Education Loan for VIT Vellore: Top Banks, Fees

Education Loan for VIT Vellore: Top Banks, Fees

The Vellore Institute of Technology, also known as VIT, is a renowned private university in India that offers bachelor's and master's degree programs in numerous subject areas.

This blog discusses the various banks providing education loans for VIT Vellore, the maximum loan amounts, interest rates, eligibility criteria, and collateral requirements.

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Top Banks for Education Loan for VIT Vellore

1. Baroda Scholar Scheme: Education Loan for VIT Vellore

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2. SBI Scholar Scheme Education Loan for VIT Vellore

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3. Union Bank of India: Education Loan for VIT Vellore

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4. PNB: Education Loan for VIT Vellore

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5. HDFC Education Loan for VIT Vellore

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Also Read: Education Loan for Engineering- BTech Loan Interest Rates

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Education Loan for VIT Vellore: Documents Required 

Below is the list of documents that need to be filled out for an education loan for VIT Vellore: 

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Minimal Documentation. Higher Chances of Approval. Easy Online Processes. Check Your Eligibility. 

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Best Courses in VIT Vellore

VIT Vellore provides various research, undergraduate, and graduate programs in engineering, science, management, and the humanities. Below are the list of courses for which you would be considering an Education Loan for VIT Vellore:

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See the 2024 placement statistics of VIT Vellore here! 

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VIT Vellore: Fees 

Although there is a flexible limit on the amount the banks can sanction for your education loan for VIT Vellore, you should be aware of the approximate costs and plan. Here is a table with the fee range of famous courses in VIT Vellore: 

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*Note: The above costs are estimates and could change based on the student's chosen course and program.

Also Read: VIT Chennai: Fees Structure 

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How to Apply for an Education Loan for VIT Vellore 

Are you looking to apply for an education loan for VIT Vellore? Follow these steps: 

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1. Choose your preferred bank. 
2. Visit the official website. 
3. Click on the “Education Loans” Section. 
4. Fill in all the required documents and paperwork. 
5. A bank representative will get in touch with you for further processes. 

You can also apply by going to the nearest branch of your preferred bank. 

Both of these processes require a significant amount of time, tons of paperwork and complex processes. 

Propelld has a 100% digital process that is simplified for students. 

Whether it is an Education Loan for VIT Vellore or some other top engineering college in the country, get 100% of your college fees financed with Propelld.

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Why Propelld?

Here are some more benefits of applying for a Propelld education loan for VIT Vellore: 

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What are you waiting for? Get an Education Loan for VIT Vellore from Propelld today! 

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FAQs About Education Loan for VIT College

What education loan options are available for students attending VIT Vellore? 

Several banks and financial institutions, including HDFC Bank, Union Bank of India, Punjab National Bank, and Bank of Baroda, offer education loans for VIT Vellore students. Each has unique features regarding loan limits, collateral requirements, and interest rates.

 Do I need collateral to get an education loan for VIT Vellore? 

Collateral is generally required for higher loan amounts. For example, Baroda Bank offers loans up to ₹30 lakhs without collateral and ₹80 lakhs with collateral, while HDFC Bank provides loans up to ₹50 lakhs without collateral.

What expenses does the education loan cover?

 Education loans for VIT typically cover tuition fees, hostel and mess charges, the cost of books, instruments, laptops, travel expenses, and other related academic fees like library and examination costs.

What is the loan repayment period for an education loan for VIT Vellore? 

The repayment period varies across banks but is usually between 10 and 15 years after the completion of the course. A moratorium period is included during the course duration plus 6 to 12 months after completion.

What are the interest rates for education loans for VIT Vellore? 

Interest rates depend on the lender. Union Bank of India’s rates start at 9.05%, while HDFC Bank’s range between 9% and 14%. Baroda Bank offers rates starting at 8.85%.

 Is there a moratorium period for loan repayment?

 Yes, most education loans offer a moratorium period, typically for the course duration plus an additional 6 to 12 months after graduation. During this period, you may only need to pay the interest.

Can NRIs apply for education loans for VIT Vellore? 

NRIs can apply for loans, provided they meet specific eligibility criteria. Generally, the student should be enrolled in a course in India, and some banks require the co-applicant to be a close family member.

Can I get an education loan without a co-applicant?

 Most banks require a co-applicant for education loans. Parents, spouses, or close relatives are commonly accepted as co-applicants.

Does the education loan cover foreign exchange for international students? 

Loans for students attending VIT from abroad may cover foreign exchange expenses, but this depends on the lender and the specific loan terms.

Are there any specific loan schemes for VIT Vellore students? 

Yes, some banks offer specific schemes tailored to VIT students. For instance, Union Bank of India and HDFC Credila provide loan packages specifically for VIT students.

What is the minimum income required for a co-applicant? 

The minimum income requirement for a co-applicant depends on the bank's policies. Lenders typically assess the co-applicant’s creditworthiness and income stability during the loan application process.

 Are there any scholarships or fee waivers that can be used with education loans?

 VIT offers various merit-based scholarships that can be used alongside education loans. The amount covered by the scholarship can reduce the loan requirement.

What happens if I cannot repay the loan immediately after graduation?

 If you cannot find a job immediately after graduation, the moratorium period usually allows for a grace period before repayment starts. Additionally, some banks offer flexible repayment plans based on employment status.

 Is there any prepayment penalty if I repay the loan early?

 Some banks may not charge a penalty for early repayment, but it is essential to check the loan terms with your specific lender.

What documentation is needed to apply for an education loan? 

Typically, if applicable, you will need proof of admission to VIT, a detailed fee structure, co-applicant income proof, identity documents, and collateral documents.

Can education loans be used to cover study-related travel expenses? 

Certain education loans, like those from Union Bank and HDFC Credila, cover study-related travel expenses, which is especially useful for internships or international study programs.