Can you provide me the details of the Corp Vidya Scheme [Education Loan] offered by Corporation Bank for its customers as I want to check the details before applying for it?

Corp Vidya Scheme [Education Loan] offered by Corporation Bank is to meet expenditures related to pursuing studies in India and abroad.


Eligibility

One should be an Indian national.

One should have passed previous qualifying exam.

One should have secured at least 60% marks [55% for one belonging to SC/ST category ] in the previous qualifying exam.

One should have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance test / Merit based selection process/through Management quota after completion of HSC [10+2 or equivalent]


Loan Amount

Study in India – up to Rs.10 lakhs
Study Abroad- up to Rs. 20 lakhs


Margin

Loan up to Rs. 4 lakhs : Nil
Loan above Rs.4 lakhs:
Studies in India: 5% ,
Studies Abroad: 15%


Security

Upto Rs.7.50 Lakh :
Co-obligation of Parent/s, Grand Parent/s (if parents are dead)
No other security

Above Rs.7.50 Lakh :
Co- obligation of Parents/ Grand Parent/s (if parents are deceased) together with concrete collateral security along with the assignment of future income of the student for payment of instalments

Loan shall be fully secured after maintaining prescribed margin on respective securities offered.

In case of married person, co obligate can be either spouse, or the parents or parents -in-law.


Prepayment Charges
-NIL-


Repayment
Uniform repayment tenor of 15 years irrespective of loan amount.
The repayment tenor is after completion of moratorium/Initial Repayment Holiday
Initial Repayment Holiday/Moratorium is Course Period + 1 year


Rate of Interest

Floating Rate of Interest is linked to MCLR and subject to annual reset

Simple interest will be charged during repayment holiday period

Concession in rate of interest at 25 bps below the applicable card rate is extended to SC/ST/Women beneficiaries for fresh loans sanctioned/ disbursed on or after 15.08.2008.

Concession in rate of interest at 50 bps (inclusive of 25 bps available for SC/ST/Women) below the applicable card rate for girl students for new loans sanctioned/ disbursed w.e.f. 04.03.2009

Interest concession of 0.50% is extended to Physically Challenged students for loans initially disbursed on or after 20.09.2010


Rate of Interest