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Lakshmi Vilas Bank Education Loan Scheme

Eligibility :

Purpose
To meet the expenses connected with the pursuit of higher secondary education, specific courses of study at recognized institutions, including professional/job-oriented courses, which offer reasonable opportunity for employment & loan repayment capacity on successful completion.

Loan Details

Quantum

For Studies in India : Maximum of Rs .10.00 Lacs
For Studies Abroad: Maximum of Rs.20.00 Lacs.

Margin

For loans up to Rs.4.0 lacs - No minimum stipulated
For loans above Rs. 4 lacs
- Studies in India : Minimum -5%
- Studies abroad : Minimum -15%

Security

For loans up to Rs.4.00 lacs : No security.
For loans above Rs.4.00 lacs : Collateral security of value equal to 100% of the loan amount or personal guarantee of third person known to the Bank whose net worth is at least equal to 200% of the loan amount or a combination of both

Rate of Interest

For loans up to Rs.4.00 lacs: At BPLR (PER: 14.75% p.a.)
For loans above Rs.4.00 lacs: BPLR+1.00% (PER: 15.75% p.a.)

Repayment

To be repaid within a maximum period of 84 months, with a holiday period of course period + 1 year or 6 months after employment whichever is earlier.

Contact Details

Administrative Office
Lakshmi Vilas Bank,
Salem Road, Karur - 639006 Tamil Nadu
Phone : (04324) 220051, 220052, 220053,
220054, 220055, 220056, 220057, 220058, 220059, 220060
Fax : 04324-220068, 220069
Toll Free : 1800-425-2233
E-mail : Contact Now
Website : visit

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.