Karnataka Bank Ltd offers several kinds of personalized services and customized products to its customers. Among the various kinds of loans available with this bank, Vidyanidhi Education Loan Scheme is a well-sought one. Karnataka Bank Education Loans are offered to deserving students who want to pursue higher studies in India or abroad.
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| Vidyanidhi Education Loan Scheme is applicable for studying various kinds of courses |
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You will be considered eligible for the loan if you study graduate, postgraduate or doctoral program in India. |
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An applicant can also study diploma program in engineering or professional course in Engineering, Law, Hotel Management, Dental Science, Pharmacy, Agriculture, Management, Medicine, Physiotherapy, CFA, CA or ICWA in India. |
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Academic programs by recognized foreign universities, recognized national bodies or reputed institutes like IIM, XLRI, and others in India will also be considered for loan. |
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Even other diploma or degree programs certified by UGC, AICTE, ICMR, AIBMS or Government in India are considered eligible for the loan. |
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If you study employment-oriented graduate program or post graduate program like MS, MBA and MCA or other courses of CPA in the US or CIMA-London abroad, you can apply for the loan. |
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Purpose |
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(Loan is made available for Graduation/Post graduation/Diploma/Computer education in any recognized State/Central Government/University, professional courses including Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, courses like ICWA, CA, CFA, etc., courses conducted by IIM, IISC, XLRI, NIFT etc, courses offered in India by reputed foreign universities/Evening courses of approved institutes, 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. Incase the course is pursued abroad, the institute should be recognized by the competent local aviation/ shipping authority.
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| Eligibility of Candidate |
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A student needs to be an Indian national to apply for Karnataka Bank Student Loan. |
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He should get admission to a professional, technical or other kind of program either in India or abroad |
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The applicant needs to be an adult or a minor student represented by his guardian or parent. |
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| Amount of Loan & Margin |
| You can apply for a maximum loan amount of Rs 7.5 lacs for studying in India. For studying abroad, you can apply for a maximum amount of Rs 15 lacs. If you take a loan of above Rs 2 lacs, there is a margin of 25%. |
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| Expenses taken into Account |
| Karnataka Bank Student Loan covers several kinds of expenses related to an academic program. Tuition fee, cost of books and other study materials, travel expenses and lodging expense and several other costs are included in the loan. Even fees for exam, library and laboratory as well as caution deposit, refundable deposit and building fund are covered by loan. All other expenses, which are essential for completing the course, are taken into account. |
| Repayment and Security |
| You can repay the loan in 5 to 7 years after repayment is begun.
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Apart from the parent or guardian jointly taking the loan, there should be a guarantor having networth equal to the loan value for borrowing a loan upto Rs 2 lacs.
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If the loan amount exceeds Rs 2 lacs, a parent or guardian should jointly take the loan and a collateral security equal to the loan amount should be submitted.
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