| VIDYA JOTHI SCHEME
Applying for the Vidya Jothi Scheme ?
Any student who satisfy the following eligibility criteria can apply.
Should be an Indian National
Should have secured admission to professional/technical courses or other academic courses
Should have secured admission to foreign University/Institution (in the case of overseas study)
Uses of the loan
One can avail the loan for their school education including
plus 2 stage/Graduation/Post graduation/Diploma/Computer
education in any recognised State/Central Government/University.
Professional courses including Engineering, Medical, Agriculture,
Veterinary, Law, Dental, Management, courses like ICWA,
CA, CFA, etc., courses conducted by IIM, IISC, XLRI, NIFT
etc. Courses offered in India by reputed foreign universities/Evening
courses of approved institutes.
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| Limit
Maximum of Rs. 7.50 lakh for studying in India and Rs.
15.00 lakh for studying abroad.
Rate
of Interest
Present Interest rate is as follows:
- Up to Rs. 4.00 lakh PLR (at the time of availing of
loan). Presently 11% (Flat).
- Above Rs. 4.00 lakh PLR+1% (at the time of availing
of loan). Presently 12% (Flat).
- The rate of Interest prevailing at the time of first
availment shall prevail throughout the repayment period.
- Interest to be debited quarterly/half yearly on simple
basis during the repayment holiday/moratorium period.
Loan Margin
For loans upto Rs. 4.00 lakh - Nil
For loans above Rs. 4.00 lakh
Studies within India 5%
For studies abroad 15%
Scholarship/assistantship to be included in margin.
Security
For loans upto Rs. 4.00 lakh - Nil
For loans above Rs. 4.00 lakh and up to Rs.7.50 lakh -
Satisfactory personal guarantee of a third pary
For loans above Rs.7.50 lakh
Collateral security
in the form of NSC/KVIP, LIC Policy, Gold, Shares/Debentures
or immovable properties Bank Deposits in the name of student/Parent/Guardian
or any other third party with suitable margin/co-obligation
of third party/parent/guardian along with assignment of
future income.
Holiday period
Students can pay back their loan 6 - 12 months after you
complete the course.
Repayment
Period
Students can repay the loan in equal monthly Instalments
for a maximum period of 5 - 7 years excluding holiday
period.
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