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Get details of Karur Vysya Bank education loan for studies in India & abroad. Know the interest rate, eligibility criteria, margin money, repayment tenure, and more.
Getting an education loan for abroad studies can be a tough chase if you are not well aware of the options available. Many government banks - SBI & BOB, private banks- ICICI Bank & Axis Bank, and NBFCs - HDFC Credila in India offer loans for overseas education. One of such popular government banks offering loans for foreign education is the KVB, or Karur Vysya Bank.
Founded in 1916 by Athi Krishna Chettiar & M. A. Venkatarama Chettiar, Karur Vysya Bank is one of the leading public-sector banks in India.
The bank is headquartered in Karur, Tamil Nadu, attracting many students residing in the same region for education loans. Karur Vysya Bank education loans include expenses such as college fees, hostel fees, books, equipment fees, travel money, etc., for overseas education. It also takes into consideration the building fund deposits, caution deposits, and all the refundable deposits.
In this blog, we will study all the features and benefits of the Karur Vysya Bank student education loan. So, let's plunge in…
Feature | Description |
---|---|
Maximum Loan Amount |
|
Loan Tenure |
15 years |
Moratorium Period |
Course period + 1 year or 6 months |
Interest Rate |
12.05% to 14.55% p.a. |
Vidya Lakshmi Portal Handling Charges |
INR 110/- + GST Check more at the Vidya Lakshmi Portal. |
Margin Money |
|
Processing Fees |
Nil |
When considering an education loan from Karur Vysya Bank, it's essential to understand the specific eligibility criteria that applicants must meet to secure financial assistance for their educational pursuits.
Karur Vysya Bank offers education loans with interest rates ranging from 12.05% to 14.55%. No foreclosure or pre-payment penalties apply to retail term loans under floating rates. Borrowers can switch from floating to fixed rates by contacting their branch.
During the loan tenure, borrowers with floating rates can adjust EMI, extend the loan term, or prepay partially or fully. The bank allows switching loan terms based on the loan duration:
Switching is allowed once every two years.
The minimum margin requirement for Karur Vysya Bank education loans is as follows:
The documents supplied in accordance with the KVB student loan schemes prove education loan eligibility in KVB bank. Below is a list of needed documents to begin the loan application process at KVB Bank:
Section 1: Form of application:
Section 2: Basic documentation of the applicant/co-applicant and/or guarantor:
Personal asset and liability statement confirmed by bank staff. All documents must be self-attested.
Section 3: Academic documents submitted by the applicant:
Section 4: Co-applicant income documentation:
If Salaried:
For Self-employed:
Section 5: Additional Documents:
Section 6: Additional documents (if any):
Section 7: Supplementary documentation (Optional):
There are two ways to apply for an education loan from Karur Vysya Bank:
Offline: Submit all the required documentation to your nearest branch. Request the application form and, after carefully filling it out, submit it to the appropriate official together with the required papers.
Online: Follow the instructions below to apply online:
Step 1: Go to Karur Vysya Bank's official website.
Step 2: Click on 'Menu'.
Step 3: Select 'Loans' from the dropdown menu.
Step 4: Go to the 'Education Loans' tab.
Step 5: On the loan page, click 'Read More' under the loan for which you want to apply.
Step 6: On that screen, click the 'Apply Online' button.
Step 7: After reading the terms and conditions, click 'Accept' on the pop-up screen.
Step 8: You will be led to the Vidya Lakshmi website to complete your loan application.
Obtaining education loan insurance is required when applying for a loan from Karur Vysya Bank. Education loan insurance typically costs 1-2% of the loan amount. Purchasing loan insurance protects the co-applicant in the event that something goes wrong with the student, causing them to be unable to repay the education loan.
The repayment period for education loans in Karur Vysya Bank is normally 10 years, however, it can be extended to 15 years based on the student's loan profile.
If you choose, you can repay the education loan earlier than the specified repayment period by applying the following strategies:
The Ministry of Minority Affairs created the project to assist EWS members of identified minority groups who desire to pursue higher education in other countries.
Eligibility for the Padho Pardesh Scheme:
Note: The government of India has ended the Padho Pardesh Scheme on April 1, 2022, however existing beneficiaries will continue to receive benefits.
The Ministry of Social Justice and Empowerment created a program to grant refunds on interest payable during the moratorium period of an education loan for students from the EBC and OBC segments of society. This program is only open to qualified students who want to study abroad.
Eligibility for the Dr. Ambedkar Interest Subvention Program for EBC and OBC students:
The MHRD, now known as the Ministry of Education, established the initiative to grant interest waivers on student loans obtained by individuals from the EWS segment of society.
Eligibility Criteria for CSIS:
Benefit: Qualifying students who borrowed money to study in India during the moratorium period are excused from paying interest on their loans as part of the initiative.
Yes, Karur Vysya Bank offers education loans for undergraduate courses, diploma courses, and postgraduate courses which give professional and technical degrees in India or abroad.
In search of an education loan to study abroad? Get in touch with GyanDhan and avail of overseas education loans from top government banks, private-sector banks, and NBFCs. What’s more! Our loan assistance service is free of cost. We have partnered with popular financial lenders in India to provide the best deals on foreign education loans. For both secured and unsecured abroad education loans, you can check your loan eligibility and get a callback from us.
Karur Vysya Bank (KVB) education loans cover a wide range of eligible degrees and courses, including:
Additionally, degree/diploma courses like PG certificates, MBBS, UG diplomas, pilot training, aeronautics, and shipping are also eligible, but these require co-applicants with a strong income profile.
Students can apply for a Karur Vysya Bank education loan at any branch in or near his/her place of residence.
KVB is to be congratulated for its standing as one of the leading Banks in the private sector.
Karur Vysya Bank is a private Indian bank based in Karur, Tamil Nadu.
The processing fee for a Karur Vysya Bank education loan varies depending on the loan amount and specific terms. Generally, the processing fee is nominal and is typically a small percentage of the loan amount. It's advisable to check with the nearest KVB branch or the official website for the exact fee applicable to your loan application.
The repayment period for a Karur Vysya Bank education loan typically ranges from 5 to 15 years. The repayment usually begins 6 to 12 months after course completion or 6 months after securing a job, whichever is earlier. The exact tenure can vary based on the loan amount and the borrower's agreement with the bank.
A student can avail of a Karur Vysya Bank education loan at any of the KVB branches located across India. KVB has an extensive branch network in both urban and rural areas, making it accessible for students nationwide. For specific branch locations, you can visit the KVB website or contact their customer service.
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