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STATE BANK OF HYDERABAD LOAN SCHEME
Posted Date: 06 Sep 2008 Resource Type: Articles/Knowledge Sharing Category: Educational Loans
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Posted By: VIRUTHAGIRI Member Level: Diamond
Rating:  Points: 2
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STATE BANK OF HYDERABAD
Purpose
You can take a loan for pursuing studies in recognised schools/colleges/ institutions to meet:
Tuition and other fees
Maintenance costs, books & equipments,etc.
Cost of passage (for studies abroad)
Caution fund/building fund/refundable deposit
Eligibility
* Should be an India National
* Secured admission to professional/ technical courses through Entrance Test/ Selection process
* Secured admission to foreign university/ Institution
Loan Amount
Need based finance subject to the repaying capacity of the parents/ students with margin and the following ceilings.
* studies in India - Maximum Rs.7.50 lacs
* studies Abroad - Maximum Rs.15 lacs
Margin
Upto Rs.4 lacs: No margin
Above Rs.4 lacs
* Studies in India: 5%
* Studies Abroad: 15%
Interest
Lowest interest rates
Loan Amount
Interest Rate
Loans upto Rs.4 lacs
SBMTLR presently 12.00 %p.a.
Loans over Rs.4 lacs
1% above SBMTLR presently 13.00 % p.a
* While interest is not required to be paid during moratorium period, payment of the same before start of repayment would entitle you to concession in interest rate applied during the repayment holiday
Repayment of loan
Repayment Holiday - Course period + 1 year or 6 months after getting job, whichever is earlier.
The loan to be repaid in 5-7 years after commencement of repayment
Prepayments permitted without any penalty
Purpose
You can avail of the attractive education loan scheme if you have secured admission to or are already studying in any of the country's IIMs or IITs or in any of the designated institutes.
Eligibility
You are eligible for the education loan if you fulfill the following criteria: A student who has secured admission or is already studying in any IIM, IIT, Indian Institute of Science, Bangalore, Jamnalal Bajaj Institute of Management, Mumbai, XLRI Jamshedpur, Roorkee Engineering College or Indian School of Mines, Dhanbad.
Amount of Loan
The loan will be in the form of a package which will cover entire tuition fees, hostel and mess charges, library fees or any other fees / charges payable to the institution subject to a maximum of Rs 2.50 lacs.
Period of loans
Loans repayable In 48 Equated Monthly Installment (EMI).The EMI will commence one year after the completion of the course or whenever is earlier.The interest, however, will be realised during the pendency of the loan on a quarterly basis.
Loan Amount
Interest Rate
Loans upto Rs.4 lacs (In India)
12.5% pa, SBMTLR presently 12.00 %p.a.
Loans above Rs 4 lacs
1% above SBMTLR presently 13.5 % p.a
Tenures: Minimum of 12 months to a maximum of 48 months
Contact :
Delhi Tel: 3341152
Bangalore Tel: 2261599
Chennai Tel: 8282206, 8230267
Hyderabad Tel: 7637738
Kolkata Tel: 2401529
Mumbai Tel: 4923246
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