, choice for a course of discipline or any other reasons pertaining to his academic/career interests.

• Studies in India: Regular Degree/Diploma courses like aeronautical, pilot training, shipping, degree/diploma in nursing or any other discipline, approved by Director General of Civil Aviation/Shipping/Indian Nursing Council or any other regulatory body as the case may be, if the course is pursued in India.
• Studies abroad: 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.

Based on the repaying capacity of the parents, students can get a maximum of Rs. 20.00 lacs.

• Upto Rs.4,00,000/- -- NIL
• Above Rs.4,00,000/- -- 5%

The loan amount should be released in proportion to the number of years, based on the progress of the student. The student should produce a certificate from the respective authority on successful completion of academic year for further release of funds.

Eligibility for Education Loan

• Should be an Indian National of age above 17 and below 35 years.
• Secured admission to Overseas College/ University/ Institution in any of the following disciplines
• Must be in possession of Admission confirmation letter from the concerned University.
• Must be in possession of a valid Passport and Visa

Need based finance subject to repaying capacity of the student with margin and the following ceilings: • For studies in India: Maximum up to Rs. 10.00 lacs. • For studies abroad: Maximum up to Rs. 20.00 lacs. Within the above maximum levels, the loan amount is to be fixed taking into account the minimum stipulated margin, the expenses eligible for finance, actual requirement of the student, anticipated repayment capacity of the student on completion of the course, etc. While appraising the loan, the future income prospects of the student alone will be looked into. The above ceilings fixed for studies in India and abroad correspond to the limits fixed by RBI for treatment as priority sector lending. It would, however, be open to banks to consider higher quantum of loan on a course to course basis like IIMs, ISB, etc

• Upto Rs.4,00,000/- -- NIL
• Above Rs.4,00,000/- -- 15%

Initially, an amount equal to the cost of air passage and Foreign Exchange towards the payment of semester fee and hostel expenses as per admission card of the college will be released. Further amounts will be released proportionate to expenses towards semester fees, hostel fees etc. on annual basis. Common aspects for Indian and Abroad studies

• Interest to be charged at rates linked to the Base rate as decided by the Bank from time to time. Simple interest to be charged during the study period and up to commencement of repayment. 0.50% concession in spread for Girl Students.
• Servicing of interest during study period and the moratorium period till Commencement of repayment is optional for students. Accrued interest will be compounded at the time of commencement of repayment & EMI will be fixed accordingly.
• Up To Rs. 7.50 Lakhs Base Rate+2.75%
• Above Rs. 7.50 Lakhs Base Rate+1.50%
• (0.50% concession for girl Students) and concessional interest rates to students in premier institutions @ Base Rate i.e., 10.25%)

• Upto Rs.4.00 lacs - NIL
• Rs. 4.00 lacs to 7.5 lacs - Co-obligation of parents/grandparents together with collateral security in the form of suitable third party guarantee. The bank may, at its discretion, in exceptional cases, waive third party guarantee if satisfied with the net-worth/means of parent(s)/ grandparent(s) who would be executing the document as “joint borrower”.
• Co-obligation of parents/grandparents together with tangible collateral security of suitable value, along with the assignment of future income of the student for payment of instalments. In the case of married person, co-obligant can be either the spouse or the parent(s)/parents-in-law.

Head Office
The Lakshmi Vilas Bank Ltd.
Registered Office,
Salem Road,Kathaparai
Karur - 639006
Tamil Nadu.
LL: 04324 - 220051 (10 lines)

Website - http://www.lvbank.com/