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July 13, 2018 Friday 04:35:24 PM IST

South Indian Bank - Vitjnan Pradhan Scheme (VPS)

Loans & Investment

This is the education loan supported by South Indian Bank. They provide the loan for the needy according to the merit. They provide support for all the technical and no technical educations available. The Bank provides a moratorium period for which the student is exempted for not paying the due amount, this is the period of the course and 1 year after the course is completed or 6 months after a job is received (whichever is prior). During this period the student is not exempted from the interest the interest will be calculated for that period as well, the student is to pay the interest once the moratorium period is over.

The bank provides a repayment period of up to 15 years (including the moratorium period) for the loan taken.

The Interest rate is Floating type interest and it comes to 11.70 % - 12.7% (0.50% concession for girl students as per IBA norms).

A floating type interest rate is an Interest calculated based on the Yield curve of the bank, so the interest rate may get reduced or increased according to the yield curve of the Bank's.


There is a 5% for the total amount taken as loan above 4 lacs as processing charge for the loan from the bank's side.

The Security for the amount taken from the bank are as follows,

No security is needed Up to Rs 4 Lakhs.

Rs.4 Lakhs to Rs.7.50 Lakhs – Parents to be joint borrowers together with collateral security in the form of suitable Third Party Guarantee


Above Rs.7.50 Lakhs – Any tangible security as collateral acceptable to the bank with suitable margin.


Application form available here.


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