Karur Vysya Bank Indian and Foreign Education Loan – Karur Vysya Bank made a meek beginning in 1916 with an initial capital of Rs.1 lakh in the textile town of Karur, Tamil Nadu. With over 97 years of banking proficiency, Karur Vysya Bank has full-fledged enormously to spread out its footmark with branches and offices across the nation. The bank has over 572 branches and 1,617 ATMs in 18 states and 2 union terrains.
The bank provides mortgages for education, specifically designed to meet the rising monetary requirements of candidates who wish to pursue a course or accomplish a degree of their choice. Study loans are spread-out for a wide range of graduate and postgraduate programs, professional courses in both domestic and foreign associations.
Purpose of Loan
To provide financial support to Indian nationals who have secured admission to listed professional/technical courses in India or abroad from a acknowledged university/institution by means of a common entrance examination.
Features & Benefits of Education Loan from Karur Vysya Bank
Quantum of Loan Amount:
The significant of mortgage spent is segregated on the foundation of place of study. Karur Vysya Bank tenders a standard mortgage amount of up to Rs.10 lacs for inland studies and a maximum of Rs.20 lacs for overseas courses.
No margin is appropriate for mortgage amount of up to Rs. 4 lacs. For any amount above this cut off, the margin is 5% for domestic study and 15% for studies in foreign countries.
A flexible reimbursement tenancy extending from 5 years with an upper limit of 7 years is provided by the bank in the form of once-a-month EMIs. The reimbursement holiday comes to an end upon completion of 1 year after the course/6 months after getting a job, whichever is earlier.
Rate of Interest on Education Loan
The interest rate card of Karur Vysya Bank for education loan is based on separation by gender and sector. Interest rates may slightly vary based on the course undertaken and the mortgage amount. A snapshot of the slabs has been provided below for reference.
|Loan Amount||Male Students||Female Students|
|Up to 7.50 Lacs||Base Rate + 3%||Base Rate + 2.50%|
|Above 7.50 Lacs(Priority Sector)||Base Rate + 3.50%||Base Rate + 3%|
|Above 7.50 Lacs(Non Priority Sector)||Base Rate + 4%||Base Rate + 3.50%|
As seen above, the actual rate of interest is a amalgamation of base rate (common for all lending products) and a fixed constituent on the foundation of the type of mortgage. Do query with the nearest branch for periodical campaigns and offers for improved terms on the basis of the course/degree.
The rates are subject to amendment on basis of market conditions/bank’s discretion.
|Loan amount up to Rs.4 Lacs||No security required. Parents will sign in as co applicants|
|Amount from Rs.4 lacs to Rs.7.50 lacs||· Parent(s) will sign as co applicant(s)|
|· Collateral security by means of third party guarantee|
|Borrowing over 7.50 lacs||· Parents will join as co applicants|
|· Tangible collateral security of relevant value|
|· Assignment of student’s future income from employment as loan security|
Students who secured admission on management quota are also eligible for an education loan from Karur Vysya bank on the basis of state/central government norms.