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Edu Loan for VIT Vellore

Education Loan for VIT Vellore: Top Banks, Fees

Vaishali Pandey
Updated On:
Jun 20, 2025

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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.

By the end of this blog, you will know

  • The interest rates of education loan from various lenders providing education loans for VIT.
  • The top education loan schemes covering education loan for VIT, their features, expenses covered, interest rates and everything.
  • Know the education loan details for all other campuses of VIT like VIT Bhopal, VIT Amravati and VIT Chennai. ‍

Education Loan for VIT Vellore Interest Rates

Vellore Institute of Technology (VIT Vellore) is one of India's leading private universities, attracting students nationwide for its engineering, management, and science programs. Given the high tuition and associated costs, many students opt for education loans from various banks and financial institutions, each offering different interest rates and terms.

Lender / Scheme

Interest Rate (p.a.)

Max Unsecured Loan

Max Secured Loan

Moratorium Period

PM Vidyalaxmi (via Vidya Lakshmi Portal)

7.5% onward (EBLR + 0.5%)

₹7.5 lakh

₹10 lakh

Course + 1 year

Bank of Baroda 

8.85% – 9.10%

₹30 lakh

₹80 lakh

Course + 6 months

SBI 

8.35% – 10.65%

₹30 lakh

Higher possible

Course + 12 months

Union Bank of India

~9.05%

₹20 lakh

Higher possible

Course + 12 months

HDFC Credila

9% – 14%

Varies

Varies

Course + 1 year or job

Propelld (NBFC)

10% – 17%

₹4 – ₹40 lakh+

Higher possible

Course + up to 1 year

Bajaj Finance (NBFC)

10.25% onward

Varies

Varies

Not specified

Tata Capital (NBFC)

11% – 13.5%

Varies

Varies

Not specified

NBFCs, with interest rates starting from 8.35% and going up to 14% depending on the lender and applicant profile. Students are advised to compare offers, check eligibility, and consider repayment terms before applying.

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Top Education Loan Schemes for VIT Vellore

Top Banks for Education Loan for VIT Vellore

1. Baroda Scholar Scheme: Education Loan for VIT Vellore

Parameter Details
Loan Limit
  • With collateral up to Rs 80 lacs
  • Without collateral up to Rs 30 lacs
Expenses Covered
  • Living expenses
  • College tuition fees
  • Laptop/computer/ other necessary equipment
  • Exam costs
  • Cost of books and uniforms
  • Library and lab fees
Accepted Co-applicant Parents, Spouse, Parents-in-law, Siblings, Parent’s siblings
Baroda Bank Education loan Rate of Interest Starts from 8.85%
Moratorium Period Course Duration + 6 months
Repayment Duration 10-15 years
Repayment Policies The student has to pay simple interest in the moratorium period
Eligibility Criteria
  • Applicant must be a citizen of India
  • If the student is an NRI, they need to be enrolled in a course in India

2. SBI Scholar Scheme Education Loan for VIT Vellore

Parameter Details
Loan Limit
  • Without collateral - Rs 30 lacs
  • With Collateral loan - Up to 100% of the value of the collateral
Expenses Covered
  • Living expenses
  • College tuition fees
  • Laptop/computer/ other necessary equipment
  • Exam costs
  • Cost of books and uniforms
  • Library and lab fees
Accepted co-applicant Parents, Spouse, Parents-in-law, Siblings, Parent’s siblings
SBI education loan Rate of Interest Starts from 8.35%
Loan Margin

Up to Rs. 4 lakhs - 0%

Above Rs. 4 lakhs - 5%

Moratorium Period Course Duration + 12 months
Repayment Duration Up to 15 years post-moratorium duration
Repayment Policy The student has to pay simple interest in the moratorium period.
Eligibility Criteria The student should have received admission based on merit.
Acceptable Collaterals
  • Immovable property such as Houses, Buildings, Non-agricultural land, flat
  • Liquid security such as Fixed deposits, Govt. bonds, LIC policies

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

Parameter Details
Loan Limit
  • Without Collateral - Up to 20 lakhs
  • With Collateral - As much as the student needs
Expenses Covered
  • Living expenses
  • College tuition fees
  • Laptop/computer/ other necessary equipment
  • Exam costs
  • Cost of books and uniforms
  • Library and lab fees
Accepted Co-applicant Parents or Spouse
Union Bank of India Education Loan Rate of Interest Starts from 9.05%
Moratorium Period Course duration + 12 months
Repayment Duration Up to 15 years
Eligibility Criteria The student should have been admitted to VIT or any of its branches
Acceptable Collaterals Immovable property - House, Flat, Non-agricultural land
Liquid security - FD, Government bond, LIC Policy
Loan Margin 10% of the loan amount

