{"id":7528,"date":"2023-10-07T19:03:50","date_gmt":"2023-10-07T13:33:50","guid":{"rendered":"https:\/\/fly.finance\/blog\/?p=7528"},"modified":"2023-10-09T12:24:12","modified_gmt":"2023-10-09T06:54:12","slug":"vidya-lakshmi-portal-south-indian-bank","status":"publish","type":"post","link":"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-south-indian-bank\/","title":{"rendered":"Vidya Lakshmi Portal South Indian Bank: Application Process, Eligibility Criteria &#038; More"},"content":{"rendered":"\n<p><strong>Vidya Lakshmi Portal South Indian Bank<\/strong>: Many students dream of pursuing their higher studies from abroad. Studying abroad offers a myriad of advantages in terms of cultural exposure and career opportunities. However, financing one\u2019s studies is something that comes first to our mind. Today, a lot of banks provide <a href=\"https:\/\/leverageedu.com\/discover\/indian-education-loans\/what-is-education-loan-in-india\/\"><strong>education loans<\/strong><\/a> to students planning to study abroad. The Government of India is also helping students fulfil their dreams through its unique initiative <a href=\"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-education-loan\/\"><strong>Vidya Lakshmi Portal<\/strong><\/a>.<\/p>\n\n\n\n<p>The portal is registered with 44 banks and provides financial assistance to students. Students can <a href=\"https:\/\/fly.finance\/blog\/education-loan\/how-to-apply-for-education-loan-through-vidya-lakshmi-portal\/\"><strong>apply for loans<\/strong><\/a> from different banks through the help of this portal. In this blog, we will look at the education loan scheme provided by the South Indian Bank Ltd. in association with the Vidya Lakshmi Portal.<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td>Lender<\/td><td>The South Indian Bank Ltd.<\/td><\/tr><tr><td>Name of Scheme<\/td><td>SIB Education Loan &#8211; VPS<\/td><\/tr><tr><td>Moratorium Period<\/td><td>Course period + 1 year<\/td><\/tr><tr><td>Maximum amount<\/td><td>Studies in India &#8211; Maximum up to INR 10 lakhs<br>Studies Abroad &#8211; Maximum up to INR 20 lakhs<\/td><\/tr><tr><td>Repayment Period<\/td><td>Up to 15 years<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div class=\"wp-block-yoast-seo-table-of-contents yoast-table-of-contents\"><h2 id=\"table-of-contents\">Table of contents<\/h2><ul><li><a href=\"#h-how-to-apply-for-the-south-indian-bank-ltd-vidya-lakshmi-education-loan\" data-level=\"2\">How to Apply for The South Indian Bank Ltd. Vidya Lakshmi Education Loan?<\/a><\/li><li><a href=\"#h-eligibility-criteria-for-the-south-indian-bank-ltd-vidya-lakshmi-education-loan\" data-level=\"2\">Eligibility Criteria for The South Indian Bank Ltd. Vidya Lakshmi Education Loan<\/a><\/li><li><a href=\"#h-list-of-expenses-covered-under-the-south-indian-bank-ltd-vidya-lakshmi-education-loan\" data-level=\"2\">List of Expenses Covered under The South Indian Bank Ltd. Vidya Lakshmi Education Loan<\/a><\/li><li><a href=\"#h-terms-and-conditions-of-the-south-indian-bank-ltd-vidya-lakshmi-education-loan\" data-level=\"2\">Terms and Conditions of The South Indian Bank Ltd. Vidya Lakshmi Education Loan<\/a><\/li><li><a href=\"#h-interest-rates-of-the-south-indian-bank-ltd-vidya-lakshmi-education-loan\" data-level=\"2\">Interest Rates of The South Indian Bank Ltd. Vidya Lakshmi Education Loan<\/a><\/li><li><a href=\"#h-documents-required-for-the-south-indian-bank-ltd-vidya-lakshmi-education-loan\" data-level=\"2\">Documents Required for The South Indian Bank Ltd. Vidya Lakshmi Education Loan<\/a><\/li><li><a href=\"#h-faqs\" data-level=\"2\">FAQs<\/a><\/li><\/ul><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-apply-for-the-south-indian-bank-ltd-vidya-lakshmi-education-loan\"><span id=\"how-to-apply-for-the-south-indian-bank-ltd-vidya-lakshmi-education-loan\">How to Apply for The South Indian Bank Ltd. Vidya Lakshmi Education Loan?<\/span><\/h2>\n\n\n\n<p>It is easy to apply for the Vidya Lakshmi Education Loan from the South Indian Bank Ltd. through the Vidya Lakshmi Portal. Students are required to visit the official website of the Vidya Lakshmi Portal and <a href=\"https:\/\/fly.finance\/blog\/education-loan\/how-to-log-in-to-vidya-lakshmi-portal\/\"><strong>log in<\/strong><\/a> as a student.