Vijaya Bank Education Loan to Study Abroad

Founded in 1931, Vijaya Bank is now a fully owned subsidiary of Bank of Baroda. On April 01, 2019, Vijaya Bank was merged into the Bank of Baroda. Vijaya Bank education loan to study abroad also ceased to exist and students can now apply for Bank of Baroda education loan to fund their abroad studies.

To know more about Vijaya Bank education loan details, students can read about the Bank of Baroda Scholar scheme that provides education loans to students who want to study overseas.

Let's explore the features and details of the current abroad education loan product...

Features of Vijaya Bank Education Loan

Margin Money on the Vijaya Bank Education Loan

Vijaya Bank margin money for listed universities is zero. For unlisted universities, margin money up to Rs.4 lakh is zero, whereas, for amounts above Rs.4 lakh, the margin money is 10%.

Read More About: Education Loan Without Collateral for Abroad Studies

How Much Loan Can Be Taken From the Vijaya Bank Education Loan to Study Abroad?

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.

What is the Moratorium Period in the Vijaya Bank Study Loan?

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.

What are the Documents Required for a Vijaya Bank Education Loan?

Vijaya bank education loan procedure has set guidelines when it comes to documentation and paperwork. For a loan amount above INR 7.5 Lakhs, Vijaya Bank only offers a loan with collateral.

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

At What Locations in India Can a Student Avail of a Vijaya Bank Education Loan?

An education loan from Vijaya Bank can be taken from any branch closest to your place of residence. 

How can GyanDhan Help You With Your Abroad Education Loan?

GyanDhan, India’s first education loan financing marketplace, helps students get the best education loan product for foreign education from government- SBI and private banks- ICICI Bank as well as NBFCs- HDFC Credila. Check your loan eligibility now and get an abroad education loan at the lowest interest rate and faster approval. You can also contact us for more Vijaya bank education loan details.

Documents Required for Vijaya Bank Education Loan

Applicants' documents:

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  Identity Proof Documents: PAN/ Passport/ Driver’s License/ Voter ID card or government-issued identification document.
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  Address proof: Aadhar Card, Utility Bill (electricity bill, water bill etc.)
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  Passport (in case of study abroad).
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  Previous academic records
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  10th and 12th mark sheet
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  Undergraduate score (semester-wise)
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  Entrance Exam Result (e.g. GMAT, GRE, TOEFL, etc. for abroad study)
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  Admission letter.
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  Brief statement of expenses
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  Two latest passport-size photographs
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  Loan A/C statement of one year (if applicable)

Co-applicant’s documents:

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  Identity Proof Documents: PAN/ Passport/ Driver’s License/ Voter ID card or government-issued identification document.
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  Address proof: Aadhar Card, Utility Bill (electricity bill, water bill etc.)
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  Legal documents of collateral or property
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  Income proof

  • 
    Salary slips for salaried employees (last 3 months)
  • 
    Last 2 years Form 16
  • 
    Last 2 years IT return (for self-employed)
  • 
    TDS certificate (Form 16A, if applicable)
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  Assets and liabilities statement
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  Two latest passport-size photographs
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  Loan A/C statement of one year (if applicable)
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  Qualification certificate in case of professional like C.A., doctor and other professional
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  Bank statement (last 6 months)

Vijaya Bank Education Loan Interest Rate

Education loan interest rate Vijaya Bank attracts an interest rate of 9.70% - 11.15% (Floating). However, an additional concession of 0.20% is given to female applicants of non-premier institutes.

Types of Vijaya Bank Education Loan

Vijaya Bank Education Loan Apply Online

This bank has been merged with Bank of Baroda, and now all education loans are sanctioned by Bank of Baroda only. You can apply for loan through Bank of Baroda’s website or you can contact GyanDhan, wherein we have a streamlined process from application to approval in an expedited manner. Contact us more information.

Vijaya Bank Student Loan Repayment

Vijaya Bank student loan can be repaid by the following methods:

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  Standing Instruction: You can issue an SI wherein the bank will automatically deduct the EMI. However, this method is for existing Vijaya Bank account holders only.
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  Electronic Clearance: For non-Vijaya Bank account holders. 
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  Post Dated Cheques