Vijaya Bank Education Loan Eligibility

Graduation, Post-graduation including technical / professional courses with employment potential conducted by colleges / Universities approved by UGC / Govt./AICTE/Department of Electronics / IMC, autonomous institutions like IIT,IIM etc. are the eligible courses in India and Job oriented, technical / professional courses- (graduation / post-graduation) are the eligible courses to study abroad in BOI Education Loan.

Need based finance is permitted within a maximum of Rs.7.50 lakhs for inland study and Rs.15 lakhs for study abroad.
Institutions offering courses should have approval of Central Govt. & State Govt./University affiliation/Autonomous Institutes/AICTE/DOEACC.

Eligible courses

Studies in India
Graduation, Post-graduation including regular technical and professional Degree/Diploma courses conducted by colleges/universities approved by UGC/ AICTE/IMC/Govt./AIBMS/ICMR. Etc.
IITs, IIMs, IISc Bangalore, ISB Hyderabad, BITS, AIIMS, NITs, IIFT Delhi, IMI Delhi, ISM Dhanbad, IRM Anand, SIBM Pune, XLRI Jamshedpur. Regular Degree/Diploma Courses like Aeronautical, pilot training, shipping etc. approved by Director General of Civil Aviation/Shipping. Courses like ICWA, CA, CFA etc.
Vijaya Bank Education Loan & Interest Rates

Amount up to & Inclusive of Rs.4.00 Lakhs 1 YEAR MCLR + 2.00% = 10.65%
Above Rs.4.00 Lakhs up to & inclusive of Rs.7.50 Lakhs 1 YEAR MCLR + 2.00% = 10.65%
Above Rs.7.50 lakhs 1 YEAR MCLR + 1.85% = 10.50%
Students admitted to Top Rated Institutions 1 YEAR MCLR + 0.80% = 9.45%

i). Concession of 0.50% in ROI for girl students for above mentioned schemes
ii). Int. concession of 0.50% for V-Gen Uth account holders for the last 5 years

Processing charges
No processing / upfront charges upto the loan amount of Rs10 lakhs.

Documents Required

  • Letter of admission
  • Filled in Loan Application Form
  • 2 passport size photographs
  • Statement of cost of study
  • PAN Card of the student and Parent/ Guardian
  • AADHAR Card of the student and Parent/ Guardian
  • Proof of identity (Driving Licence/Passport/Aadhar/ any photo identity)
  • Proof of residence (Driving Licence/Passport/Electricity bill/Telephone bill)
  • Student/Co-borrower/ guarantor's bank account statement for last 6 months
  • IT return/ IT assessment order, of previous 2 years of Parent/ Guardian/ other co-borrower (if IT Payee)
  • Brief statement of assets & liabilities of Parent/ Guardian/ other co-borrower
  • Proof of income (i.e. salary slips/ Form 16) Parent/ Guardian/ other co-borrower