Name of the scheme: Vidya Vardhini Scheme

Purpose: Pursuit of studies In India and abroad

Approved Courses:Graduate and post-graduate courses in engineering, computer technology, medicine etc. All vocational courses/job oriented diploma courses, recognized by govt. and universities. Similar courses pursued in universities abroad. Full time post graduate research in any of the aforesaid subjects.

A loan product specially designed for students pursuing Graduation, Post - Graduation, Professional & Other courses in India

Eligibility

The candidate should be a citizen of India. For vocational training courses and job oriented course age of the individual should be between 15-28 years, and 18-30 in case of post graduate courses and/or studies abroad. The applicant should have a good academic record. For studies abroad, the candidate should have secured admission in a particular university after having appeared in the specific entrance examinations. The applicant should have secured a minimum of 50% marks in the major subject. In case of SC/ST candidates eligibility norms may be relaxed.

Amount of loan:

The loan could vary depending on the specific subject requirement. For studies abroad the maximum amount is Rs15 lakhs. For studies in India the amount is Rs 7.5 lakhs.

• Up to Rs.15 lakhs: @BOIBPLR presently 10.75%p.a.
• Simple interest during the repayment holiday/moratorium period.
• Penal interest @2% for loans above Rs.4 lakhs for the overdue amount and overdue period.
• Int. Concession of 0.50%p.a. for woman beneficiaries
• 1% int. concession if interest is serviced during moratorium period, where repayment holiday is specified for interest/repayment under the scheme (concession available for moratorium period

Repayment holiday/ Moratorium: Course period + 1 year or 6 months after Getting a job, whichever is earlier.

The loan is to be repaid in 5-7 years after commencement of repayment.