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Education Bank Loan in India : Karnataka Bank


Karnataka Bank Ltd offers the various kinds of loans available with this bank, Vidyanidhi Education Loan Scheme. Karnataka Bank Education Loans are offered to deserving students who want to pursue higher studies in India or Abroad.

Eligibility


Student:

  • Any major or minor student represented by their parents or guardians should have nationality Indian.
  • Student must take secured admission to technical, professional courses through entrance exam and merit based admission process.

Courses:

  • Studies in the India:
    • Graduation Courses like B. Sc, B. Com, B.A., B.B.M, B.C.A etc
    • Post Graduation courses such as M. Sc, M.Com, M.A, M.C.M etc and the Ph.D
    • Engineering Diploma
    • Engineering, Agriculture, Medical, Veterinary, Dental, Hotel Management, Law, Management, Pharmacy, Computer, Physiotherapy, CFA, CA, ICWA.
    • All the courses performed by IIT, IIM, NIFT, XLRI
    • Courses conducted in India which are offered by standard foreign universities
    • Evening Courses of universities
    • Some other courses conducted by universities, colleges, government, AIBMS, AICTE, ICMR etc
    • The courses conducted by national institutes and other standard private institutes.
  • Studies in Abroad:
    • Graduation in only job oriented courses which are conducted by standard universities.
    • Post Graduation Courses such as MCA, MS, MBA, etc
    • Courses conducted by CPA in USA and CIMAA in London


Details of Loan


Exposure of expenses:

  • Tuition, Hostel Fees, and the boarding and lodging fees if student reside outside the hotel.
  • Library, Laboratory or the examination fees
  • Purchase of equipments, books, uniform and the study material.
  • Building funds, caution deposit, refundable deposits
  • Passage money or travel expenses required for studies in abroad.
  • Buy the computers needed for completion of the course.
  • Other expenses needed for completion of course such as project, thesis or the expenses for study tour.

Quantum:

  • The maximum amount is Rs. 7.5 lakh for those studies in the India
  • The maximum amount is Rs. 15 lakh for those studies in abroad.

Margin:

  • No margin up to Rs. 2 lakh
  • The margin is 25 percent on amount greater than Rs. 2 lakh in India as well as in abroad.
Assistantship or the scholarship is also part of the margin.

Security:

  • Loan should be given jointly with the parents up to Rs. 2.0 lakh. In addition with the parents, guarantor with net worth is same or greater than amount of loan can also join the transaction.
  • For loans greater than Rs. 2.0 lakh, loan given jointly with the parents and collateral security is also required but this is equal to 100 percent of the loan.


Disbursement


After beginning of the repayment, loan shall repay in 5 - 7 years. During the gestation period, if student secures the employment then repayment plan is advanced quickly.

If the student unable to complete course during particular period then he/she can gets extra time of 2 years.

Loan Holiday:

Duration of the repayment is after six month after getting job or one year after completion of course, whichever is earlier. At the time of repayment of loan, simple charges will be applied. Compounded interests will be applied after loan holyday on monthly rest. For the loan greater than Rs.2.0 lakh, penal interest is 2 percent for overdue period and amount.


Details & Contact


Corporate Office
Mahaveera Circle Kankanady,
Mangalore 002
Phone - (0824) 2228222
Fax - (0824) 2228284
Website - http://www.karnatakabank.com



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