VIDYA TURANT EDUCATION LOAN
NATIONAL INSTITUTE OF BANK MANAGEMENT (NIBM) PUNE
(Exclusively for students of highly privileged Institutes in India)
(COLLATERAL FREE LOAN QUANTUM- Rs. 30 lakhs )
Students will be getting a Maximum Loan Quantum as per above with Zero Processing Charges &
Without any Collateral Security with Lowest Rate of Interest i.e. 6.85% linked to RLLR
Students who have paid their fees will also be reimbursed for the current year upon availing the loan
Detailed Scheme guidelines
1. Eligibility Student should be an Indian National.
Students should have cleared the previous qualifying exam and selected
through Entrance Test conducted by Competent Authorities
2. Purpose To assist the needy and meritorious students who are in need of education
loans who are pursuing their higher studies in reputed institutions
3. Expenses Fee payable to college/ school/ hostel
considered for Examination/ Library/ Laboratory fee
loan Travel expenses/ passage money for studies abroad
Insurance premium for student borrower, if applicable
Caution deposit, Building fund/refundable deposit supported by Institution
bills/receipts
Purchase of books/ equipment’s/ instruments/ uniforms, purchase of
computer at reasonable cost, if required for completion of the course
Any other expense required to complete the course - like study tours, project
work, thesis, etc.
Reasonable lodging and boarding charges will be considered in case the
student chooses / is required to opt for outside accommodation
4 Processing Fee NIL
5 Rate of Interest Linked to RLLR – present 6.85% per annum (Linked to RLLR)
[0.50% concession in rate of interest on the applicable rate of interest on education Loans for all
courses pursued by girl students.
0.50% Interest concession shall be allowed where full interest is serviced during the moratorium
period. This repayment is either by the student or on account of Interest Subvention by the
Government.
Concession in interest rate shall be allowed where interest is serviced during the repayment holiday
period/moratorium period only.
0.50% Concession to students who have opened Savings Bank account with us under Canara Aspire
scheme as per scheme guidelines. The Rate of Interest including all concessions shall not to fall
below the floor rate (i.e., RLLR – 1.15%)]
6 Margin As per extant guidelines under Vidya Turant Education Loan scheme – NIL
Scholarship/ assistantship to be included in margin
7 Repayment Uniform one year moratorium is available for repayment after completion of
course
Repayment of the loan is to be in EMI for a period of 15 years irrespective of
loan amount
8 Prepayment / No penalty will be levied for Prepayment / Part Payment of loan any time
Part Payment during the repayment period
9 CSIS scheme Education loans sanctioned under Vidya Turant can be covered under CSIS
scheme (Central Scheme of Interest Subsidy on Educational Loans), subject
to eligibility. (Income certificate issued by revenue authorities is
mandatory for subsidy claims.)
10 Loan Cover Life Mandatory life insurance cover of the student borrower under Vidya Suraksha
Insurance Yojana As per the request of the borrower, the insurance premium can be
included in the education loan project cost.
11 Documents Loan Application Form duly filled
Required Students Mark sheets /Certificates of SSC , HSC, Graduation etc
Present Address Proof of Student and Parents ( Adhaar Card, Ele Bill, Rent
Agreement , Hostel allotment letter , Passport )
Identity Proof ( Pan Card, Adhaar Card, Passport )
Parents Income Documents ( Form 16 / ITR / Salary Slips of last 6 months /
Agri Income- Agri land proof , Bank Account statement of 1 year)
Admission Confirmation / seat allotment letter
Schedule Expenses for the course from Institution
4 Passport Sized Photographs of Student and Parent
GAP CERTIFICATE if applicable
(Kindly mail all required documents to below mentioned Email ID)
12 Bank Account Applicants are required to open savings account with Canara Bank
mandatorily
13 Vidyalakshmi Education loan to be routed to Canara Bank through Vidyalakshmi portal of
Portal Government of India.
([Link]
[Link]
Co-borrower for the loan needs to sign on the loan documents within 3 months
from date of sanction of loan to avoid 1% extra interest.
For Any Queries Please contact:
Mr. Manish Kumar Roy – Mob:917433009514 Mr. Manoj Kumar Mali – Mob: 9099993729
Ms. Nandini Joshi – Mob:919505155201 Mr. Sandeep Kumar – Mob: 9693012172
Email ID: rahcopne@[Link], cb9312@[Link]