4. PNB: Education Loan for VIT Vellore

Parameter Details
Loan Limit
  • Without collateral up to Rs 10 lakhs
  • With collateral up to - 100% of the value of the collateral
Expenses Covered
  • Living expenses
  • College tuition fees
  • Laptop/computer/ other necessary equipment
  • Exam costs
  • Cost of books and uniforms
  • Library and lab fees
Accepted Co-applicant Parents, spouse, Parents-in-law, siblings
PNB education loan interest rate Starts from 9.00%
Loan Margin

Up to Rs. 4 lakhs - NIL

Above Rs 4 lakhs - 5%

Moratorium Period Course duration + one year
Repayment Duration Up to 15 years after the moratorium period
Eligibility Criteria The student should be an Indian national
Acceptable Collaterals Liquid security - Fixed deposits, LIC policies, government bonds
Immovable property - Flat, Non-agricultural land, House

5. HDFC Education Loan for VIT Vellore

Parameter Details
Loan Limit
  • Without Collateral, up to 50 lakhs
  • With Collateral as much as the student requires
Expenses Covered
  • Living expenses
  • College tuition fees
  • Laptop/computer/ other necessary equipment
  • Exam costs
  • Cost of books and uniforms
  • Library and lab fees
Accepted Co-applicant Parents, Parents-in-law, Siblings, and Spouse
HDFC Bank Education Loan Interest Rate Between 9-14%
Moratorium Period Course duration + 1 year or 6 months after getting a job (whichever is earlier)
Repayment Duration Up to 15 years
Eligibility Criteria
  • Applicants and their co-applicants must comply with HDFC Credila's credit and underwriting standards.
  • They must be a citizen of India, aged between 16 and 35 years.
  • Students must have been admitted to VIT in India through meritorious competitive exams.
Acceptable Collaterals Immovable Property - House, Residential Property, flat, non-agricultural land
Liquid securities - Debt Mutual Funds, Insurance Policies, HDFC Bank Fixed Deposit, NSC / KVP

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

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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:

Degree Programs/Specialisations
Bachelor of Technology (B.Tech)
  • Computer Science and Engineering
  • Mechanical Engineering
  • Electronics and Communication Engineering
  • Electrical and Electronics Engineering
  • Others
Master of Technology (M.Tech)
  • Computer Science and Engineering
  • Artificial Intelligence and Data Science
  • Power Electronics and Drives
  • Others
Master of Business Administration (MBA)
  • Marketing
  • Finance
  • Human Resource Management
  • Information Technology
  • Others
Master of Computer Applications (MCA) Advanced knowledge and skills in computer science and applications
Master of Science (M.Sc)
  • Applied Microbiology
  • Chemistry
  • Physics
Ph.D. Various disciplines, including:
  • Engineering
  • Management
  • Science
  • Humanities

See the 2024 placement statistics of VIT Vellore here! 

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VIT Vellore Fees: Cost of Studying at VIT Vellore

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: 

Program Annual Fee Range (in INR)
VIT Vellore BTech Fees 2.5 - 3 lakhs
VIT Vellore MTech Fees 1.5 - 2 lakhs
VIT Vellore MBA Fees 3 - 4 lakhs
VIT Vellore MCA Fees 2 - 3 lakhs
Other Expenses
Tuition Fees 2 - 3 lakhs
Hostel/Accommodation Cost 1.2 lakhs
Mess Charges 90k
Other Fees 40k
Total Cost 4.3 Lakhs

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

Also Read: VIT Chennai: Fees Structure 

Eligibility to Get an Education Loan for VIT Vellore

Vellore Institute of Technology (VIT Vellore) is a leading private university in India, attracting students from across the country for its undergraduate and postgraduate programs. Many students opt for education loans to fund their studies at VIT. Here’s a simple guide to the eligibility criteria for getting an education loan for VIT Vellore.

1. Nationality: The applicant must be an Indian citizen. Some banks also allow Non-Resident Indians (NRIs), Persons of Indian Origin (PIOs), and Overseas Citizens of India (OCIs) to apply for loans for studies in India.

2. Admission Status: You must have secured admission to VIT Vellore through an entrance exam or merit-based selection process.

