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EDUCATION LOAN Of STATE BANK OF INDIA
Eligible Courses
All courses having employment prospects are eligible.
• Graduation courses/ Post graduation courses/ Professional courses
• Other courses approved by UGC/Government/AICTE etc.
Expenses considered for loan
• Fees payable to college/school/hostel
• Examination/Library/Laboratory fees
• Purchase of Books/Equipment/Instruments/Uniforms
• Caution Deposit/Building Fund/Refundable Deposit (maximum 10% tution fees for the entire course)
• Travel Expenses/Passage money for studies abroad
• Purchase of computers considered necessary for completion of course
• Cost of a Two-wheeler upto Rs. 50,000/-
• Any other expenses required to complete the course like study tours, project work etc.
Amount of Loan
• For studies in India, maximum Rs. 10 lacs
• Studies abroad, maximum Rs. 20 lacs
Interest Rates
• For loans up to Rs.4 lacs - 12.25% p.a. Floating
• For loans above Rs.4 lacs - 13.25% p.a. Floating
Processing Fees
• No processing fee/ upfront charges
• Deposit of Rs. 5000/- for education loan for studies abroad which will be adjusted in the margin money
Repayment Tenure
Repayment will commence one year after completion of course or 6 months after securing a job, whichever is earlier
Place of Study - Studies in India
Repayment Period in Years - 5-7
Loan Amount - Rs. 10.0 lacs
Place of Study - Studies Abroad
Repayment Period in Years - 5-7
Loan Amount - Rs. 20.0 lacs
Security - For loans upto Rs. 10.00 lacs for Studies in India and upto Rs. 20.00 lacs for studies abroad
Upto Rs. 4 lacs - No Security
Above Rs. 4 lacs to Rs. 7.50 lacs - Collateral security in the form of suitable third party guarantee. The bank may, at its discretion, in exceptional cases, weive third party guarantee if satisfied with the net-worth/means of parent/s who would be executing the documents as "joint borrower".
Above Rs. 7.50 lacs.- Tangible collateral security of suitable value, along with the assignment of future income of the student for payment of installments.
All loans should be secured by parent(s)/guardian of the student borrower. In case of married person, co-obligator can be either spouse or the parent(s)/ parents-in-law
Margin
• For loans up to Rs.4.0 lacs : No Margin
• For loans above Rs.4.0 lacs:
o Studies in India: 5%
o Studies Abroad: 15%
Documentation Required
• Completed Education Loan Application Form.
• Mark sheets of last qualifying examination
• Proof of admission scholarship, studentship etc
• Schedule of expenses for the specified course
• 2 passport size photographs
• Borrower's Bank account statement for the last six months
• Income tax assessment order, of last 2 years
• Brief statement of assets and liabilities, of the Co-borrower
• Proof of Income (i.e. Salary slips/ Form 16 etc)
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| Author: Shinu 31 May 2008 | Member Level: Gold Points : 2 |
I was looking for information on loans. I have been interested in this and happy to read more about it.Thanks for the information
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