Vitjnan Pradhan Scheme (VPS)

Eligibility :

Student

Students desirous of pursuing professional courses in India and abroad.

Loan Details

Coverage of Expenses

Fees
Caution deposits and refundable deposits
Cost of study books / equipments
Cost of uniform
Hostel Boarding and lodging
One time premium of life insurance policy of ICICI-Prudential without maturity return covering the entire period of loan with sum assured equal to the loan amount.

Borrower

Borrower shall be the student him/herself if he/she is major (completed 18 years). In the case of minor students, parents shall be the borrowers.

Margin

Up to Rs. 4 Lacs : NIL
Above Rs.4Lacs - Studies in India - 15%
- Studies abroad - 25%

Security

Upto Rs 4 lacs - Guarantee of parents. No security required
Above Rs.4 lacs -Guarantee of parents together with collateral security

Rate of Interest

Fixed at BPLR +TP - 2.50% ( floor 12.00%)

Repayment

Repayment period will start from 1 year after qualifying exam or six months after obtaining employment, whichever is earlier. For overseas studies, the holiday is restricted to 6 months fixed after the qualifying examination.

Loan should be repaid in 60 equal monthly installments after the holiday/moratorium as above.

Contact Details

Head Office
South Indian Bank Ltd.
T.B Road, Mission Quarters, Thrissur 680 001, Kerala, India
Phone : +91-487-2420020, 2420058, 2420113
E-mail : Contact Now
Website : visit
South Indian Bank Ltd. Regional 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.