Karur Vyas Bank Education Loan: Application, Eligibility, Interest Rate, Documents & Much More.

Karur Vyas Bank Education Loan
Karur Vyas Bank Education Loan

The Karur Vyas Bank is an Indian old private-sector bank, headquartered in Karur in Tamil Nadu. The bank primarily operates in the treasury, corporate/wholesale banking and retail banking segments. KVB provides services such as personal, corporate, agricultural banking and services to NRIs and MSME. If you want Education Loan to pursue higher studies from Abroad or India, You are at the right place to collect every aspect of information related to Education Loan in India. Read this full post on Karur Vyas Bank Education Loan for information Like Eligibility, How to apply, Interest Rates, Documents Needed, Different aspects of Education Loan, Interest Rates, Return Policy, General Instructions etc.

 

Karur Vyas Bank Logo
 

Read this full post on Karur Vyas Bank Education Loan for information Like Eligibility, How to apply, Interest Rates, Documents Needed, Different aspects of Education Loan, Interest Rates, Return Policy, General Instructions etc. Throughout the article, we will share information regarding Karur Vyas Bank EducationlLoan it’s Process to Apply and full detailed Information.


Karur Vyas Bank Education Loan


The major aim of the bank is to ensure anywhere and any time banking for the customer with the latest state-of-the-art technology. The Bank is very serious about its Education Loan Facility and by developing an effective customer-centric relationship it promises to emerge as a world-class education Loan provider. Before we share further, let us first have a brief review of the Bank.

Brief Review

Profile Description
Name of Bank  Karur Vyas Bank
Founded on 1916
Headquarter Karur, Tamil Nadu
Type of Bank  Private Bank
Number of Employees 7,211 (2016)
CEO Name P. R. Seshadri
Maximum Loan Amount  Rs. 20 Lakhs
Timeline for Loan Disposal Maximum 15 Working days
Annual Revenue 5,443.41 crore (US$760 million) (2016)
Processing Fees No Processing Fee will be charged
Other Subsidiaries
  • The Karur Vysya Bank
  • Asset Management Arm
Category  Education Loan in India

Types of Student Loan

S.no. Schemes Description
1. Education Loan Education loan is a tenor based instalment loan that can be availed for higher education in India and abroad.
Loan amount from Rs 10 lakhs for studies in India and up to Rs 20 lakhs for studies abroad.

How to Apply

Online

  • Visit official Web Site of Karur Vyas Bank (Click Here)
  • Find the Educational Loan Section (Apply Now Button)
  • Fill online Application Form

Offline

  • Visit the nearest branch of Karur Vyas Bank to get offline Education Loan form.
  • You may also download the form from official web handle.
  • Submit the Application Form to Nearest Branch along with document needed.

Eligibility

  • The applicant should be an Indian National.
  • The student should have secured admission to a Recognized/Affiliated and Reputed School/High School / Junior School / College (including).

Documents Needed

  • Mark sheet of last qualifying examination for school and graduate studies in India
  • Academic Records: 10th Result, 12th Result, Graduation result-semester Wise (if Possible) Entrance Exam Result through which admission is being taken
  • Proof of admission: Offer Letter or Admission Letter from the Institution.
  • Schedule of expenses for the course
  • Bank account statements of all the borrowers and guarantors.
  • 2 passport size photographs

Expenses Considered

  • Tuition and course fee
  • Examination, library and laboratory fees
  • Caution deposit
  • Cost of books, Uniforms, Equipment and other instruments.
  • Travel Expenses

Return Policy

  • In the case of Karur Vyas Bank Education loan, In 5 to 7 years after repayment holiday repayment will start after the completion of course period +1 year or moratorium period. Repayment will commence 6 months after securing a job. Whichever is earlier.

EMI Calculator

EMI Calculator is used for calculating the periodic payment amount due on a loan. For calculating EMI one must input data like Amount, Interest Rate, tenure, Processing Fee etc.