3. Eligible Courses: The loan is available for recognized undergraduate and postgraduate courses at VIT Vellore, including BTech, MTech, and other professional degrees.

4. Academic Performance: Most banks prefer students with a good academic record, especially for merit-based loans.

5. Co-applicant Requirement: A parent, guardian, or spouse is usually required as a co-applicant or guarantor for the loan.

6. Age Limit

While there is no strict age limit, some banks may have their own age-related conditions for applicants.

7. Collateral: Loans up to a certain amount (usually ₹4-7.5 lakh) may not require collateral. For higher loan amounts, collateral such as property or fixed deposits might be needed, unless applying under schemes like the SBI Scholar Loan which may offer higher limits without collateral for premier institutes like VIT.

8. Income Criteria: The co-applicant’s income and repayment capacity are assessed by the bank, especially for higher loan amounts.

9. Documentation: Required documents include proof of admission, academic records, identity/address proof, co-applicant’s income documents, and a list of expenses for the course.

When considering education loans for institutions like VIT Vellore, it's beneficial to explore education loan options for studying abroad, including in Canada, as they provide insights into funding structures, eligibility criteria, and loan covers for tuition and living expenses

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

Section

Required Documents

1. Application and Photograph

  • Completed education loan application form
  • Two passport-sized photos

2. Applicant and Guarantor Details

Identification Proof:

  • PAN card
  • Aadhaar card

Address Proof:

  • Ration card
  • Electricity bill
  • Voter ID card
  • Telephone bill
  • Aadhaar card
  • Bank passbook statement

Co-Applicant Documents:

  • Salaried: 6 months bank statements
  • Self-employed: 1-year business transactions
  • Asset and Liabilities Statement (bank approved)

3. Student's Academic Documents

  • Proof of admission to eligible university/course
  • Total course fee with payment deadlines
  • Academic transcripts (10th, 12th, last degree if any)

4. Co-Applicant's Income Proof

Salaried:

  • 3 months salary slips
  • 2 years ITRs
  • 2 years Form 16 details
  • Office ID card

Self-employed:

  • 3 years of Income Tax Returns
  • 3 years balance sheet with P&L statements
  • Proof of business address

5. Other Documents

  • Declaration from co-borrower for uncovered expenses
  • Joint affidavit from student and co-applicant

6. Additional Documents (if applicable)

  • University payment receipts
  • Pending loan statement (last 1 year)
  • Student gap certificate (if academic gap)

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

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: 

How to Apply for an Education Loan for VIT Vellore

  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.

Education Loan for VIT Other Campuses

Apart from the main VIT campus in Vellore, students can pursue quality education at several other campuses of VIT, including Bhopal, AP (Amaravati), and Chennai. Most major public and private sector banks, as well as NBFCs, provide loans that cover tuition fees, hostel charges, and other academic expenses for students admitted to VIT’s various campuses.

Education Loan for VIT Bhopal

VIT Bhopal, located in Madhya Pradesh, is known for its tech-driven programs and innovative learning approach. Students can apply for education loans from banks like SBI, ICICI Bank, HDFC Credila, and others with competitive interest rates and flexible repayment options.

Education Loan for VIT-AP (Amaravati)

VIT-AP University in Amaravati, Andhra Pradesh, is a fast-growing campus offering programs in engineering, law, business, and more. Students here are eligible for education loans from several financial institutions, which may offer collateral-free loans for eligible applicants and faster processing through tie-ups with the university.

Education Loan for VIT Chennai

Located in Tamil Nadu, VIT Chennai is another prominent campus providing high-quality education in various disciplines. Banks and NBFCs frequently offer loans to students enrolled here, with special schemes under the Vidya Lakshmi Portal or directly through bank partnerships with VIT.

VIT also continues to expand its educational reach through newer centers and global partnerships. Students enrolled in any recognized VIT campus can typically avail loans under standard or university-specific schemes. Choosing the right education loan can make your journey at VIT smooth and financially worry-free. Here are the key benefits you should know.

Why Propelld?

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

Particulars Details
Max Loan Amount 50 Lakhs
Collateral Not Required
Moratorium Available
Processing Time 10 Times Faster than Banks
Disbursal Time 7 Days
Approval Rate Higher than Other Banks
Special USP Marks Based Approval
% Financed 100% of Fees

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

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Education Loan for Medical Colleges

MBBS | BDS | BAMS | Bsc Nusring |Or Pay Fees for Any Medical Course in India - Up to. Rs. 50 Lacs

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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.

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