ING Vysya Bank Student Loan
Acknowledging the importance of education, ING Vysya Bank Education Loan offers an education without any financial troubles. Education is one of life’s most important attainment which should never be cramped with a monetary quandary. The bank offers education loan to bright students who want to study further education /professional/technical education in India and abroad.
Eligibility for ING Vysya Bank Student Loan
• Applier must be an Indian.
• They must have obtained approval for admission from the institution where they aim to pursue their study.
• For Programs of study abroad, the applicant should be an Indian citizen who has ensured admission to the professional courses through test/selection process conducted for same purpose by foreign University.
A. Studies in India
• Graduate and Post-graduate Courses of Diploma or Degree etc. in computers, engineering, science, medical, agricultural, arts, commerce and management fields carried on by Colleges and Universities approved by UGC/ AICTE /Govt./ ICMR etc.
• Certificate course of Computer from reputed institutions like NIIT, APTECH, SSI, and BITECH accredited to Department of Electronics or Institutions affiliated to University.
• Programs such as ICWA, CA, CFA, etc.
• Programs conducted by autonomous institutions like IIM, IIT etc.
B. Studies abroad
• Under-graduate study programs in subjects like engineering, biological & natural sciences, computer sciences.
• Post-graduate programs in the disciplines mentioned above and degree/ diploma in business administration.
Purpose of Loan
• Payment of admission fee and tuition fee etc.
• To buy books, equipment and instruments
• To pay for hostel/college/school fees and boarding cost.
• For studies outside India, disbursals in air travel, purchase of uniform.
• To fund relevant expenses incurred which are related to subject’s education like exams, lab, library fee, deposits.
• To buy computer in needed
• To pay premium of insurance of the borrower.
Citibank gives an opportunity to choose 5 to 9 years to repay the loan amount. One also get the option to either repay the education loan amount fully upfront or progressively during the course of study. This freedom will give the student enough time to think how he or she would like to repay.
Quantum of loan
Maximum loan amount permitted is Rs.7.5 lacs for studying in India and Rs. 15 lacs for pursuing a course overseas.
• No margin for loan up to Rs. 4 lacs.
• However, for loan amount over Rs. 4 lacs, margin could be 5 % to 15% for both India and abroad education.
Even though, no guarantee is needed for loan up to Rs 4 lacs, one needs a third party as a guarantee for amount more than Rs 4 lacs.
If the loan amount is more than Rs. 7.5 lacs, collateral security is required to back the loan and it has to be of 100% of the amount of loan or there has to be co-obligation of parents or guardian or third party. The future income of the applicant may also counted in payment of instalments.
Disbursement: Straight to University /College or Hostel etc.
Credit Delivery: The loan can be facilitated from the branch most nigh to the place of permanent residence.
Tenure of loan repayment: 5 to 7 years.
ING Vysya Bank Official website: ingvysya.kotak.com