Karnataka Bank

KBLVidyanidhi Loan Scheme provide financial support to deserving/meritorious students for pursuing higher education in India and abroad.

Eligibility of Student:

Any student, representing himself / herself if major, or a minor student represented by parent or guardian, of Indian nationality, who has secured admission to a professional / technical / other course, in India or abroad.

Eligible Courses:

(i) Studies in India:

• Graduate Courses - B.A., B.Sc., B.Com., B.C.A., B.B.M., Diploma in Engineering, Post Graduate Courses - Masters and Ph.D;
• Professional Courses - Engineering, Medical, Agriculture, Nursing, Veterinary, Law, Dental, Management, Computer, Pharmacy, Physiotherapy, Hotel Management, ICWA, CA, CFA; Courses conducted by IIM, IIT, XLRI, NIFT; Courses offered in India by reputed foreign universities; Evening Courses of approved Institutes;
• Other Courses leading to Diploma / Degree conducted by Colleges / Universities approved by UGC / GOVT. / AICTE / AIBMS / ICMR; Courses offered by National Institutes and other reputed private Institutions.

(ii) Studies Abroad

• Graduation - Only for job oriented professional / technical courses offered by the reputed Universities;
• Post Graduation - MCA, MBA, MS; Courses conducted by CIMA-London, CPA in USA etc.

Loan Amount:

• For studies in India - a maximum of Rs.10 lakh.
• For studies abroad - a maximum of  Rs.20 lakh.

Coverage:

• Loan upto Rs.4 lakh: No margin required.
• Loan above Rs.4 lakh: 5% for studies in India and 15% for studies abroad. Scholarship / apprenticeship may be reckoned as part of margin. Margin may be brought in on year-to-year basis as and when disbursements are made, on a pro-rata basis.

Security:

• Up to Rs.4 lakh: No security.
• Above Rs.4 lakh and upto Rs.7.50 lakh: Collateral in the form of a suitable third party guarantee.
• Above Rs.7.50 lakh: Collateral security of suitable value or suitable third party guarantee along with the assignment of future income of the student for payment of instalments.

Repayment:

The loan shall be repaid in 5 to 7 years after commencement of repayment. If the student secures employment during the holiday period, the repayment schedule should be advanced to commence immediately.

The completion of the course includes internship or apprenticeship if compulsory for award of Degree. If the student does not complete the course within the scheduled period, a maximum period of 2 years is permitted for completion. If the student is unable to complete the course for reasons beyond his control then extension may be granted if deemed necessary to complete the course.

The accrued interest during the repayment holiday will be added to the principal and repayment in equated monthly installments (EMI) shall be fixed.

Rate of Interest:

As per market.