One of the earliest banks in South India, "South Indian Bank" came into being during the Swadeshi movement. The establishment of the bank was the fulfillment of the dreams of a group of enterprising men who joined together at Thrissur, a major town (now known as the Cultural Capital of Kerala), in the erstwhile State of Cochin to provide for the people a safe, efficient and service oriented repository of savings of the community on one hand and to free the business community from the clutches of greedy money lenders on the other by providing need based credit at reasonable rates of interest.
Translating the vision of the founding fathers as its corporate mission, the bank has during its long sojourn been able to project itself as a vibrant, fast growing, service oriented and trend setting financial intermediary.
Name of the Scheme:
VITJNAN PRADHAN SCHEME (VPS)
Target Group:
Students desirous of pursuing professional courses in India and abroad.
Courses eligible & amount of loan:
Various courses For details please contact the branch.
Purpose of finance:
Fee payable to college/school/ hostel.
Examination/ Library/ Laboratory fee.
Purchase of books/equipments/ instruments/ uniforms.
Caution deposit, Building fund/refundable deposit supported by Institution bills/receipts, subject to the condition that the amount does not exceed 10% of the total tuition fees for the entire course.
Travel expenses/ passage money for studies abroad.
Purchase of computers -essential for completion of the course.
Insurance premium for student borrower, if applicable
Any other expense required to complete the course - like study tours, project work,thesis, etc.
maximum expenses under these three heads put together, should not exceed 20 % of total tuition fees payable for completion of the course)
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.
Minimum Margin:
Up to Rs. 4 Lacs:
NIL
Above Rs.4Lacs:
Studies in India:
5%
Overseas studies:
15%
Security:
Upto Rs 4 lacs:
Parents to be joint borrowers. No security required .
Above Rs.4 lacs and upto Rs.7.50 Lacs:
Parents to be joint borrowers together with collateral security the form of suitable third party guarantee
Above Rs.7.50 Lacs:
Parents to be joint borrowers together with collateral security. In addition, assignment of future income of the student for payment of instalments may be insisted.
Period of loan / Repayments:
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.
Repayment of the loan should be in Equated Monthly Instalments as:
For loan upto and including Rs.7.50 Lacs:
Upto 10 years.
For loans above Rs.7.50 Lacs:
Upto 15 years
Rate of Interest:
Click here to view the latest Rate of Interest
The scheme details are furnished in brief only. For more details please contact any of the branches.
Penal interest:
@2% to be charged for loans above Rs.2 lacs for the overdue amount and overdue period.
Processing/ upfront charges:
NIL
Education Loan Application Can Be Downloaded From The Documents Below
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