Vidya Lakshmi is a portal developed by the Government of India with the purpose of providing education loans to students who want to study abroad or in India. Vidya Lakshmi is associated with around 44 banks and Kalupur Bank is one of them. The bank provides education loans to study abroad for which you can apply on the Vidya Lakshmi portal and select the Kalupur Bank from the list provided on the portal. Let’s understand the processes of Vidya Lakshmi Kalupur Education Loan in detail and know its features and benefits.
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Vidya Lakshmi Education Loan from Kalupur Bank
Kalupur Bank is one of the major banks associated with the Vidya Lakshmi portal. It provides loans as per RBI guidelines on education loans and the Indian Banks Association (IBA). The Kalupur Commercial Co-operative Bank Ltd is one of the best banks for education loans to study abroad. Check some of the major features of Kalupur Bank Vidya Lakshmi education loan:
| Particulars | Details |
| Name of the Lender | Kalupur Commercial Co-operative Bank Ltd |
| Maximum Loan Amount | No maximum cap |
| Repayment Period | Maximum -120- months, including moratorium period |
| Eligibility | Must be an Indian Citizen At least 16 years old Resident of Gujarat or Maharashtra |
| Interest Rate | Repo rate + 2.75% to Repo rate + 3.25% |
| Processing Fee | Variable |
| Moratorium Period | Course period + 12 months |
Vidya Lakshmi Kalupur Bank Education Loan Eligibility Criteria
The bank has prescribed some essential eligibility criteria for students who want to take education loans to study abroad. The students must check the eligibility criteria and apply for the loan only if they are fulfilling all the eligibility. Check the major criteria below:
- The applicant shall be an Indian citizen.
- He/she shall be a permanent resident of Gujrat/Maharashtra and the minimum age of the student shall be 16 years & Maximum 45 years.
- The student must have secured admission to an approved university abroad through an entrance test or a merit-based selection process.
- The student must have passed the higher secondary exam with at least 60% marks and graduated with a minimum of 55% marks
Vidya Lakshmi Kalupur Bank Education Loan Interest Rate
Kalupur Bank education loan interest rate is determined based on the RBI Guidelines on education loans, RLLR and the spread. The students must understand the interest rate structure properly to understand how much extra amount they will pay to the bank. Check Kalupur education loan interest rates below:
Interest rate (Fixed)
| Loan Amount | Rate of Interest |
| Up to INR 4 lakh | Rate of Interest will be fixedThe initial floating interest rate will be the fixed interest rate here. i.e. Repo rate + 2.75% to Repo rate + 3.25% |
| INR 4 lakh to INR 7.5 lakh | |
| Above INR 7.5 lakh |
Interest rate (Floating)
| Loan Amount | Rate of Interest |
| Up to INR 4 lakh | Repo rate + 2.75% to Repo rate + 3.25% This rate is subject to change from time to time as per the RBI Guidelines |
| INR 4 lakh to INR 7.5 lakh | |
| Above INR 7.5 lakh |
How to Apply for Kalupur Education Loan through Vidya Lakshmi Portal?
Applying for Kalupur Bank education loan through the Vidya Lakshmi portal is very easy. You just need to visit the portal and fill out the common education loan application form (CELAF). You can apply for an education loan from three banks at a time with a single application form. Check the steps to apply for Kalupur Bank education loan through the Vidya Lakshmi portal:
- Visit the Vidya Lakshmi portal
- Enter your email ID and register yourself
- You will receive an activation link in your email
- Click the activation link and create a username and password
- Now login to the portal using this email ID and password
- Click on ‘Loan Application Form’
- Fill out all the details and submit them along with the supporting documents
- The bank will verify the application and contact you for further processes
- You can track the status of your education loan application on the portal
Kalupur Bank Vidya Lakshmi Portal: Terms and Conditions
There are certain terms and conditions laid down by Kalupur Bank for education loans. Students must go through these terms and conditions so that they can understand the loan product properly and can make an informed decision. Check out the terms and conditions below:
- Kalupur Bank Education Loan will be provided in joint names of the student and the co-applicant/parents/guardian.
- If the primary applicant is married then joint borrowers can be either the spouse or parents/parents-in-law
- .The loan will be disbursed after receipt of the visa approval letter of the student from the respective country
- A declaration from the student shall be submitted that there are no existing loans for the same course and university from other lending institutions.
- The student shall submit a copy of the scorecard received from the university for the education after every semester
- An undertaking shall be submitted by the student that he/she will inform the bank soon after getting gainful employment
FAQs
To be eligible for the education loan the applicant must be an Indian citizen residing in Gujarat or Maharashtra. The minimum age should be 16 years, secured admission to an approved university abroad through an entrance test or merit-based selection process, and achieved a minimum of 60% in higher secondary exams and 55% in graduation.
There is no maximum cap on the loan amount offered by Kalupur Bank for education loans. However, the loan amount sanctioned will depend on various factors including the applicant’s academic credentials, course fees, and other related expenses.
Applying for an education loan through the Vidya Lakshmi portal is a straightforward process. First, register yourself on the portal using your email ID, activate your account, and then log in. Next, fill out the Loan Application Form (CELAF), providing all necessary details and supporting documents. Submit the form and the bank will verify your application and contact you for further processes.
The repayment period for the education loan offered by Kalupur Bank through the Vidya Lakshmi portal is a maximum of 120 months, including the moratorium period.
The interest rate for the education loan varies based on the loan amount. The interest rates are determined as Repo rate + 2.75% to Repo rate + 3.25%, subject to change as per RBI guidelines.
This was all about the Vidya Lakshmi Portal Kalupur Bank education loan. Always check the complete details about the loan available on the portal and then proceed with the application.
To know more about education loans, 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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