Education Loan In Corporation Bank

Corp Vidya - Loan to pursue Education

1. Eligibility of the Student

v	Student should be an Indian national.

v	Should have completed previous qualifying examination.

v	Should have secured at least 60% marks [ 55% for student belonging to SC/ST category ] in the previous qualifying examination.

v	Should have secured admission to a higher* Should education course in recognized institutions in India or Abroad through Entrance test / Merit based selection process/through Management quota after completion of HSC [10+2 or equivalent]

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v	Person already in gainful employment not eligible for loan under the scheme except for pursuing evening course covered under the scheme of approved Institute.

v	If a gainfully employed person wants to pursue full time education either on study leave or by resigning from present employment, such proposals may be considered provided the applicant submits the proof in this regard to the sanctioning authority before disbursement of loan.

2. Eligible Courses

For Studies in India:

v	Approved courses leading to Graduate/Post Graduate Degree, Diploma and PG Diplomas conducted by recognized Colleges/Universities recognized by UGC/Govt/AICTE/AIBMS/ICMR etc..

v	Courses like ICWA, CA/integrated CA -on virtual /video mode , CFA,etc..

v	Courses conducted by IIMs, IITs, IISc, XLRI, NIFT, NID etc.

v	Regular Degree/Diploma courses like Aeronautical, Pilot training, Shipping etc., approved by Director General of Civil Aviation/ Shipping , if the course is pursued in India.

v	In case of the Aircraft Maintenance Engineering /Pre Sea training courses must be either a Degree course recognized by a competent University or Diploma course recognized by appropriate State Body to be eligible for loan.

v	Research course/Ph.D courses for study in India are not eligible for loan under the scheme.

v	Approved Courses offered in India by reputed Foreign Universities.

v	Teachers training /Nursing/B.Ed courses provided the training institutions are approved either by Central Govt or by State Govt and such courses should lead to Degree or Diploma course and not to Certificate course.

v	Correspondence courses/Part time /Certificate/Short duration /Vocational / skill development study courses , off-campus courses and On-site/Partnership programme are not eligible for loan under the scheme.

For Studies abroad:

v	Graduation: For job oriented Professional/Technical courses offered by reputed Universities .

v	Post Graduation: MCA, MBA, MS etc.

v	Course conducted by CIMA- London, CPA in USA etc.

v	Degree/Diploma courses like aeronautical, pilot training, shipping etc provided these are recognized by competent regulatory bodies in India/Abroad for the purpose of employment in India/Abroad.

v	Diploma courses for study abroad is not permitted. However, PG diploma courses for study abroad is permitted.

v

Research course/Ph.D courses for study abroad are not eligible for loan under the scheme. Quantum of Loan Studies in India - Maximum upto Rs. 10 lakh Studies Abroad - Maximum upto Rs. 20 lakh Margin Upto Rs. 4 lakh - Nil Above Rs. 4 lakh - Studies in India 5% Studies abroad 15% Margin may be brought–in on year-to-year basis as and when disbursement are made on a pro-rate basis.