Vidya Samruddhi– An Educational Loan Product
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The primary objective is to enhance human resources by funding higher studies and skill-training to the candidates belonging to rural and semi urban areas, who are economically backward and who do not have formal access to nationalized and private banks. Hence, they are deprived of opportunity that could benefit them and society at large.
1st Vidya Samruddhi Loan disbursed on 19 Feb’08 to a student at Khammam Unit:
Procedure for origination of VIDYA SAMRUDDHI PROPOSAL
At present loan registration and application origination will be taken through the partners like ICICI Prudential Life Insurance, CAP Foundation, IIVT and from their recruit partners by Head Office in the states of Maharashtra and Andhra Pradesh in the initial years to get piloted the product and the same will be carried out in other states in coming years.
| Loan Terms/Product Clasification|| Professional Higher Education (Management, Nursing,Insurance etc.)||Vocational Courses (Refrigeration, AC repairing , Electrification etc.)|
| Educational qualification|| Degree|| SSC|
| Educational qualification|| Interest Chargeable 15% on diminishing balance|| 18% on diminishing balance|
| Loan tenure|| Upto 4 years|| Upto 3 years|
| Loan processing fee || @ 1%|| Rs 200/- flat|
| Maximum exposure|| 75% of the course fee|| 75% of the course fee|
| Loan size || Max. Rs.1, 50,000/-Min. Rs. 5,000/- || Max. Rs.1, 50,000/-Min. Rs. 5,000/-|