Vijaya Bank Education Loan to Study Abroad

The interest rate of Vijaya Bank abroad education loan is:

• 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.

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%. 

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.

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.

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

1. From Student
   • Identity Proof - PAN/ Passport/ Driver’s License/ Voter ID card.
   • Address - Recent copy of Telephone Bill/ Electricity Bill /Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card.
   • Passport Mandatory (in case of study abroad).
   • Past Academic Record.
   • 10th Result
   • 12th Result
   • Under Graduate Result Semester Wise (If required)
   • Entrance Exam Result (e.g. GMAT, GRE, TOEFL, etc. for abroad study)
   • Entrance Exam Result (e.g. CAT, CMAT, JEE, NEET, CET, GMAT, GRE, etc. for domestic institutes)
   • Proof of Admission - Admission Letter. Conditional admission letter is also applicable.
   • Statement of cost/expenses.
   • 2 passport-size photographs.
   • Loan A/C statement of one year, if there is any previous loan from other Banks/ Lenders.
2.  From Co-applicant
   • Identity Proof - PAN/ Passport/ Driver’s License/ Voter ID card.
   • Address - Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card.
   • 2 passport-size photographs.
   • If any previous loan from other Banks/ Lenders, then Loan A/C statement of one year.
   • Legal documents of the collateral/ Property documents
   • Income proofs
3. Collateral Documents Required
   • Registered sale deed
   • If the property is a built one, then approved plan/map
   • Link or chain documents, showcasing the ownership history of the property for the last 30 years
   • A latest property tax receipt
   • Occupancy proof

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