Complaint Net Banking

Education Loan

The Vallabh Vidyanagar Commercial Co-Op Bank LTD   →  Education Loan

Education Loan

Name : The Loan is termed as “VVCC-SCHOLAR” Loan
Purpose : The Loan shall be granted to Indian Citizens, age above 18 years, who have completed studies up to 10+ 2 or above, and want to pursue higher studies.
Eligibility : The Loan will have to be jointly applied by the Student and either of the Parents.
Limit : Up to Rs. 25,00,000/- for studies In India
Up to Rs. 25,00,000/- for studies Abroad
Rate of Interest : 09.10 % for Female Student (WEF 01-04-2023)
09.40 % for Male Student (WEF 01-04-2023)
Tenure of Loan : Up to 120 months (Includes moratorium period) from date of sanction – as may be decided by Bank.
Security : Up to Rs. 1 Lac – NIL (Two Guarantors required) Above Rs. 1 Lac – Mortgage of property or any other tangible security in the form of LIC Policy /NSC /KVP /Gold Ornaments etc. + One Guarantor

  1. Principal/Collateral Security must be covered by insurance.
Requirements :
  1. Applicants will provide a margin of 15% of the Loan amount sanctioned. However, any relaxation will be at the discretions of the Bank.
  2. Within moratorium period of the loan, regular servicing of monthly interestshould be ensured by the borrowers.
  3. Penal interest @2% extra will be charged in case of irregular A/cs.
  4. Applicants and guarantor/s shall have to become share holder of the bank.
  5. Applicants should submit list of estimated expenses including Tuition fees,Hostel fees (if any) Examination Fees, cost of Computer, Books, Stationery andother expenses – to arrive at required loan amount
  6. Applicants should furnish proof of admission from concerned Institute/College/University – at the time of application.
  7. During course of studies, the applicant should keep the bank informed about progress in studies by giving copies of Mark sheet and bona-fide Certificatefrom Institute /College /University every year

Share Linking @1.50% of Loan amount will have to be held by
Moratorium : Moratorium period will be Course period + 6 months OR up to getting job, whichever is earlier. Then after, repayment of loan will commence
Important : The Bank may change any of above rules in terms of Board resolution and RBI guidelines received from time to time.
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