<\/p>\n\n\n\n<p>Here is the step-by-step process that you need to follow after logging in:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Start the online application process through the Vidya Lakshmi Portal.<\/li>\n\n\n\n<li>While filling out the application form, select South Indian Bank Ltd. as the lender.<\/li>\n\n\n\n<li>After selecting the bank, mention the required loan amount.<\/li>\n\n\n\n<li>Provide the necessary details and the supporting documents.<\/li>\n\n\n\n<li>After you have submitted the application, the bank will reach out to you with further steps.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-eligibility-criteria-for-the-south-indian-bank-ltd-vidya-lakshmi-education-loan\"><span id=\"eligibility-criteria-for-the-south-indian-bank-ltd-vidya-lakshmi-education-loan\">Eligibility Criteria for The South Indian Bank Ltd. Vidya Lakshmi Education Loan<\/span><\/h2>\n\n\n\n<p>The minimum eligibility criteria for availing the education loan from the South Indian Bank Ltd. through the Vidya Lakshmi Portal are listed below:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The student should be an Indian National.<\/li>\n\n\n\n<li>The student should have secured admission to higher education courses in a recognized institution in India or abroad through an Entrance test\/Merit based selection process after completion of HSC\/ Graduation.<\/li>\n\n\n\n<li>Only the students interested in studying in India or abroad are eligible.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-list-of-expenses-covered-under-the-south-indian-bank-ltd-vidya-lakshmi-education-loan\"><span id=\"list-of-expenses-covered-under-the-south-indian-bank-ltd-vidya-lakshmi-education-loan\">List of Expenses Covered under The South Indian Bank Ltd. Vidya Lakshmi Education Loan<\/span><\/h2>\n\n\n\n<p>The loan from the South Indian Bank Ltd. under the \u2018SIB Education Loan &#8211; VPS\u2019 covers a broad range of expenses. Some of these basic expenses are listed below:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Fee payable to college\/ school\/ hostel<\/li>\n\n\n\n<li>Examination\/ Library\/ Laboratory fee<\/li>\n\n\n\n<li>Courses conducted by CIMA-London, CPA in the USA, etc.<\/li>\n\n\n\n<li>Travel expenses\/ passage money for studies abroad<\/li>\n\n\n\n<li>Insurance premium for student borrowers, if applicable<\/li>\n\n\n\n<li>Caution deposit, Building fund\/ refundable deposit supported by institution bills\/ receipts<\/li>\n\n\n\n<li>Purchase of books\/equipment\/ instruments\/ uniforms<\/li>\n\n\n\n<li>Purchase of computer at a reasonable cost, if required for completion of the course.<\/li>\n\n\n\n<li>Any other expense required to complete the course &#8211; like study tours, project work, thesis, etc.<\/li>\n<\/ul>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: <\/strong><a href=\"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-central-bank-of-india\/\"><strong>Vidya Lakshmi Portal Central Bank of India: A Comprehensive Guide<\/strong><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-terms-and-conditions-of-the-south-indian-bank-ltd-vidya-lakshmi-education-loan\"><span id=\"terms-and-conditions-of-the-south-indian-bank-ltd-vidya-lakshmi-education-loan\">Terms and Conditions of The South Indian Bank Ltd. Vidya Lakshmi Education Loan<\/span><\/h2>\n\n\n\n<p>It is very crucial to know about the complete terms and conditions attached to the loan amount and the loan scheme before availing of the loan. Understanding this helps students in making an informed choice.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The terms and conditions of the South Indian Bank Ltd. under the \u2018SIB Education Loan &#8211; VPS\u2019 scheme shall be understood properly.&nbsp;<\/li>\n\n\n\n<li>If the bank has enough evidence that the course for which the student is seeking the bank&#8217;s finance would not generate employment and consequently the borrower will not have the ability to repay the loan, then the sanctioning authority has the right to reject such loan.