Lakshmi Vilas Bank Education Loan Application

Hello sir would you please provide me what is the basic eligibility criteria in taking Educational Loan from Lakshmi Vilas Bank

[Shaleen]

Laxmi Vilas Bank Education Loan offers an education without any financial troubles. Education is one of life’s most important attainments which should never be cramped with a monetary quandary

Student eligibility

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 programs

In such cases, appropriate criteria will be adopted based on the employability and reputation of the institution concerned.

Courses eligible

a) 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.

b) 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.

c) Expenses eligible for finance: Purchase of computer at reasonable cost essential for completion of the course.

LOAN AMOUNT

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.

NTEREST RATE
For Boy Students:
Loans up to Rs.4.00 lacs: Base Rate + 3.25% (PER: 13.80% p.a.)
Loans above Rs.4.00 lacs: Base Rate + 4.25% (PER: 14.80% p.a.)

For Girl Students
Loans up to Rs.4.00 lacs: Base Rate + 2.75% (PER: 13.30% p.a.)
Loans above Rs.4.00 lacs : Base Rate + 3.75%( PER: 14.30% p.a.)

Security
Up to Rs.4.00 lacs:

Co-obligation of parents /grandparents. No security.

Above Rs.4.00 lacs and up to Rs.7.50 lacs:

Co-obligation of parents/grandparents together with collateral security in the form of suitable third party guarantee.

For more please have a look on the below given word file