Why For/Purpose /Objective:
SBI Commercial and International Bank Ltd. provides the Education Loan for financial support to deserving/meritorious students for pursuing higher education in India and abroad.
Eligibility Criteria
First class in last qualifying exam
Self / Parent having independent source of income owning residential premises in Mumbai
Quantum/ Amount of Loan
Studies in India - Maximum Rs.07.50 lacs
Studies abroad - Maximum Rs.15.00 lacs
Margin/ Allowance:
20% of total cost.
Rate of Interest
Limit Revised Rate-Floating
Up to Rs. 4.00 Lacs 12.25%
Above Rs. 4.00 Lacs 13.25%.
Repayment / Tenures
Interest to be serviced regularly during moratorium period (MP).
After MP entire outstanding in loan account will be treated as Principal for calculating future EMI's repayable in 10 years after date of first disbursement
Maximum period 10 years including duration of course
Moratorium period not exceeding six months after completing the course or securing a job, whichever is earlier.
Security:
Collateral security by way of mortgage of immovable property / any other specified securities to cover 100% of loan amount.
Documentation:
- Promissory Note
- D. P. Note Delivery Letter.
- Documents pertaining to collateral security
- Authority letter in duplicate from borrower authorising salary deduction or PDCs
- No dues affidavit
- All documents to be signed jointly by the student and parent / guardian
Contact
Mumbai Tel: 022- 40043210, 22042280.
Website
http://www.sbici.com/
