Corporation Bank Education Loan

Corporation Bank is offering education loan for the students in india under the scheme Corp Vidya with minimal documentation in a speedy process.

The indian nation students can avail education loan from Corporation Bank for studying both in india and abraod. The interest rates and other charges of the Corporation Bank education loan is very less.

Eligibility

• Student should be an Indian national.
• Should have completed previous qualifying examination.
• Secured admission to Professional/ Technical courses in India or abroad through Entrance test / Merit based selection process/ Management quota.
• Person already in gainful employment not eligible for loan under the scheme except for pursuing evening course covered under the scheme of approved Institute.
• If a gainfully employed person wants to pursue full time education either on study leave or by resigning from present employment, such proposals may be considered provided the applicant submits the proof in this regard to the sanctioning authority before disbursement of loan.

Eligible Courses

For Studies in India:

• Graduation course: BA., B.Com, B.Sc. etc.
• Post Graduation course: Masters & Ph.D.
• Professional courses: Engineering, Medical, Agricultural, Veterinary Law, Dental, Management, Computer etc.
• Courses like ICWA, CA, CFA,etc..
• Courses conducted by IIM, IIT, IISc, XLRI, NIFT, etc.
• Regular Degree/Diploma courses like Aeronautical Pilot training, Shipping etc., approved by director General of Civil Aviation/ Shipping , if the course is pursued in India.
• In case the course is pursued abroad, the institute should be recognized by the competent local Aviation/ Shipping Authority of that country.
• Courses offered in India by reputed foreign universities.
• Evening courses of approved institutes.
• Teachers training course/Nursing/B.Ed courses provided the training institutions are approved either by Central Govt or by State Govt and such courses are leading to Degree or Diploma and not to Certificate course.
• Other courses leading to Diploma/Degree etc, conducted by Colleges/ Universities approved by UGC/Govt./AICTE/AIBMS/ICMR etc.
• Courses offered by National Institutes and other reputed private institutions.
• Vocational training and skill development study courses are not be covered.

For Studies abroad:

• Graduation: For job oriented Professional/Technical courses offered by reputed universities & Commercial Pilot / Shipping training course.
• Post Graduation: MCA, MBA, MS etc. Course conducted by CIMA- London,CPA in USA etc.

Eligible Expenses

1. Fee payable to College/School/Hostel /Examination/ Library/ Laboratory/ Purchase of Books/ Equipments/ Instruments/ Uniforms/ Caution Deposit/ Travel expenses/Passage money for studies abroad.
2. Purchase of computer if essential for completion of course. Confirmation/ recommendation letter from the College/Institution need not be insisted. However, the Branch should consider computer as a part of cost of study, based on the merits of each case.
3. Hostel fees/expenses considered as an eligible item for finance under the Scheme. Payment of hostel fees will be made directly to the hostel authorities.
4. In exceptional cases if the student does not get the hostel accommodation due to limited hostel rooms and is required to stay in private accommodation or paying guest accommodation, reasonable amount of lodging and boarding expenses will be considered.
5. Payment towards accommodation and food will be made directly to the student subject to the condition that the student should declare about the non-availability of accommodation in college hostel supported by a letter from college to this effect and that the student should not be a resident of that place.
6. Other expenses required to complete the course – like study tours, project work, thesis etc.
7. Insurance premium for life of student borrower.
8. Building fund/refundable deposit supported by institution bills/ receipts are Not eligible.

Quantum of Loan

• Studies in India – Maximum upto Rs. 10 lakh
• Studies Abroad – Maximum upto Rs. 20 lakh

Security

• Up to Rs. 4.00 Lakh : Co-obligation of Parent/s, Grand Parent/s ( if parents are deceased). No other security.
• Above Rs. 4.00 Lakh & up to Rs. 7.50 Lakh : Co obligation of Parent/s Grand Parent/s (if parents are deceased) together with collateral in the form of suitable third party guarantee.
• Above Rs. 7.50 Lakh : Co-obligation of Parents/Grand Parents ( if Parents are deceased) together with tangible collateral security along with the assignment of future income of the student for payment of instalments. The loan to be fully secured after maintaining prescribed margin on respective securities.
• In case of married person, co obligant can be either spouse, or the parents or parents -in-law.

Repayment

• The loan to be repaid within a period of 7-10 years after completion of repayment holiday.
• Repayment holiday is course period + 1 year OR 6 months after getting the job whichever is earlier.