EDUCATION LOANS(SBI STUDENT LOAN SCHEME) A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured. Eligible Courses a. Studies in India: · Graduation, Post-graduation including regular technical and professional Degree/Diploma courses conducted by colleges/universities approved by UGC/ AICTE/IMC/Govt. etc · Regular Degree/ Diploma Courses conducted by autonomous institutions like IIT, IIM etc · Teacher training/ Nursing courses approved by Central government or the State Government · Regular Degree/Diploma Courses like Aeronautical, pilot training, shipping etc. approved by Director General of Civil Aviation/Shipping · Vocational Training and Skill Development Study Courses will not be covered under the regular Education Loan Schemes. A separate scheme for ‘Loans for Vocational Education and Training’ has been launched which covers financing for such Vocational courses b. Studies abroad: · Job oriented professional/ technical Graduation Degree courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc offered by reputed universities Expenses considered for loan Fees payable to college/school/hostel Examination/Library/Laboratory fees Purchase of Books/Equipment/Instruments/Uniforms, Purchase of computers- essential for completion of the course (maximum 20% of the total tuition fees payable for completion of the course) Caution Deposit/Building Fund/Refundable Deposit (maximum 10% tuition fees for the entire course) Travel Expenses/Passage money for studies abroad 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. 30 lacs Interest Rates Click Here For Interest Rates 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. Maximum Loan Limit Repayment Period Upto Rs. 4 Lacs Upto 10 years Above Rs. 4 Lacs and upto Rs. 7.5 Lacs Upto 10 years Above Rs. 7.5 Lacs Upto 12 years Security Particular Security Upto Rs. 4 lacs loan amount Only Parent/ Guardian as co-borrower Above Rs. 4 lacs to Rs. 7.50 lacs loan amount Parent/ Guardian as co-borrower and Collateral security in the form of suitable third party guarantee*. *Third Party Guarantee can be replaced with Parent/Guardian as co-borrower provided the Gross Annual Income of Parent/Guardian (co-borrower) as given in latest Income Tax Return is 3 times of the loan amount. Above Rs. 7.50 lacs loan amount Parent/ Guardian as co-borrower and tangible collateral security 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: Studies in India: 5% 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 PAN Card of the student and the Parent/ Guardian Borrowers Bank account statement for the last six months Income tax Returns/ IT assessment order, of last 2 yrs (If IT Payee) Brief statement of assets and liabilities, of the Co-borrower Proof of Income (i.e. Salary slips/ Form 16 etc. if applicable)
Posted on: Fri, 25 Jul 2014 06:55:43 +0000
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