Vidya Samruddhi– An Educational Loan Product PDF  | Print |  E-mail

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:

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 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.

Product details:

 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/-