Vysya Bank Student Loans
Established in Bangalore in the year 1930, The Vysya Bank is continuously strengthening and increasing its branches with time. This bank was established with vision to help the underpriviledged. In 1948 Vysya Bank achieved the status of a “scheduled” bank while it got to be the largest private sector bank in the year 1985. It was the year 2002 in which it colloborated with a world's leading financial organisation ING which is a company of Dutch origin. Since then the bank is known as ING Vysya Bank Limited. Currently the bank has its branches spread over 300 places in India.
ING Vysya provides educational loans to meritorious students who wish to pursue higher studies. These loans are available for study in India as well as foreign. Documents such as past academic records, approval for admission to the desired course, proof of address, proof of income and a brief introduction about the candidate needs to be submitted by the candidate if he wishes to avail the facility of educational loan offered by the bank.
Amount of Loan
The amount of loan provided by the ING Vysya Bank varies with the type of courses which the candidate wishes to pursue. However the amount that is lent by the bank can be broadly divided into two categories. The details are:
For Studies within India-A maximum loan of Rs. 7.5 Lacs is provided.
For studies Abroad-Maximum amount of Rs. 15 Lacs is provided to candidates wishing to study in abroad.
Time for processing
The maximum time required for the processing of the loan is two weeks.
Rate of Interest
The rates of interest of educational loans provided by ING Vysya Bank can vary from time to time. The present rate of interest is as follows:
For studies within India: 16.5% rate of interest.
For studies abroad: 16.5% rate of interest.
The tenure for repayment depends on the course length.
Repayment of loan commences after the completion of the course. The interest rate is competitive as with other banks in India. Also the security conditions are not very complicated and strict. However the main difference is the banking operations are done faster as compared to other banks as it is a private sector bank having global exposure. These facilities may prove advantageous for students who opt for educational loans from ING Vysya banks.
Related Link: ING Vysya