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| COMPARE : EDUCATION LOANS |
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| The Lakshmi Vilas Bank Limited Education Loan |
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| Introduction |
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| The Lakshmi Vilas Bank provides loan to meet expenses connected with the pursuit of higher secondary education, specific courses of study at recognized institutions, including professional/job-oriented courses, which offer reasonable opportunity for employment. |
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| Highlights |
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Study Abroad |
Study India |
| Course |
Graduation |
Graduation |
| Loan Type |
Term Loan |
Term Loan |
| Loan Purpose |
Loan is given for
Degree/Diploma courses like aeronautical, pilot training, shipping, etc. provided these are recognized by competent regulatory bodies abroad for the purpose of employment in India/abroad. |
Loan is given for Degree/Diploma courses like aeronautical, pilot training, shipping, etc. provided these are recognized by competent regulatory bodies in India for the purpose of employment in India. |
| Loan Amount |
Min. - Rs 50000
Max. - Rs 2000000
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Min. - Rs 50000
Max. - Rs 1000000
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| Margin Money |
For loans up to Rs.4.00 lacs: Nil
For loans above Rs.4.00 lacs: 15%.
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For loans up to Rs.4.00 lacs: Nil
For loans above Rs.4.00 lacs: 5%
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| Tenure |
Min. - 10 Yrs.
Max. - 15 Yrs.
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Min. - 10 Yrs.
Max. - 15 Yrs.
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| Interest Rate |
For Boy Students:
Loans up to Rs.4.00 lacs: 14.50% p.a.
Loans above Rs.4.00 lacs: 15.50% p.a.
For Girl Students:
Loans up to Rs.4.00 lacs: 14.00% p.a.
Loans above Rs.4.00 lacs : 15.00% p.a.
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For Boy Students:
Loans up to Rs.4.00 lacs: 14.50% p.a.
Loans above Rs.4.00 lacs: 15.50% p.a.
For Girl Students:
Loans up to Rs.4.00 lacs: 14.00% p.a.
Loans above Rs.4.00 lacs : 15.00% p.a.
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 Fees & charges
Fees & charges
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Study Abroad |
Study India |
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| Comment on Charges |
penal interest - 2% |
penal interest - 2% |
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Security
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Security |
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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.
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.
Above Rs.7.50 lacs: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. |
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Terms & Conditions
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Terms & Conditions |
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Holiday Period:
Course period + 1 year or 6 months after employment, whichever is earlier.
The courses for which loans may be extended should not exceed 5 years.
The principal & interest (including interest accrued during the holiday period) to be repaid in EMIs in a maximum period of 7 years (84 EMIs).
On overdue amounts, penal interest @ 2% p.a. will be charged additionally for the overdue period in respect of loans above Rs.2.00 lacs. |
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