Corp Vidya - Corporation Bank Education Loan Scheme

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Corporation bank Education Loan Scheme named Corp Vidya is provided to meet the expenses related to pursuing studies in India and Abroad.

Eligibility :

Student should be an Indian National.
Should have completed previous qualifying examination
Should have secured at least 60% marks [ 55% for student belonging to SC/ST category ] in the previous qualifying examination.
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 Details

Quantum

Studies in India - Maximum upto Rs.10 lakhs
Studies Abroad - Maximum upto Rs.20 lakhs

Margin

Loan upto 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 deceased). No other security.
Above Rs.7.50 Lakh : Co- obligation of Parents/ Grand Parent/s ( if parents are deceased) together with tangible 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 obligant can be either spouse, or the parents or parents -in-law.

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.from : 04.03.2009.

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

For interest rate check out this link, Corporation Bank Interest Rate

For Processing Charges - Click Here

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

Contact Details
Corporate Office - Corporation Bank
Mangladevi Temple Road, Pandeshwar, Mangalore-575001
Phone : 91 - 824 - 2426416 to 420
Fax : 91 - 824 - 2440964
E-mail : Contact Now
Website : visit
Corporation bank Zonal Offices

Click here for the nearest bank branches

Note : Since the rules, regulations, eligibility conditions, repayments and interests rates etc. are revised by the banks from time to time in keeping pace with the changing capital market conditions, students and parents are advised to thoroughly check the terms and conditions of educational loan scheme on offer at the time of application.

Tags

Corporation Bank Loans , Study Abroad Loan

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