Eligibility

• The applicant should be an Indian National.

• Should have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance Test/ Merit Based Selection process after completion of HSC (10 plus 2 or equivalent).

Margin

• Upto Rs.4.00 lakhs – Nil.

• Above Rs.4.00 lakhs:
  • For Studies in India – 5%.
  • For Studies Abroad – 15%.

Interest Rates

• Please see the Interest Rate link on home page

Repayment

• Up to 15 years

Security

• For the loans (limit upto Rs.7.50 lakh) covered Credit Guarantee Fund Scheme for Educational Loans (CGFSEL) – No third party guarantee / collateral to be obtained. Only the parents/guardian/spouse to be the joint/ co-borrowers.
• For loans NOT covered under Credit Guarantee Scheme:
  • Upto Rs.4.00 lakhs – Co-obligation of parents.
  • Above Rs.4.00 lakhs and upto Rs.7.50 lakhs – Co-obligation of parents together with collateral in the form of a satisfactory third party guarantee.
  • Above Rs.7.50 lakhs – Co-obligation of parents together with tangible collateral security of suitable value along with the assignment of future income of the student for payment of installments.

Salient Features

• To meet the cost of education covering fee payable to college/school/hostel, exam fees, purchase of books/equipments, travel expenses/passage money for studies abroad, purchase of computers essential for completion of the course etc.

Other Requirements/Details

• Application has to be applied online at www.vidyalakshmi.co.in mandatory.
• Holiday Period : Course period plus 1 year
• Course of study in India: Diploma/Graduation/Post graduation courses in various disciplines in reputed institutes accredited to the Department of Electronics.
• Course of study abroad: Job-oriented professional/technical courses offered by reputed universities, MCA, MBA, MS etc. Courses conducted by CIMA – London, CPA in USA etc.
• Click here for the checklist of documents required.
• Interest Subsidy is available, subject to scheme guidelines.