Education Loan

Vijaya Bank Education Loan to Study Abroad

Vijaya Bank Education Loan to Study Abroad

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Read about Vijaya Bank education loan for studies in India & abroad. Know the interest rate, eligibility criteria, margin money, repayment tenure, and more.

GyanDhan

Rahul Srivastava

Updated on: 11 Sep 2023
 

Founded in 1931, Vijaya Bank is now a fully owned subsidiary of Bank of Baroda. On April 01, 2019, Vijaya Bank was merged into the Bank of Baroda. Vijaya Bank education loan to study abroad also ceased to exist and students can now apply for Bank of Baroda education loan to fund their abroad studies.


 To know about Vijaya Bank study loans, students can read about the Bank of Baroda Scholar scheme that provides education loans to students who want to study overseas.
Let's explore the features and details of the current abroad education loan product...

Check Your Education Loan Eligibility

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What is Vijaya Bank education loan interest rate? 

The interest rate of Vijaya Bank abroad education loan is:

  • list items Listed Universities - 8.25% for boys, 7.75% for girls,
  • list items Unlisted Universities - 8.9% for boys, 8.4% for girls. Interest rates are linked to MCLR.

Vijaya Bank Education Loan Details

Loan Tenure

Up to Rs.7.5 lakh: Moratorium period + 10 years
Above Rs.7.5 lakh: Moratorium period + 15 years

Interest Rate

Listed Universities: 8.25% for boys, 7.75% for girls,
Unlisted Universities: 8.9% for boys, 8.4% for girls. Interest rates are linked to MCLR.

Moratorium Period

6 months after the course completion

Margin Money

Listed Universities: NIL
Unlisted Universities: Up to Rs.4 lakh - NIL, Above Rs.4 lakh - 10%

Processing Fees

 Rs.10,000 + GST (Rs.10,000 refundable); Additional property valuation charge of Rs. 7,500, in case of Real Estate collateral 

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What is the margin money on the Vijaya Bank education loan?

Vijaya Bank margin money for listed universities is nil. For unlisted universities, margin money up to Rs.4 lakh is nil whereas, for amounts above Rs.4 lakh, the margin money is 10%. 

Read More About: Education Loan Without Collateral for Abroad Studies

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How much loan can be taken from the Vijaya Bank education loan to study abroad?

The maximum loan amount that can be taken from Vijaya bank to study in any of the premium institutes is INR 80 lakhs. To study in any other university or college, the maximum loan amount that can be taken as a Vijaya Bank study loan for overseas is INR 60 lakhs.

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What is the moratorium period in the Vijaya Bank study loan?

The Vijaya Bank moratorium period is up to 6 months after the program gets completed. Maximum loan tenure for Vijaya Bank abroad education loan can be up to 15 years for loan amount exceeding INR 7.5 lakhs.

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What are the documents required for a Vijaya Bank education loan?

For a loan amount above INR 7.5 Lakhs, Vijaya Bank only offers a loan with collateral. The documents required are:

Read more about: Types of Collateral Security Acceptable for an Education Loan

Check Your Education Loan Eligibility

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At what locations in India can a student avail of a Vijaya Bank education loan?

An education loan from Vijaya Bank can be taken from any branch closest to your place of residence. 

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How can GyanDhan help you with your abroad education loan?

GyanDhan, India’s first education loan financing marketplace, helps students get the best education loan product for foreign education from government- SBI and private banks- ICICI Bank as well as NBFCs- HDFC Credila. Check your loan eligibility now and get an abroad education loan at the lowest interest rate and faster approval.