Why For/Purpose /Objective:
State Bank of Patiala education loans provide to extend financial assistance to deserving/ meritorious students for pursuing higher education in India and abroad.
Eligibility Criteria
- Student be an Indian National
- Secured admission to professional/technical courses in India or abroad through Entrance Test/Selection process.
- Secured admission to foreign university / institutions.
Courses Eligible
Studies in India
- Graduation Courses- B.A, B.COM, B.Sc. etc.
- Post Graduation Courses: Masters Courses, Ph D, etc.
- Professional Courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc.
- Computer Certificate Courses of reputed Institutes accredited to Department of Electronics or Institutes affiliated to 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 the 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 London, CPA in USA etc.
Quantum/ Amount of Loan
Need based finance subject to repaying capacity of the parents / students with following ceilings:
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 loan upto Rs 4.00 lacs: NIL
- For loan above Rs 4.00 lacs:
Studies in India: 5%
Studies abroad: 15%
Rate of Interest
For details please contact the branch.
Repayment /Tenures
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.
Security:
Studies in India:
Upto Rs. 4 lacs: No security
Above Rs. 4lacs & upto Rs. 7.5 lacs: Collateral in the form of a suitable third party guarantee
Above Rs. 7.5 lacs and upto Rs. 10.00 lacs: Tangible collateral security for full value of the loan.
Studies in abroad:
Upto Rs. 4 lacs: No security
Above Rs. 4lacs & upto Rs. 7.5 lacs: Collateral in the form of a suitable third party guarantee
Above Rs. 7.5 lacs and upto Rs. 10.00 lacs: Tangible collateral security for suitable third party guarantee along with the assignment of future income of the student for payment installments.
Processing charges:
Penal Interest:
No penal interest to be charged on Education loans upto Rs.4 lacs
Above Rs. 4 lacs penal interest at 2%, over and above the applicable rate, on the entire loan outstanding for the period of such default will be charged if the EMIs remains unpaid for a period of 30 days fro the due date, for any reason, including a bounced cheque.
Processing charges:
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.
Contact
Delhi Tel: 011- 23311130, 23315467,
Bangalore Tel: 080- 25257037, 25257626,
Chennai Tel: 044- 28521805,
Hyderabad Tel: 040- 23200399, 23203810,
Kolkata Tel: 033- 2397742, 2183081,
Mumbai Tel: 022- 26443440.
Website
http://sbp.co.in/
