Corporation Bank Education Loan:

Corp Vidya is a form of loan provided by Corporation Bank Education Loan to the deserving and meritorious students who have desire to pursue higher education in India and abroad.  Corporation Bank Education Loan is a great way of studying abroad and fulfilling the dreams of a person when one has not been able to qualify for a full time scholarship program at an affordable terms and conditions. It has been found that students specially pursuing technical education have applied more and more for these loans.

Corporation Bank Education Loan Interest Rate:

The Corporation Bank Education Loan interest rate is competitive and attractive for the students applying to study in India and abroad.

Corporation Bank Education Loan rate for loan up to Rs. 4  lacs is 11.65%

Corporation Bank Education Loan interest rate for loan above Rs. 4 lacs and less than 7.5 lacs is 12.65% 

Corporation Bank Education Loan interest rate for loan above Rs. 7.5 lacs is 12.15% 

Concession is given to SC/ST/Women

Corporation Bank Education Loan interest rate has a penal interest rate of 2% for studies abroad.

Corporation Bank Education Loan Eligibility And Expenses Covered:

1Student should be of Indian national

2Should have good academic career and cleared previous qualifying examinations.

3Student should have got admission to the course for which loan is to be taken.

4Either of the parents should be co-borrower.

For Corporation Bank Education Loan can be taken for the following purposes and courses in India: graduation, post graduation, professional courses like engineering, medical, agricultural, veterinary, law, dental, management, computer, CA, ICWA, CFA, etc colleges under universities approved by UGC, diploma or degree courses conducted by UGC, AICTE, AIBMS, ICMR etc.

For Corporation Bank Education Loan can be taken for following courses abroad : job oriented courses, post graduation, MCA, MS, MBA, courses conducted by CIMA London, CPA in USA, etc.

The eligibility process has a process of margin money if the loan is taken for more than 4 lacs.

Studies In India 5%

Studies Abroad 15%

Other Major Qualifications For Corporation Bank Education Loan Eligibility Are:

1To qualify for Corporation Bank Education Loan eligibility the candidate should be an Indian national.

2Admission to technical kind of courses in India is possible through Corporation Bank Education Loan eligibility.

3For admission abroad the student should have qualified in the merit selection process of the university.

4The maximum loan for studies in India is at the maximum is Rs.10 lacs

5The maximum loan for studies abroad is at the maximum is Rs. 20 lacs.

The expenses covered by the Corporation Bank Education Loan are

1.College Fee

2Hostel charges

3 Food and accommodation if a student doesn’t get hostel accommodation

4Examination and Library charges

5Caution deposit

6Money to go abroad

7Money to purchase a computer

8Money for Study tours, Project work etc.

Corporation Bank Education Loan Review And Documentation:

According to the Corporation Bank Education Loan review the student would need to provide the following documents for the processing of the loan.

1Fully completed loan application form

2Two Photographs

3Mark sheet for the exam one has qualified for

Corporation Bank Education Loan review and documentation for the salaried co- borrower

1BankStatement

2Income Tax Statement for the last two years

3A brief about the asset and liabilities possessed by the borrower

4Salary slip

Corporation Bank Education Loan review and documentation for the self employed individual

1BankStatement

2Income Tax Return

3Profit and Loss Account or Balance Sheet of the Company

4Proof of Source Of Income

5Brief about the asset and liabilities possessed by the borrower.

Corporation Bank Education Loan Review And Application Procedure:

Corporation Bank Education Loan application can be downloaded from their website http://www.corpbank.com/forms/vidyaLoanapplicationform.asp

People can go ahead and fill up the form in which the details of the student and the co-borrower are mentioned along with the necessary documentation. People can also submit the application at the branch and the loan will be disbursed in installments to the college or institute directly.

Corporation Bank Education Loan Rate Repayment Option And Pre Closure Process:

The loan needs to be paid back in 7-10 years from the date of disbursement of the loan. The student can avail a repayment holiday for a period of six months or till the person gets a job or whichever is earlier. The pre closure process is stated by the branch of the bank. Late fee charges will be as per the agreement.

Corporation Bank Education Loan Tax benefits: One can get tax benefits if any according to the Income Tax Act 1961 which varies yearly according to the changes made by the Government.

More details on Corporation Bank Education Loan eligibility and Corporation Bank Education Loan Rate etc. are on the official site at   http://www.corpbank.com/asp/0100text.asp?presentID=110