Vijaya Bank Education Loan – Student Loan in India

Scholarship Examination in India

In this article, we have given the complete details about Vijaya Bank Education Loan – its eligibility, courses eligible, expenses covered, rate of interest, and other details. 

Vijaya Bank is a public sector bank and is one of the nationalized banks in India. Vijaya bank provides Education loans to citizens of India to study in India and Abroad.  Check below for its Education loan details. 



  • Only for Educational Loans availed from Scheduled Banks for pursuing any of the approved courses after Class XII in Technical and Professional streams from recognized institutes in India under the Educational Loan Scheme of IBA.
  • Students belonging to Economically Weaker Sections with annual gross parental/family income from all sources with an upper limit ofRsA.50 lacs.Certificate to this effect issued by authorized officers of State Government is to be submitted.
  • Full interest subsidy is availablefor the period of moratorium i.e Course Period plus 1 year or 6 months after getting the job, whichever is earlier.
  • Scheme is applicable for the loan amount availed from April 01, 2009 to March31, 2010(Academic Year 2009-10).
  • For Loans sanctioned earlier to 1.04.2009, only amounts disbursed during the above period are eligible.



Education loan Eligibility

Student should be an Indian National and should have secured admission to the relevant Professional/ Technical courses in India or Abroad through Entrance Test/ Merit Based Selection process. However there is no age restriction for the applicant.


Courses Eligible

  • Studies in INDIA ( Indicative List )
    • Graduation courses : BA, B.Com., B.Sc., etc.
    • Post Graduation courses : Masters & Phd.
    • Professional Courses :Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer courses (BCA / MCA / BSc-CS, etc)
    • Animation /Cartooning/ multimedia/Graphic Designing, etc. where the course period should be one year and above & the courses conducted by reputed Institutions and the Institute to fulfil any of the following criteria:
      • NASSCOM rated/certified
      • AICTE affiliated
      • Accredited to any UGC affiliated university in India
      • Affiliated to reputed Foreign Universities
    • Computer certificate courses of reputed institutes accredited to Dept., of Electronics or institutes affiliated to University.
    • Courses like ICWA, CA, CFA etc.
    • Courses conducted by IIM, IIT, IISc, XLRI.NIFT etc.
    • Pilot Training Programme. (Government or recognized private institute approved by Director General of Civil Aviation, Government of India).
    • Courses offered in India by reputed foreign universities.
    • Evening courses of approved institutes.
    • 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. Banks may have the system of appraising other institution courses depending on future prospects/ recognition by user institutions.
  • Studies Abroad
    • Graduation: For job oriented professional / technical courses offered by the reputed university.
    • Post graduation: MCA, MBA, MS, etc.
    • Courses conducted by CIMA-London, CPAin USA, etc.
    • Pilot Training Programme offered by recognized institutions abroad approved by competent authority in that country. Example in USA the Federal Aviation Administration, Government of USA.

The licences issued by such institutions should be convertible into corresponding Indian Licences in case the applicant desires to take up employment in India after completion of course/ training abroad, as per directives of Director General of Civil Aviation, Government of India.



Expenses Considered for Loan

  • 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.
  • Travel expenses/ passage money for studies abroad.
  • Purchase of computers – essential for completion of the course.
  • Any other expense required to complete the course – like study tours, project work, thesis etc.
  • Issuance of DD favouring CET Cell
  • Fee payable to the Institution/hostel/examination fee, cost of books, travel expenses for studies abroad, purchase of computer, etc.


Loan Amount

  • Studies in India : Maximum Rs.10.00 lakhs
  • Studies abroad : Maximum Rs.20.00 lakhs


Rate of Interest

BPLR – 1.25 % p.a. Floating

Simple interest basis during study & repayment holiday period (upto one year after completion of the course or six months after securing a job, whichever is earlier)

Concession for Girl Students

Our Bank has extended a 0.50 % interest concession to Girl Students for loans availed on or after 01.11.2008 and will be effective till 31.12.2010. This interest concession will be extended till closure of the loan.

Note: 1% interest concession is provided for loanees if the interest is serviced during the study period.
There will be NO Pre-payment and NO Pre-Closure Charges



  • Upto Rs. 4.00 Lakhs : NIL
  • Above Rs. 4.00 lakhs
    • Studies in India: 5 %
    • Studies Abroad:15 %



Studies in India

Studies Abroad

Upto Rs. 4 lacs

No Security

No Security

Above Rs. 4 lacs to Rs. 7.50 lacs

Suitable Third Party
Third Party Guarantee

Suitable Third Party Guarantee

Above Rs. 7.50 lacs to Rs. 10 lacs (India) / Rs. 15 lacs (Abroad)

Tangible Collateral security for full value of loan

Tangible Collateral security of suitable value of loan or third party guarantee with the assignment of future income of the student for payment of instalments

Rs 15 lacs to Rs. 20 lacs


Tangible Collateral security for the full value of loan and third party guarantee with the assignment of future income of the student for payment of instalment



Repayment will commence one year after completion of the course or 6 months after securing a job, whichever is earlier.


Place of Study

Loan Amount

Repayment Period in Years

In India

Up to Rs. 7.50 lakh

5 – 7

Above Rs. 7.5 lakh

5 -10


Up to Rs. 15 lakh

5 – 7

Above Rs. 15 lakh

5 -10



Additional conditions applicable to online education loan applications

  • Loan considered for Professional Courses only.
  • The bank is not responsible for non-receipt of any reply from the Bank due to wrong e-mail ID submitted by the applicant.
  • Only those applicants whose place of domicile / permanent address is not exceeding ‘ 10’ Km radius to the nearest branch of Vijaya Bank should apply.
  • The applicant to purchase a DD / PO of Rs.500.00 favoring Vijaya Bank, preferably from the same branch where the education loan is to be availed by the applicant.


For further details, please click here


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