SIB Vijnan Pradhan Scheme (VPS)

Supporting Academic Excellence with Flexible Financial Solutions

South Indian Bank introduces the SIB Vijnan Pradhan Education Loan Scheme, designed to provide financial assistance to deserving students pursuing higher education in India or abroad. Tailored to support students’ academic aspirations, this scheme offers affordable and hassle-free solutions for tuition fees and related expenses.

Key Features and Benefits

Eligibility

Open to Indian nationals and NRIs with an Indian passport.

Co-borrower requirement

Parents or guardians must join as co-borrowers.

Wide range of courses

Graduate, postgraduate and diploma programs with university affiliation in India and job-oriented technical/professional courses overseas.

Comprehensive coverage

Finances tuition fees, exam/library/lab charges, books, equipment, hostel, uniforms, and insurance premiums.

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Why Choose South Indian Bank?

South Indian Bank offers a reliable and seamless loan experience backed by over nine decades of banking expertise and transparency. Timely disbursement of funds allows you to focus on academics without delays, while loans up to Rs. 7.5 lakhs are offered without collateral, making higher education more accessible. The convenience of online applications through the Vidya Lakshmi and Jan Samarth Portals adds to the hassle-free experience.

Attractive margins:
- NIL margin for loans up to Rs4 lakhs.
- Above Rs4 lakhs, 5% margin for domestic studies and 15% for foreign studies.
Collateral-free option:
- No collateral for loans up to Rs7.5 lakhs.
- National Credit Guarantee Trustee Company (NCGTC) coverage for loans up to Rs7.5 lakhs.
- 100% collateral required for loans above Rs7.5 lakhs.
Competitive interest rate - Starting at REPO rate + 4.74%.
Flexible repayment terms - Maximum loan repayment tenure of 15 years, including a moratorium period (course duration plus 1 year).
Life insurance - Mandatory life insurance for the student under the SIB EduGuard scheme.
Additional benefits:
- NIL prepayment charges.
- Top-up loans available within the moratorium period for further education.
- Central Sector Interest Subsidy (CSIS) for eligible applicants.

For undergraduate programs:
- A minimum of 80% in qualifying subjects and 75% overall in 10+2 or equivalent.
- Admission through merit-based criteria.
For postgraduate programs:
- A minimum of 75% in undergraduate studies or the marks prescribed by the institution.
- Successful completion of entrance tests, GDs, or interviews (if applicable).

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Additional Charges	Click here for Service Charges

Proof of identity and address (student and co-borrowers).
PAN card of student and parents.
Admission/offer letter from the institution.
Course fee structure and affiliation/approval documents.
Qualifying exam scorecards and mark sheets.
Property-related documents for loans requiring collateral.
Income certificate for CSIS eligibility (to be submitted within 45 days).

Online application - Click here to apply for a student loan. Our representative will get in touch with you soon.
OR

Branch visit – Visit the nearest South Indian Bank branch and our representative will help you
Application and Document submission – Submit the list of documents required for processing your loan
Verification - Our team will assess your application, including collateral, and verify eligibility.
Approval - Receive quick approval and a loan offer tailored to your needs.
Disbursement- Funds will be directly disbursed to the institution or as per approved needs.