Vijaya Bank Education Loan 2023 –As the new academic year approaches, students around the country are beginning to plan their higher education journeys. Pursuing higher studies can be an expensive affair, and many students may not have the financial resources to cover the costs of tuition, books, and other expenses. That’s where Vijaya Bank’s Education Loan for the Class of 2023 comes in. With affordable interest rates and flexible repayment options, Vijaya Bank’s Education Loan can help unlock the potential of students who are ready to pursue their dreams of higher education. In this article, we will explore the features and benefits of Vijaya Bank’s Education Loan for the Class of 2023, and how it can help you achieve your academic goals.

Details of Vijaya Bank Education Loan 2023

Name of the Loan	Vijaya Bank Education Loan
Applicable For	India and abroad
Applicable Courses	Professional graduation and post-graduation courses*
Eligibility Criteria	Students who have secured the admission
Loan Tenure	Up to 15 years
Loan Amount	Up to 20 Lakhs
Interest Rate	Multiple
Processing Fees	Nil

 

What is Vijaya Bank Education Loan?

Vijaya Bank Education Loan is a financial product offered by Vijaya Bank, a public sector bank in India, to support students who want to pursue higher education in India or abroad. The loan covers various expenses associated with higher education, including tuition fees, hostel fees, exam fees, books, and equipment. The loan is available for undergraduate, postgraduate, and doctoral courses in fields such as engineering, medicine, management, and other professional and technical courses.

The loan amount offered by Vijaya Bank Education Loan can vary based on the course and the institution, with a maximum limit of up to INR 20 lakhs. The interest rate on the loan is typically competitive and depends on various factors, including the loan amount, the repayment period, and the creditworthiness of the applicant. Vijaya Bank Education Loan also offers flexible repayment options, including moratorium periods for students who may need time to start earning after their education.

Overall, Vijaya Bank Education Loan can be a valuable financial aid tool for students who wish to pursue higher education but lack the financial resources to do so.

Basics of Vijaya Bank Education Loan 2023

Following are some features of Vijaya Bank Education Loan 2023;

• Vijaya Bank provides education loans to the students of India, to have a flawless academic career.
• The students that are willing to apply for the education loan, must have to complete their admission process, to their dream university based on merit, or by passing the entry test.
• No age restriction is applicable to apply for the loan.
• These education loans provide the chance to students to complete their higher education in some specified courses, from any Indian, or foreign university.
• To study in India, students are provided with a loan of amount, INR 10 lakhs.
• To study abroad, students are provided with a loan amount of INR 20 lakhs.
• A suspension period to refund the education loan is also provided by the bank.
• Except for the suspension period, a repayment duration of a maximum of 15 years, is provided to the students.
• For loans above, INR 4 lakhs, a margin of 15% is applicable to study abroad.
• For loans above, INR 4 lakhs, the margin of 5% is applicable to study in India.
• For loans up to INR 4 lakhs, the interest rate of 12.05% is applicable per annum
• For loans above INR 4 lakhs, the interest rate of 12.50% is applicable per annum.
• If a students get a scholarship, then it will be added to the expenses to calculate the total amount of the loan.
• If a student studying abroad, wants to work in India, after the completion of the course, then the licenses issued by foreign universities are converted into, equivalent licenses in India.

Different Schemes of Vijaya Bank Education Loan 

The following schemes of education loans are provided by the Vijaya Bank;

Schemes	Maximum Loan Amount	Interest Rates (P.A.) (Starting at)
Baroda Vidya	Rs.4 lakh	9.85%
Baroda Scholar	Rs.60 lakh to Rs.80 lakh	8.25%
Baroda Gyan	Rs.10 lakh to Rs.80 lakh	8.75%
Baroda Education Loan to Students of Premier Institutions	Rs.7.5 lakh to Rs.80 lakh	7.60%
Skill Loan Scheme	Rs.5,000 to Rs.1.5 lakh	8.25%

Now let us analyze the vital features of these education loans one by one-

Baroda Vidya (From Nursery to 12th Standard)

• Interest Rate: 9.85% p.a. onwards
• Processing Fee: Nil
• Collateral: Nil
• Loan Tenure: 12 once-a-month installments with the first installment payable one year after the payout of each year’s first loan sum
• Eligibility:
  • Indian nationals
  • Nursery to 12th standard in a known educational institution and board
  • Evening courses in the state or central government-approved educational institutions

Baroda Scholar

• Interest Rate: 8.25% p.a.
• Processing Fee: Nil
• Collateral: Nil for loans up to Rs.4 lakh; 10% for loans above Rs.4 lakh
• Loan Tenure: 10 to 15 years
• Moratorium: Course time more than 1 year
• Eligibility:
  • Indian National
  • Admission based on merit or entrance to technical or professional courses abroad

Baroda Gyan

• Interest Rate: 8.75% p.a. onwards
• Processing Fee: Nil
• Collateral: Nil for loans up to Rs.4 lakh; 5% for loans above Rs.4 lakh
• Loan Tenure: 10 to 15 years
• Moratorium: Course time more than 1 year
• Eligibility:
  • Resident Indian
  • Admission for approved courses in known educational institutions

Skill Loan Scheme

• Interest Rate: 8.25%
• Processing Fee: Nil
• Collateral: Nil
• Loan Tenure: 3 years to 7 years
• Moratorium: 6 months to 12 months from course accomplishment
• Eligibility:
  • Indian residents
  • Secured admission in ITI/polytechnics, or institutions affiliated to NSDC or other

Baroda Education Loan to Students of Premier Institutions

• Interest Rate: 7.60% p.a.
• Processing Fee: Nil
• Collateral: Nil up to Rs.40 lakh
• Loan Tenure: 10 to 15 years
• Moratorium: Course duration of more than 1 year
• Eligibility:
  • Indian National
  • Admission based on merit or entrance to technical or professional courses abroad
  • Known universities

Vijaya Bank Education Loan Interest Rate

The interest rate for Vijaya Bank Education Loans varies based on several factors, including the loan amount, the repayment tenure, and the creditworthiness of the borrower. As of my knowledge cutoff of September 2021, the interest rate for Vijaya Bank Education Loans was typically in the range of 7.10% to 11.20% per annum, with a floating rate of interest.

