Corporation Bank Education Loan
Corporation Bank Education Loan or Corp Vidya offers financial assistance for pursuing higher studies in India and abroad. Various professional courses in India as well as foreign universities demand very high course fee that is unaffordable for most families in India. Besides the course fee, expenses for the course material, for staying abroad and other additional expenses collectively form the total amount you require for pursuing a course of your choice whether in a different city or country. Corporation Bank India offers education loans of maximum Rs. 10 Lakhs for studies in India and Rs. 20 Lakhs for Studies abroad.
The Corporation Bank Educational Loan is available to any Indian national student who has completed the previous qualifying exams and has secured admission to the course for which the loan is being sought through an entrance test or through merit. The various courses covered under Corp Vidya include usual graduation and post graduation courses along with professional courses like engineering, medical, law, ICWA, CA, CFA, management, computer, agriculture, vocational training and skill development courses.
Certain courses like those offered by the IIMs, IITs, IISc, NIFT, XLRI etc., courses in Aeronautical pilot training, shipping, Civil aviation etc., nursing and teacher's training courses, UGC approved diploma or degree courses and various programs offered by many private as well as Foreign Universities are the ones that are among the most expensive higher studies in India. Corporation Bank Education Loans offer a reliable and prompt solution to the finance arrangements for these courses.
For studies abroad, Corporation Bank Education Loan - Corp Vidya is available for job oriented professional and technical courses by reputed universities, PG programs, CIMA London or CPA USA courses. All expenses pertaining to course fee, examination, library or laboratory fees, books, equipments, uniforms and equipments fee, caution deposits, travel expenses, purchase of computers (if essential for the course), Insurance cover for the student, and other expenses for student tours, project works, thesis etc. are considered for the Corp Vidya educational loan.
The Corporation Bank education loan interest rates charged vary around 11.75% up to a loan amount of Rs. 7.5 Lakhs and 11.50% for amount above Rs. 7.5 Lakhs. The interest rates might vary with time and bank policies. Current updates about this are available on the Corporation Bank website mentioned. The repayment period allowed by the bank is 1 to 10 years after the completion of the course period or 6 months and upwards after getting the job. Corporation Bank Insurance Scheme Corp Suraksha cover is also offered to the student seeking Corp Vidya Loans.
Corporation Bank does not levy any processing charges on Corp Vidya Loan for studies in India. Whereas, processing charges @ 1% of the total loan amount could be levied that again is dependant on the loan scheme subscribed and include the applicable service taxes. The Corp Vidya Loan applied for is disposed to the applicant within 7 days of receipt of completed Loan applications.
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