<\/li>\n\n\n\n<li>To avoid cancellation of the loan application, students must do thorough research about the university or the college that they are applying to and eventually be admitted to an institution that will help them get employment so that they can repay the loan.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-interest-rates-of-the-south-indian-bank-ltd-vidya-lakshmi-education-loan\"><span id=\"interest-rates-of-the-south-indian-bank-ltd-vidya-lakshmi-education-loan\">Interest Rates of The South Indian Bank Ltd. Vidya Lakshmi Education Loan<\/span><\/h2>\n\n\n\n<p>The interest rates charged on the South Indian Bank Ltd. Vidya Lakshmi Loan largely depends on the loan amount that you are taking. Below are the details about the same:<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td><strong>Loan Amount<\/strong><\/td><td><strong>For Male Borrowers: (Fixed)<\/strong><\/td><td><strong>For Female Borrowers: (Fixed)<\/strong><\/td><\/tr><tr><td>Upto INR 4 lakhs<\/td><td>MCLR (1 Year) + 2.00%<\/td><td>MCLR (1 Year) + 1.50%<\/td><\/tr><tr><td>Between INR 4 lakhs to INR 7.5 lakhs<\/td><td>MCLR (1 Year) + 2.00%<\/td><td>MCLR (1 Year) + 1.50%<\/td><\/tr><tr><td>Above INR 7.5 lakhs<\/td><td>MCLR (1 Year) + 3.05%<\/td><td>MCLR (1 Year) + 2.55%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>*Here, MCLR stands for Marginal Cost of the Fund-Based Lending Rate<\/strong><\/p>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: <\/strong><a href=\"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-union-bank-of-india\/\"><strong>Vidya Lakshmi Portal Union Bank of India: Eligibility Criteria, Interest Rate &amp; More<\/strong><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-documents-required-for-the-south-indian-bank-ltd-vidya-lakshmi-education-loan\"><span id=\"documents-required-for-the-south-indian-bank-ltd-vidya-lakshmi-education-loan\">Documents Required for The South Indian Bank Ltd. Vidya Lakshmi Education Loan<\/span><\/h2>\n\n\n\n<p>Below is the list of documents that you need to submit while applying for the education loan:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>PAN card<\/li>\n\n\n\n<li>Aadhaar card<\/li>\n\n\n\n<li>Voter\u2019s ID\/Passport\/Driving License for Identification<\/li>\n\n\n\n<li>Telephone Bill \/ Electricity Bill for residential proof<\/li>\n\n\n\n<li>Application form<\/li>\n\n\n\n<li>Passport size photographs<\/li>\n\n\n\n<li>Offer letter<\/li>\n\n\n\n<li>A valid passport and visa<\/li>\n\n\n\n<li>Academic mark sheets from Xth standard to highest education<\/li>\n\n\n\n<li>Income proof of the guarantor\/Income certificate<\/li>\n\n\n\n<li>Collateral security documents<\/li>\n\n\n\n<li>Assets and liabilities statement of co-applicant and guarantor<\/li>\n\n\n\n<li>Sources of funds to repay the amount of the loan<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-faqs\"><span id=\"faqs\">FAQs<\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1696682439120\"><strong class=\"schema-faq-question\">What is the moratorium period for the South Indian Bank Ltd. Vidya Lakshmi Education Loan?<\/strong> <p class=\"schema-faq-answer\">The moratorium period allowed for education loans is the course period + 1 year.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1696682440344\"><strong class=\"schema-faq-question\">What is the processing fee for South Indian Bank Ltd. Vidya Lakshmi Education Loan?<\/strong> <p class=\"schema-faq-answer\">There is no processing fee for a loan amount up to INR 7.50 Lakhs and a processing fee of 1.00% of the loan amount is charged on loans above INR 7.50 Lakhs.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1696682441173\"><strong class=\"schema-faq-question\">What is the maximum amount of education loan provided by the South Indian Bank Ltd. through the Vidya Lakshmi Portal?<\/strong> <p class=\"schema-faq-answer\">The maximum amount of loan provided for studies in India is up to INR 10 Lakhs and the maximum loan amount for studies abroad is INR 20 Lakhs.<\/p> <\/div> <\/div>\n\n\n\n<p>This blog was all about the details of applying for an education loan from the South Indian Bank Ltd. through the Vidya Lakshmi Portal. Students can easily apply for this loan by visiting the official website of Vidya Lakshmi Portal.