Why For/Purpose /Objective:
State Bank of Bikaner and Jaipur loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.
Eligibility Criteria
Courses Eligible
All courses having employment prospects are eligible.
Graduation courses/ Post graduation courses/ Professional courses
Other courses approved by UGC/Government/AICTE etc.
Quantum/ Amount of Loan
Studies in India: Maximum Rs 10.00 lacs
Studies abroad: Maximum Rs. 20.00 lacs.
Expenses Considered 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 Bills/Receipts of the Institution, subject to the conditions that amount does not exceed 10% of the total tuition fees for the entire course.
- Travel Expenses/Passage Money for studies abroad.
- Purchase of Computers essential for completion of the course.
- Insurance premium for student borrower.
- Any other expenses required to complete the course, such as- Study Tours, Project Work, and Thesis etc.
Margin/ Allowance:
For loans up to Rs.4.0 lacs : No Margin
For loans above Rs.4.0 lacs upto Rs.7.50 lacs.
Studies in India: 5%
Studies Abroad: 15%
Rate of Interest
For loans upto Rs. 4 lakh 11.25% p.a.
For loans above Rs. 4 lakh 12.25% p.a
Repayment /Tenures
Repayment will commence one year after completion of course or 6 months after securing a job, whichever is earlier. The loan is to be repaid in 5-7 years after commencement of repayment.
Security:
Upto Rs. 4 lacs - No Security
Above Rs. 4 lacs to Rs. 7.50 lacs - Third Party Guarantee
Above Rs. 7.50 lacs to Rs. 15 lacs - Tangible Collateral security of suitable value of loan or third party guarantee.
Processing Charges:
No processing fee/ upfront charges
Deposit of Rs. 5000/- for education loan for studies abroad which will be adjusted in the margin money
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
- Borrower's Bank account statement for the last six months
- Income tax assessment order, of last 2 years
- Brief statement of assets and liabilities, of the Co-borrower
- Proof of Income (i.e. Salary slips/ Form 16 etc)
Contact
Delhi Tel: 011- 23743774,
Bangalore Tel: 080- 25364705,
Chennai Tel: 044- 24950936, 24853089,
Hyderabad Tel: 040- 25360290,
Kolkata Tel: 033- 22105415,
Mumbai Tel: 022- 22671817.
Website
http://www.sbbjbank.com/
