Student Loans by Lakshmi Vilas Bank
Type of facility
The product is available as Term Loan.
Purpose
To meet the 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 & loan repayment capacity on successful completion.
Quantum
- For Higher Secondary Education: Maximum of Rs.25000/-
- For Studies in India : Maximum of Rs .7.50 Lacs
- For Studies Abroad : Maximum of Rs.15.00 lacs.
Margin
For loans up to Rs.4.00 lacs: No minimum stipulated.
For loans above Rs.4.00 lacs:
(a) Studies in India :Minimum -5%
(b) Studies Abroad: Minimum -15%
Security
- For loans up to Rs.4.00 lacs: No security.
- For loans above Rs.4.00 lacs: Collateral security of value equal to 100% of the loan amount or personal guarantee of third person known to the Bank whose net worth is at least equal to 200% of the loan amount or a combination of both.
Interest Rates
- For loans up to Rs.4.00 lacs: At BPLR (PER: 14.75% p.a.)
- For loans above Rs.4.00 lacs: BPLR+1.00% (PER: 15.75% p.a.)
Repayment Period
To be repaid within a maximum period of 84 months, with a holiday period of course period + 1 year or 6 months after employment whichever is earlier.
Loan processing fee
Nil