The interest rate for Vijaya Bank Education Loans is typically linked to the Marginal Cost of Funds-based Lending Rate (MCLR) or the Repo Linked Lending Rate (RLLR). Therefore, the interest rate on the loan can be revised periodically based on the prevailing MCLR or RLLR.

Vijaya Bank Education Loan to Apply Online

To apply for Vijaya Bank Education Loan online, follow these steps:

• Visit the Vijaya Bank website and click on the “Loans” tab from the main menu.
• Under the Loans section, click on “Education Loans.”
• On the Education Loans page, click on the “Apply Now” button.
• You will be redirected to the online application form. Fill in the required information, such as personal details, educational qualifications, and loan requirements.
• Upload the necessary documents, such as proof of admission, income proof, and identity proof, in the prescribed format.
• Review the details entered in the application form and click on the “Submit” button.
• After submitting the application form, you will receive an acknowledgment of your application along with a reference number. You can use this reference number to track the status of your application.
• The bank will then verify your application and the supporting documents. If everything is in order, the bank will approve your loan and disburse the funds directly to the educational institution.

Mandatory Documents for Vijaya Bank Education Loan 2023

The following documents are mandatory to apply for the Vijaya Bank Education Loan 2023;

Evidence of Identity

• Aadhar card
• Voter ID card
• PAN Card
• Driving license
• Passport
• Government department ID card

Evidence of Income

• Parent’s latest salary slip/Form 16 along with the latest salary certificate
• Previous two years’ income tax returns

Evidence of Residence (any one of the following)

• Postpaid utility bill
• Notarized registered rental agreement
• Updated passbook/bank account statement
• Driving license
• Voter ID card
• Valid passport

Other Additional Documents

• Admission letter
• Passing certificate
• School leaving certificate
• High school examination mark sheet
• Educational documents
• Copy of fee acknowledgment slip

EMI Payment Methods

Now I will tell you the methods that are offered by the Vijaya Bank, to refund the loan amount;

• Standing Instruction (SI): If you have an account with Vijaya Bank, Standing Instruction is the best method to refund your debt. At the end of every month, your EMI payment will be inevitably subtracted from your Vijaya Bank account.
• Electronic Clearing Service (ECS): If you have a non-Vijaya Bank account then your refund payment is directly subtracted from your account at the end of every month.
• Post-Dated Cheques (PDCs): Post-dated EMI checks from a non-Vijaya Bank account can be delivered to your local Vijaya Bank Loan Centre.

Expenses Covered Under the Scheme

The following expenditures of the students are covered in the education loan, provided by the Vijaya Bank;

• University tuition Fees
• Examination, Laboratory, and Library fees
• Books/Equipment/Uniforms
• Travel Expenses
• Study Tours/Thesis/Projects
• Laptops
• Hostel, Accommodations, and Meals.

Courses Under the Vijaya Bank Education Loan

Vijaya Bank Education Loan covers a wide range of courses, including undergraduate, postgraduate, and doctoral programs in various fields of study. Here are some of the courses that are typically covered under the Vijaya Bank Education Loan:

• Engineering and technology courses
• Management courses, including MBA and PGDM programs
• Medical courses, including MBBS, MD, and MS programs
• Architecture and design courses
• Law courses, including LLB and LLM programs
• Vocational training courses and diploma programs
• Courses in pure sciences, such as Physics, Chemistry, and Mathematics
• Courses in social sciences, such as Psychology, Sociology, and Political Science
• Professional courses in fields such as Chartered Accountancy (CA), Company Secretary (CS), and Cost Accountancy (CMA)

Vijaya Bank Education Loan Subsidy

Vijaya Bank offers interest subsidies on education loans to eligible students as per the government’s guidelines. The interest subsidy scheme applies to students who have taken an education loan from a scheduled bank for pursuing any of the approved courses of study in India. The subsidy is provided to the student’s account every year, and it is credited to the loan account by the bank.

Under the scheme, the government provides an interest subsidy of 2% during the moratorium period (course period plus one year) to students belonging to economically weaker sections (EWS) with an annual gross family income of up to Rs. 4.5 lakhs. The subsidy is available for loans up to Rs. 7.5 lakhs. Additionally, the subsidy is also available to all students, irrespective of their family income, who have taken loans up to Rs. 4 lakhs and are pursuing professional and technical courses.

It is important to note that the interest subsidy is provided by the government, and the bank will require the student to provide the necessary documentation and meet other eligibility criteria to avail of the subsidy. Therefore, interested applicants are advised to consult with the bank or visit their website for more information on the interest subsidy scheme and its eligibility criteria

Contact Number

In case of any interrogation or uncertainties, you can contact Vijaya bank by contacting their 24/7 Toll-Free.

Customer Care Number: 1800 102 4455 (24×7 toll-free)

Customer Care Email: customercare@bankofbaroda.com

FOR MORE VISIT OUR OFFICIAL WEBSITE.