Students planning to study abroad often face the hurdle of limited funds. In such a case scholarships or grants come quite in handy as they provide financial aid to the students without having them to pay back. However, scholarships are quite competitive and not all students are selected for it in such a case taking an education loan is the way forward. The government initiative of Vidya Lakshmi Portal provides a single window where students can apply for various loan schemes and compare them to choose the suitable option.
One of the education loan schemes available on the Vidya Lakshmi portal is offered by Tamilnad Mercantile Bank. In this blog, we will cover, the Vidya Lakshmi portal Tamilnad Mercantile Bank education loan scheme. Keep reading further to know more!
| Portal | Vidya Lakshmi portal |
| Lender | Tamilnad Mercantile Bank |
| Loan Schemes | TMB Education Loan, TMB Super Education Loan, TMB Skill Development Loan |
| Expenses Covered | Tuition fee, hostel fee, examination fee, library fee, etc. |
| Mode of Application | Online |
Table of contents
Also Read: Vidya Lakshmi Portal Central Bank of India Education Loan
Education Loan Schemes & Interest Rates
Tamilnad Mercantile Bank offers four education loan schemes which students can choose according to their needs and circumstances. The table below contains information about various interest rates charged by the TMB on different education loan schemes.
| TMB Loan Schemes | Interest Rate |
| TMB-Super Education Loan | Loans up to INR 20 lakh – MCLR+2.50%* Loans above INR 20 lakh – MCLR+1.95% to MCLR+5.25% based on rating grade. |
| TMB-Skill Development Loan | MCLR+1.50% Note – If the borrower opts for servicing the interest during the moratorium period, a 1.00% Interest concession will be considered. |
| TMB-Education Loan | Upto INR 10 lakh (study in India/Abroad) – MCLR+2.25% * Above INR 10 lakh up to INR 20 lakh (Study Abroad) – MCLR+2.50%* NCGTC guaranteed loans for the limits up to INR 7.50 lakh – MCLR+2.00%* |
Application Process Online
To apply for the Tamilnad Mercantile Bank education loan scheme online through the Vidya Lakshmi portal a candidate needs to follow the steps mentioned below:
- Firstly you need to visit the homepage of the portal.
- Then create the username and password. Once you register successfully a registration email will be sent to your email ID which you need to confirm.
- After doing that you will be able to log in using your credentials.
- The login session will be of only 10 minutes so make sure to complete the process speedily.
- Look out for the option of ‘search and apply for the loan scheme’. Since you want to apply for the TMB education loan scheme make sure you apply the filter for Tamilnad Mercantile Bank.
- Select the loan scheme of your choice offered by the Tamilnad Mercantile Bank.
- Click on the option – ‘Apply Now’.
- Fill out the application by providing all the necessary details and submit it.
- Keep checking the status of your application in the following days to keep track of your application.
Also Read: Vidya Lakshmi Portal Punjab National Bank Education Loan
Application Process Offline
If you want to apply for a Tamilnad Mercantile Bank education loan through offline mode then follow the steps mentioned below:
- Visit the nearest branch of TMB.
- Fill out the application form for the education loan with all the required details and attach all the necessary documents.
- Once you submit your application, all of your documents will be verified manually.
- You will be notified about the application status by your relationship manager.
- Once the application is approved the loan amount will be sanctioned and disbursed by the bank.
Note: Even in the case of offline application, the registration on Vidya Lakshmi Portal is mandatory.
Eligibility Criteria
A candidate must fulfil the mentioned eligibility criteria to apply for a Tamilnad Mercantile Bank education loan:
- The candidate should be an Indian citizen.
- The applicant should be planning to pursue higher studies and therefore, must have taken admission to a university situated in India or abroad.
Documents Required
The table below contains information about the documents required in the Tamilnad Mercantile Bank Education loan application process:
| Categories | Documents |
| Financial co-applicant income documents | For Salaried- Last 3 months’ salary slipsThe balance sheet for the last 3 years address proof of the business For Self-Employed- Business proof ITR of last 2 years The last 2 years profit & loss account, balance sheet and computation Professional qualification certificates or degree certificates for professionals like doctors, architects, CA, etc. |
| Documents of the Applicant | Identity proof- Aadhar card, PAN card, Passport for abroad education loan Residence proof- Aadhar card Voter ID Ration card Bank account statement Electricity bill Telephone bill |
| Application form | Duly filled application form along with signature and photographs. |
| Academic documents of the applicant | Marksheets Admission proof in a university or college with the duration of the course mentioned clearly Fee structure IELTS/GRE/GMAT scorecard |
| Other Documents | Letter that says the extra expenses will be borne by the co-applicant. Notarised joint affidavit of co-applicant and applicant. |
| Additional Documents (if required) | Loan account statement of any pending loans. If you have paid fees in advance then provide a receipt of the payment. If the student had any gap in their education then they need to explain it on INR 100 stamp paper. |
Expenses Covered
The education loan provided by Tamilnad Mercantile Bank covers the expenses mentioned below:
- Travel expenses
- Airfare (for education abroad)
- Course fee/tuition fee
- Examination fee
- Library fee
- Lab fee
- Caution deposit and other funds
- Academic expenses – the cost of books, study projects, laptops, equipment, uniforms, etc.
- Hostel fee
Must Read: Vidya Lakshmi Portal Indian Overseas Bank Education Loan
FAQs
The top 5 banks that are registered on the Vidya Lakshmi portal and provide education loans are:
-The State Bank of India
-Bank of Baroda
-Canara Bank
-ICICI Bank
-Axis Bank
No education loans offered on the Vidya Lakshmi portal are not interest-free. The interest rate on education loans available at the Vidya Lakshmi portal starts from 8.40% and can go up to 18%.
It is generally seen that the Bank of Baroda and HDFC Bank approve the loan within 15 days of the application.
This was everything about the Vidya Lakshmi portal Tamilnad Mercantile Bank education loan scheme. To know more about an education loan, 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. Follow our social media handles on Twitter, LinkedIn and Instagram.
