KBL Vidyanidhi Quick Education Loan Scheme is an education loan scheme provided by Karnataka Bank. Under this scheme, students can avail of education loans for professional, technical, and other courses offered in India or abroad. As the name suggests, the scheme offers simple processing and quick sanction of the loan. The repayment process of KBL Vidyanidhi Quick Education Loan is favourable to the students. They can repay back the loan up to 15 years in EMIs.
So, if you are a student looking for quick education loan schemes then you may consider applying for KBL Vidyanidhi Quick Education Loan Scheme. In this blog, we’ll discuss the features, eligibility, interest rates, and other details related to this loan scheme. So, let’s dive in!
Table of contents
- Overview of KBL Vidyanidhi Quick Education Loan Scheme
- Who is Eligible for this Loan Scheme?
- Rate of Interest Under KBL Vidyanidhi Quick Education Loan
- How to Apply Online for the KBL Quick Education Loan Scheme?
- Maximum Amount of Loan Sanctioned
- Requirement of Collateral
- Repayment Process
- Expenses Covered Under KBL Vidyanidhi Quick Education Loan
- FAQs
Overview of KBL Vidyanidhi Quick Education Loan Scheme
KBL Vidyanidhi Quick Education Loan Scheme is an education loan scheme provided by the Karnataka Bank for students planning to study in India and abroad. The scheme is for students who are Indian nationals and have secured admission to a recognised university and course in India or abroad. A lot of students opt for this scheme due to the favourable repayment conditions and interest rates.
Major Features of the KBL Vidyanidhi Quick Education Loan Scheme
Who is Eligible for this Loan Scheme?
The eligibility criteria to apply for the KBL Vidyanidhi Quick Education Loan are fairly simple. Any student of Indian nationality who has secured admission to a professional, technical, or any other course of study in India or abroad is eligible to apply for the KBL Quick Education Loan. It should be noted that a student who is a minor must be represented by a parent or guardian. Below is the list of eligible courses for which a student can apply for a loan-
Eligible Courses: For Studies in India
The eligible courses under this category include-
- Graduate Courses: B.A., B.Sc., B.Com., B.C.A., B.B.M., Diploma in Engineering.
- Postgraduate Courses: Masters and Ph.D.
- Professional Courses: Medical, Nursing, Agriculture, Engineering, Veterinary, Management, Law, Computer, Dental, Pharmacy, Physiotherapy, Hotel Management, ICWA, CFA, CA.
- Courses conducted by IIT, IIM, NIFT, and XLRI are also eligible.
- Evening courses of approved institutes and courses offered in India by reputed foreign universities are also eligible.
- Courses offered by national institutes and other recognised private institutes are also eligible.
- Universities approved by UGC/ GOVT./AICTE/AIBMS/ICMR are also eligible.
Eligible Courses: For Studies Abroad
The eligible courses under this category include-
- For Graduation: The eligibility only covers job-oriented professional and technical courses offered by reputed universities.
- For Post Graduation: Courses conducted by CIMA – London, CPA in the USA, MCA, MBA, MS, etc.
Rate of Interest Under KBL Vidyanidhi Quick Education Loan
The rate of interest for the KBL Vidyanidhi Quick Education Loan Scheme ranges from 10.02% to 12.92%. Below are the details of the same-
Rate of Interest for Different Categories
| Category | Normal | Meritorious | Girl Student | Girl Meritorious |
| For General up to INR 7.50 Lakhs (CGFSEL) | 10.52% | 10.52% | 10.52% | 10.52% |
| For General above INR 7.50 Lakhs | 12.92% | 12.92% | 12.92% | 12.86% |
| For Vocational Courses/ Skill Development Loans (CGFSSD) | 10.02% | 10.02% | 10.02% | 10.02% |
Also Read: If you are looking for a quick education loan scheme to study abroad then you must read the blog- YONO SBI Education Loan
How to Apply Online for the KBL Quick Education Loan Scheme?
