Nowadays, students must obtain education loans to complete their studies. They assist students in enrolling in their preferred top institutions by providing financial aid. Depending on the requirements of the students, the loan may be used to pay for tuition, hostel fees, living expenses, etc. Students who require educational loans can get them from Laxmi Vilas Bank. Any student may apply for an education loan from Laxmi Vilas Bank by following the instructions and providing the necessary paperwork. Read this blog to find out everything about Laxmi Vilas Bank Education Loan.
Table of contents
Laxmi Vilas Bank: Overview
This Laxmi Vilas Bank study loan aids students in financing their studies and achieving their goals of attending reputable universities in India or abroad to further their education. For studies in India, the maximum allowed loan amount is Rs. 10 lacks, and for studies overseas, it is Rs. 20 lakh.
It provides a range of financial products and services to its customers, including savings accounts, recurring deposits, fixed-rate deposits, recurring deposits, loans for cars, homes, education, gold, PPF accounts, lockers, phone banking, RTGS, an NEFT, IMPS, and e-Wallets.
| Education Loan Amount | For India – INR 10 Lakhs For Abroad – 20 Lakhs (Up to ₹ 7.5 lakhs without collateral) |
| Interest Rate | 9.65% per annum |
| Processing Fee | For loans Up to 4 Lakhs: Nil For loans above 4 lakhs: 5000 INR |
| Repayment | Begins one year after the course is finished or six months after obtaining employment. |
| Margin | For loans above 4 Lakhs INR In India: 5% In abroad: 15% |
| Security | Only the parent or guardian may co-borrow up to $7.50 Lakhs. Zero security. Some physical form of security over INR 7.50 Lakhs, plus parents |
Also Read: Alberta Student Loan
Features of Laxmi Vilas Bank Vidya Lakshmi Education Loan
Purpose: The Laxmi Vilas Bank offers educational loans to deserving students so they can complete their education, especially for higher education. The programme aims to prevent deserving students from losing out on opportunities because of a lack of funding.
Why Laxmi Vilas bank education loan?
- Students accepted into a higher education programme at an accredited school in India or abroad by an entrance exam or other merit-based selection process are eligible for the loan.
- The Laxmi Vilas Bank Education Loan is paid back in a series of instalments over the specified number of years rather than all at once.
- All costs directly associated with the course, such as tuition, books, laptop purchases, dormitory fees, lab fees, exam fees, etc., are eligible for the loan.
- Up to Rs. 4 lacks in unsecured loans available to students.
Also Read: Maybank Education Loan Singapore: Application, Eligibility, Benefits, Loan Limit
Eligible Courses for Education Loan
Education Loans are available in the following circumstances:
- All India Council for Technical Education (AICTE), the Indian Council for Medical Research, and University Grant Commission all recognise graduate, postgraduate, diploma, and professional programmes.
- Courses in professional or technical fields offered by reputable international educational institutions, etc.
- Government-approved or recognised vocational education programmes.
- XLRI, IIM, IISC, NIFT, IIT and other institutions’ courses
- Courses provided in India by well-known international universities.
- Other Programmes at Colleges and Universities Leading to a Diploma, Degree, etc.,
Also Read: Student Loan Requirements To Study In The UK: A Comprehensive Guide 2023
Eligibility Criteria
The Eligibility criteria for the education loan are:
Applicant’s Age
- Unemployed: Up to 35 years
- Working employees / Executives: Up to 45 years
Who Can Apply?
- An Indian national who has been admitted to technical or professional programmes at reputable institutions.
- Employees who have been employed by any organisation for at least three years and who have been admitted to a reputable school or who plan to pursue further education are considered permanent employees.
Maximum Loan Amount
- Upto to Rs. 1,000,000 for education in India
- Equivalent to Rs. 2,000,000 for international studies
- Up to Rs. 4,000,000 for IIT, IIM, and ISB studies.
Also Read: List Of Approved Foreign Universities For Education Loan
Frequency Of Repayment
- Rests every three or six months.
- Begins either immediately or one year after finishing the first six months of employment.
- After the first loan instalment is disbursed, the loan’s interest will begin to be repaid.
Repayment Period
- Education loans have three different tenures: the study period, the grace period following the study period, and the repayment period.
- For Indian courses, the maximum repayment period is 12 years from when payments began.
- For courses taken abroad, the repayment period may last up to 12 years from the time that it began.
Also Read: How To Pick The Right Student Loans To Study Abroad? Here Are A Few Tips!
Laxmi Vilas Bank Education Loan Interest Rate
Interest rates for education loans from Laxmi Vilas Bank range between 8.85% and 10.75%.
| Loan Amount Range | Courses in India | Courses Abroad | IIT, IIM, ISB Courses |
| Loans Rs. 4.0 – 7.5 lakh | 10.50 %, for females – 10.00 | 10.50 %, for females – 10.00% | 8.85 % – 10.00% |
| Loans up to Rs. 4 lakh | 10.50 %, for females – 10.00% | 10.50 %, for females – 10.00% | 8.85 % |
| Loans > Rs. 7.5 lakh | 10.75 %, for females – 10.25% | 10.75 %, for females – 10.25% | 8.85 % – 10.00% |
Also Read: British Columbia (BC) Student Loan For International Students: A Guide
Application Process
The application process for Laxmi Vilas Bank Education Loan involves;
- Visit the page for Laxmi Vilas Bank Education Loan.
- Examine all the requirements for eligibility and supporting documentation for a student loan.
- Fill out the Loan Application with all the necessary information.
- Once completed, a representative from our company will get in touch with you right away to start a smoother process.
Also Read: Navigating Your Financial Journey: Top Banks In Germany For Students
Documents Required
The documents required for an education loan are:
- Identity Proof
- Residence Proof
- Income Proof in case of salaried co-borrower
- Salary slips that are no older than three months
- Bank statements that are no older than three months
- ITR
- Form 16 for the last two years
- (For the last six-month period of the salary account) Bank account statement
- Income proof for self-employed co-applicant
- Proof of a business address
- Two years worth of IT returns if you were an IT payee
- Form 16A of the TDS certificate, if applicable
- Qualification document (for a doctor, a CPA, and other professions)
- Statement of your bank accounts for the last six months.
Also Read: UK Government Student Loan: A Guide
Additionals
In addition to KYC documents:
Student Applicant
- Submission of a passport is required
- Academic Records: Grades in X and XII. outcomes of graduation by semester. Entrance Exam results used to determine admission
- Evidence of admission: An offer letter could be taken into account.
- The price of education and the cost schedule.
- two passport-size photos
- loan declaration for the previous year, if a loan was obtained earlier.
Co-applicant
- two passport-size photos
- loan declaration for the previous year, if a loan was obtained earlier.
Also Read: How To Open An Account In AIB Ireland: A Complete Guide
FAQs
Ans. The amount that can be borrowed can be as much as 4 lakh INR, with an interest rate starting at 10.5% and for females 10%.
Ans. Go to the Laxmi Vilas Bank Education Loan page.
Review all of the eligibility requirements and supporting evidence for a student loan.
Give the Loan Application all the information it needs.
Once finished, a member of our team will get in touch with you immediately away to begin a more efficient procedure.
Ans. For loans of more than 7.5 lakhs for study abroad, the interest rate is 10.75 % and for females students its 10.25%
Hope this blog gave you all the necessary information regarding Laxmi Vilas Bank Education Loan to Study Abroad its Interest Rate, Benefits, Application Process, etc. For more information on student loans, international money transfers and bank accounts visit us at FlyFinance.
