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State Bank of Hyderabad Education Loan

Posted Date: 09 Nov 2007 Resource Type: Articles/Knowledge Sharing Category: General

Posted By: Bala Member Level: Diamond
Rating:

Points: 3

State Bank of Hyderabad Education Loan

Purpose :
Financial assistance to deserving/meritorious students for pursuing higher studies in India or abroad.

Eligibility:
Students seeking loan should be of Indian nationals.
Computer courses conducted by NIIT are also included under Education Loans

Amount of finance:
For studies in India: Maximum Rs.7.50 lakhs
For studies abroad: Maximum Rs.15.00 lakhs

Margin money:
Upto Rs. 4.00 lakhs: Nil
Above Rs. 4.00 lakhs: For studies in India – 5%
For studies abroad – 15%

Security Norms :
Upto Rs. 4.00 lakhs: No Security
Above Rs. 4.00 lakhs and upto 7.5 lakhs:Collateral in the form of satisfactory 3 rd party guarantee.
Above Rs. 7.5 lakhs and upto 15.00 lakhs:Collateral security equal to 100% of the loan amount or guarantee of 3 rd person known to bank good for 100% of the loan amount.

Rate Of Interest :
Upto Rs.4.00 Lacs – 11.00%
Above R.s4.00 Lacs – 12.00%

Penal rate of Interest:
@2% on all irregular Education loans above Rs.4.00 Lacs for the over due amount and over due period.

Repayment Period :
5 to 7 years after completion of course.

Processing Charges:
Processing Charges of Rs.5000/- for Education Loans above Rs.4.00 Lakhs for students going abroad (studies abroad). Insurance of SBI Life Insurance Co. Ltd. Is available

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