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Karur Vysya Bank Education Loan Options For Students

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April 5, 2022

Karur Vysya Bank (KVB) was founded in 1916 in Karur, a tiny textile town with a rich agricultural history. Karur Vysya Bank (KVB), being one of the largest student loan providers, recognises the needs of students and offers exceptionally competitive college loans at lower interest rates. With a Karur Vysya Bank education loan, numerous students each year get admission to renowned institutions and colleges in India and overseas.

About Karur Vysya Bank

What began as an Rs. 1 lakh enterprise has developed into a renowned financial institution that provides a wide range of financial services to millions of consumers under one roof. It now has 735 branches, 1748 ATMs, and around 446 cash deposit machines. Karur Vysya Bank provides college loans for undergraduate, diploma, and postgraduate courses that lead to professional and technical degrees in India and overseas.

KVB Education Loan Overview

A Karur Vysya Bank education loan can cover expenditures such as college tuition, housing fees, books, equipment fees, travel money, and so on for students studying abroad. It also considers the construction fund deposits, the caution deposits, and any refundable deposits. Indian students looking forward to pursuing their higher education in India or overseas can apply for a student loan with KVB provided they meet the necessary conditions.

Eligibility Criteria To Get KVB Student Loans

In order to secure a Karur Vysya Bank Education loan, make sure you meet the following criteria –

  • Indian National – The candidate must be an Indian citizen or have a valid Indian passport.
  • Admission Criteria – Admission to the university/institute should have been based on an entrance exam or on merit.
  • Guarantor – In the case of Individual loans only, the candidate must present his/her father/guardian as a guarantor.

Eligible Courses –

  • Professional oriented Graduation Degrees, Post Graduation Degrees and Diploma courses such as MCA, MBA, MS, and others are offered by reputable universities.
  • CIMA (Chartered Institute of Management Accountants) courses in London, CPA (Certified Public Accountant) courses in the United States, and so on.

What Are The Expenses Covered?

Taking a Karur Vysya Bank Education Loan implies that the following expenses will be taken care of during your abroad studies –

  • Tuition fees payable to your respective college/university
  • Examination, Library, & Laboratory Fees
  • Additional purchases/costs include books, uniforms, computer essentials, and so on.
  • Caution Deposit or Repayable Deposit 
  • Travel & Transportation Expenses 

KVB Education Loan Interest Rate

The interest rates are set in compliance with the rules issued by the RBI.

  • The lowest interest rate is 11.85%.
  • The highest possible interest rate is 12.35 per cent.
  • Girls are given a 0.5 per cent discount.

Documents Required For KVB Education Loans

There are a set of documents required from the student’s end, the co-borrowers end, as well as the guarantor (if you have any). If you’re planning to apply for a Karur Vysya Bank Education Loan, make sure you present the following –

Documents For A Student –

  • Aadhaar Card
  • Voter ID card
  • Passport
  • Visa
  • 10+2 mark sheet
  • Admission letter

Documents For A Co-Borrower –

  • PAN card
  • Voter ID card
  • Driving Licence
  • Aadhaar card
  • Passport
  • Salary slip/certificate
  • Bank statement
  • Form 16
  • ITR report

Documents For A Guarantor

  • Aadhaar Card
  • PAN card
  • Voter ID card
  • Passport
  • ITR report
  • Salary slip/certificate
  • Form 16

KVB Student Loan Repayment Options

A Karur Vysya Bank Education Loan can be returned in three ways which include –

Standing Instruction (SI): If you already have a Karur Vysya Bank (KVB) account, Standing Instruction is the ideal method of repayment. Your EMI will be deducted automatically from the KVB account specified at the conclusion of the monthly period.

Electronic Clearing Service (ECS): If you have a non-Karur Vysya Bank (KVB) account but want your EMIs to be deducted automatically at the end of the monthly cycle, you can utilise this approach.

Post-Dated Cheques: Post-dated EMI checks from non-Karur Vysya Bank (KVB) accounts can be sent to your local Karur Vysya Bank (KVB) Loan Centre. A new set of PDCs must be presented in a timely way. Please keep in mind that Post Dated Checks will only be collected in non-ECS locations.

However, it is advised that you choose either the SI or ECS form of payment because they are speedier and less prone to inaccuracy than PDCs.

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