You can apply for this scheme either through the Karnataka Bank’s official website or directly through the Vidya Lakshmi Education Loan Portal. Either way, you’ll be directed to the Vidya Lakshmi Portal. Here are the steps to apply for this scheme-
- To apply for it, you should first register on the Vidya Lakshmi Portal and then start applying for this loan scheme.
- After logging in, you have to click on the ‘Search & Apply for Loan Scheme’ option.
- After this, you’ll see a list of different banks and schemes.
- You have to select ‘KBL Vidyanidhi Scheme’ from this list and click on ‘Apply’.
- Enter all the details in the application form and submit the necessary documents.
- Once your loan application has been submitted, the bank will contact you within 30 days.
Maximum Amount of Loan Sanctioned
It is important to know about the maximum amount of loans available under any education loan scheme. If a student is planning to study in India then a maximum of INR 10 Lakhs are available under this loan scheme. In case a student is planning to study abroad then he/she can apply for a maximum of INR 20 Lakhs under KBL Vidyanidhi Quick Education Loan scheme provided the course taken is eligible as per the eligibility criteria of this loan scheme. The short processing time of the KBL Vidyanidhi scheme favors the candidates looking to study aborad.
Also Read: Check Out this Blog on How To Apply For a Vidya Lakshmi Education Loan Through the YONO App?
Requirement of Collateral
The table below details the collateral requirements for KBL Vidyanidhi Quick Education Loan Scheme:
| Loan Amount | Need for Collateral |
| Up to INR 7.5 Lakhs (covered under CGFSEL) | No security is required. |
| INR 4 Lakhs – INR 7.5 Lakhs | Collateral in the form of a suitable third-party guarantee. |
| Above INR 7.5 Lakhs | Either collateral security of suitable value or a suitable third-party guarantee. |
Repayment Process
The repayment process of the KBL Vidyanidhi Quick Education Loan starts after the completion of the course period and subsequent moratorium period. The student will have to repay the loan in equal monthly instalments for a period of up to 15 years. It should be noted that the completion of the course also includes an internship or apprenticeship if it is compulsory for getting the degree.
Furthermore, if a student is unable to complete the course within the stipulated period, a maximum period of two years is permitted by the bank for the completion of the course. In some cases, if a student is unable to complete the course for reasons beyond his control, then the Karnataka bank may grant an extension if deemed necessary to complete the course. In such cases, the accrued interest during the repayment holiday is added to the principal amount, and the Equal Monthly Installments (EMIs) are also adjusted accordingly.
Expenses Covered Under KBL Vidyanidhi Quick Education Loan
The table below details the expenses covered by this loan scheme for both studies in India and abroad-
| Expenses Covered In India | Expenses Covered For Study Abroad |
| Tuition fees, Examination fees, Laboratory and Library fees, Hostel fees; Boarding and Lodging fees, if a resident is staying outside the hostel. | Purchase of computer if certified as essential for completion of the course. |
| Purchase of books, Study material, Equipment, and Uniforms; Passage Money and Travel expenses. | Other expenses like Project Work, Study Tour & Thesis, that are required for the completion of the course. |
FAQs
The KBL Vidyanidhi Quick Education Loan Scheme by Karnataka Bank supports Indian students planning to pursue higher education in India or abroad with interest rates from 10.02% to 12.92%.
The interest rate ranges from 10.02% to 12.92% and is different for different categories of students.
Common expenses are covered under this scheme including tuition fees, examination fees, travel expenses, etc.
Under this scheme, a maximum of INR 10 Lakhs are available for studies in India and INR 20 Lakhs for studies abroad.
Yes, students can apply for an education loan to study abroad under Karnataka Bank’s KBL Vidyanidhi Quick Education Loan Scheme.
If you are an Indian national and have secured admission to a recognised university then you are eligible to apply for this loan scheme.
This blog was all about the details of the KBL Vidyanidhi Quick Education Loan Scheme. To know more about education loan schemes, the best bank accounts for students, forex and banking experience for global students, or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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