<\/p>\n\n\n\n<p>To know more about the Vidya Lakshmi Education Loan, the best <a href=\"https:\/\/fly.finance\/international-bank-account\"><strong>international bank accounts for students<\/strong><\/a>, forex and banking experience for global students or <a href=\"https:\/\/fly.finance\/blog\/money-transfer\/\"><strong>international money transfers<\/strong><\/a>, reach out to our experts at 1800572126 to help ease your <a href=\"https:\/\/leverageedu.com\/\"><strong>study abroad<\/strong><\/a> experience. Follow our social media handles on <a href=\"https:\/\/twitter.com\/flydotfinance\"><strong>Twitter<\/strong><\/a>, <a href=\"https:\/\/www.linkedin.com\/company\/flyfinance\/\"><strong>LinkedIn<\/strong><\/a> and <a href=\"https:\/\/instagram.com\/flydotfinance\"><strong>Instagram<\/strong><\/a>.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vidya Lakshmi Portal South Indian Bank: Many students dream of pursuing their higher studies from abroad. Studying abroad offers a myriad of advantages in terms of cultural exposure and career opportunities. However, financing one\u2019s studies is something that comes first to our mind. Today, a lot of banks provide education loans to students planning to &#8230; <a title=\"Vidya Lakshmi Portal South Indian Bank: Application Process, Eligibility Criteria &#038; More\" class=\"read-more\" href=\"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-south-indian-bank\/\" aria-label=\"Read more about Vidya Lakshmi Portal South Indian Bank: Application Process, Eligibility Criteria &#038; More\">Read more<\/a><\/p>\n","protected":false},"author":26,"featured_media":7533,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[],"class_list":["post-7528","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education-loan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Vidya Lakshmi Portal South Indian Bank: Application Process, Eligibility Criteria &amp; 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Vidya Lakshmi Education Loan?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"The moratorium period allowed for education loans is the course period + 1 year.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-south-indian-bank\/#faq-question-1696682440344","position":2,"url":"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-south-indian-bank\/#faq-question-1696682440344","name":"What is the processing fee for South Indian Bank Ltd. Vidya Lakshmi Education Loan?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"There is no processing fee for a loan amount up to INR 7.50 Lakhs and a processing fee of 1.00% of the loan amount is charged on loans above INR 7.50 Lakhs.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-south-indian-bank\/#faq-question-1696682441173","position":3,"url":"https:\/\/fly.finance\/blog\/education-loan\/vidya-lakshmi-portal-south-indian-bank\/#faq-question-1696682441173","name":"What is the maximum amount of education loan provided by the South Indian Bank Ltd. through the Vidya Lakshmi Portal?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"The maximum amount of loan provided for studies in India is up to INR 10 Lakhs and the maximum loan amount for studies abroad is INR 20 Lakhs.","inLanguage":"en-US"},"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/7528","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/users\/26"}],"replies":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/comments?post=7528"}],"version-history":[{"count":5,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/7528\/revisions"}],"predecessor-version":[{"id":7553,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/7528\/revisions\/7553"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/media\/7533"}],"wp:attachment":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/media?parent=7528"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/categories?post=7528"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/tags?post=7528"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}