  • If you want to calculate EMI for Karur Vyas Bank Educational LoanClick Here

Security

  •  Up to Rs. 7.50 Lacs
    •Parents to join as Co Applicants & No security.
    • One-year MCLR + 3.10% (For boys)
    • One-year MCLR + 2.60% (For Girls)
  •  Above Rs. 7.50 Lacs and up to Rs.10.00 Lacs
    •Parents to join as Co applicants together with collateral security in the form of suitable third party guarantee. The bank may, at its discretion, in an exceptional case, waive third party guarantee if satisfied with the Net Worth / Means of parent/s who would be executing the documents as “Joint Borrower”
    • One-year MCLR + 2.85% (For boys)
    • One-year MCLR + 2.35% (For Girls)
  • Above Rs.10.00 Lacs
    •Parents to join as Co applicants together with tangible collateral security of suitable value, along with the assignment of future income of the student for payment of instalments.
    • One-year MCLR + 2.60% (For boys)
    • One-year MCLR + 2.10% (For Girls)
Head office  Karur Vyas Bank limited Registered & Central Office
Post Box No.- 21 Erode Road, Karur – 639002
Official website www.kvb.co.in
Apply for Loan  Click Here
Contact Number 1860 200 1916

 

Student Loans FAQs

Q1. Who can be my co-borrowers?

Ans. Your parents/guardian can be a co-borrower as well as the spouse in case of a married applicant. The co-borrower should have a steady source of income and a good credit history in order to improve the applicant’s chances of a successful loan application.

Q2. How long does it take to process Educational Loan?

Ans. Generally, the time taken for the education loan to process is somewhat between 7-10 working days. Often, the whole process can be easily completed within 3 to 5  Working days, once the student fulfils all documentation.

Q3. What all expenses will be covered by education loans?

Ans. Apart from the tuition fees, other aspects of expenses such as hostel charges, equipment purchases and other course-related expenses may also be covered by the education loan.

Q4. What are the courses for which an education loan can be availed?

Ans. An education loan can be availed for all courses recognized by the UGC in case of India and all regular courses abroad. Each lender has its own list of educational institutions and courses that they would provide a loan for whether overseas or within India.

Q5. Can a student avail another loan for further studies?

Ans. Yes, this is possible. You can borrow a loan for a bachelor’s degree followed by one for master’s without repaying the first loan. This loan can be taken as a top-up loan against the already existing loan; however, it is subject to the lending bank’s discretion and the internal rules and regulations of the lender.

Q6. Do education loans have any Income Tax benefits?

Ans. Loan borrowers can avail tax benefits on interest paid on education loan under Sec 80E of the Income Tax Act. This benefit is available over and above the Rs. 150,000 deduction allowed under Section 80C. Tax benefits can be availed once the borrower starts paying the interest on the education loan. Further, the deduction is available until the borrower pays off the full interest amount on the loan or for a maximum period of 8 years, whichever is earlier.

Q7. Why do banks require an insurance policy?

Ans. Banks usually prefer that students avail a life insurance policy equivalent to, or more than, the loan amount. The policy acts as a security feature and forms a part of the collateral. In case of the untimely demise of the borrower, the bank recovers the outstanding loan amount from the student’s life insurance policy and the remaining amount, if any, is paid out to the beneficiary of the policy.

Q8. Is any incentive available for a girl student applying for education loan?

Ans. Banks generally provide a 0.5% concession on the applicable education loan interest rate to girl students pursuing higher education in India and abroad.

Q9. Are there any special privileges for students of SC/ST category who avail education loans?

Ans. Yes, eligibility criteria and loan margins on education loan are relaxed for Scheduled Caste/Scheduled Tribe students availing education loans in India. The eligibility criteria are lowered from first/second class to pass class for SC/ST category students seeking education loan for graduate and postgraduate studies, while, margin money is sometimes lowered than the regular percentage or nil.

Q10. Where can I avail on  Karur Vyas Bank education loan?
Ans. The loan is available from all branches in metro/urban areas as well as those having personal banking divisions.

Best of Luck..!!

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