My Profile
Active Members
TodayLast 7 Days
more...
Awards & Gifts
Online Exams
Fresher Jobs
Our fresher job section is exclusively for fresh graduates! Find jobs for freshers in major Indian
cities including Bangalore, Chennai, Hyderabad, Pune or Kochi
Resources
Find educational articles, blogs, discussion threads and other resources.
Colleges
Find details about any college in India or search for courses.
|
Resources » Articles/Knowledge Sharing » Educational Loans »
Education Loan From State Bank of Patliala (SBP)
|
ELIGIBILITY CRITERIA :
Student eligibility :
Should be an Indian National
Secured admission to professional/ technical courses through Entrance Test/ Selection process*
Secured admission to foreign university/Institution*
COURSES ELIGIBLE :
Studies in India (Indicative list)
Graduation courses: B.A., B.Com. B.Sc., etc
Post Graduation courses: Masters & Phd.
Professional courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, and Computer etc.
Computer certificate courses of reputed institutes accredited to Dept. of Electronics or institutes affiliated to a university.
Courses like ICWA, CA, CFA etc.
Courses conducted by IIM, IIT, IISc , XLRI, NIFT etc.
Courses offered in India by reputed foreign universities.
Evening courses of approved institutes.
Other courses leading to diploma/degree etc. conducted by colleges/universities approved by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc.
Courses offered by National Institutes and other reputed private institutions.
STUDIES ABROAD :
Graduation: For job oriented professional/technical courses offered by reputed universities.
Post Graduation: MCA, MBA, MS etc.
Courses conducted by CIMA (Chartered Institute of Management Accountants)-London, CPA (Certified Public Accountant) in USA etc.
EXPENSES CONSIDERD FOR LOAN:
Fee payable to college/ school/ hostel.
Examination/Library/Laboratory fee
Purchase of books/ equipments/ instruments/ uniforms
Caution deposit/building fund/ refundable deposit supported by Institution bills/receipts.
Travel expenses/passage money for studies abroad.
Purchase of Computers/two wheelers.
Any other expense required to complete the course – like study tours, project work, thesis etc.
Quantum of Finance :
Need based finance subject to repaying capacity of the parents/students with margin and the following ceilings.
Studies in India – Max Rs.10 lacs
Studies abroad – Max. Rs.20 lacs.
MARGIN :
Up to Rs.4 lacs: Nil Nil
Above Rs.4 lacs: Studies in India: 5%
Studies Abroad : 15%
SECURITY :
A. Studies in India :
Up to Rs.4 lacs: - No security
Above Rs.4 lacs & up to Rs.7.5 lacs: - Collateral in the form of a suitable third party guarantee.
Above Rs.7.5 lacs and up to Rs.10.00 lacs: - Tangible collateral security for full value of the loan.
B. Studies abroad:
Up to Rs.4 lacs: - No security
Above Rs.4 lacs & up to Rs.7.5 lacs: - Collateral in the form of a suitable third party guarantee.
Above Rs.7.5 lacs and up to Rs.15.00 lacs: - Tangible collateral security for suitable value or suitable third party guarantee along with the assignment of future income of the student for payment installments.
Above Rs.15 lacs and up to Rs.20.00 lacs: Tangible security for full value of loan.
RATE OF INTEREST :
(Per Annum)
Up to Rs.4 lacs - 0.75% below BPLR
Above Rs.4 lacs - 1.00% above BPLR
Interest Concession:
1% concession in rate of interest be provided if full interest is paid during the moratorium period when any moratorium period is specified.
Repayment :
Repayment to be made after completion of moratorium period i.e. Course period+1 year or 6 months after getting job, whichever is earlier?
The loan to be repaid in a maximum of 5-10 years after commencement of repayment..
Processing charges :
No penal interest to be charged on Education Loans upto Rs.4 lacs.
Above Rs.4 lacs penal interest @2%, over and above the applicable rate, on the entire loan outstanding for the period of such default will be charged if the EMIs remain unpaid for a period of 30 days from the due date, for any reason, including a bounced cheque.
No processing charges / upfront fee will be charged on Education Loans.
For loans to students going abroad, Rs.5,000/- upfront for loans above Rs.4 lacs will be recovered and dealt as under:
If the applicant avails the loan, the amount of Rs.5000/- will be adjusted against the contribution of margin money/ the interest payable on the loan.
If the applicant does not avail the loan within a period of 4 months of sanction of the loan, the amount will be appropriated and credited to Commission A/c.
ADDITIONAL INFORMATION
BRANCH FOR SANCTION OF LOAN :
As per scheme the loan is sanctioned by the branch nearest to the place of domicile of the borrower(s). However, if the student is seeking admission to an institute at a place other than the place of domicile / residence of parent/guardian and applicant (s) desire to take loan at the place of educational institution, the loan can be considered by a branch at the place of educational institution, provided we have a branch at the place of domicile of the student/parent/guardian. The parent/guardian and the guarantor (wherever applicable) along with student will visit the branch Sanctioning/disbursing the loan for completion of formalities and documentation.
DOCUMENTS REQUIRED
Completed application form:
Mark sheet of last qualifying examination, proof of admission,
Schedule of the expenses and duration.
2 passport size photographs, Passport/ID Card/ Voter card/PAN card
of student/parent/guardian and guarantor.
Details regarding the guarantor (where loan amount is more than
Rs.4 lacs)
Proof of income of the borrower/guarantor
Title deed of the property or other securities and other related papers
etc. (in case loan amount is more than Rs.7.50 lacs)
|
Responses
|
No responses found. Be the first to respond and make money from revenue sharing program.
|
|
Advertise Here
|