State Bank Of India Education Loan

State Bank Of India Education Loan
Website: www.statebankofindia.com

Eligible Courses

All courses having employment prospects are eligible.

(1) Graduation courses/ Post graduation courses/ Professional courses
(2) Other courses approved by UGC/Government/AICTE etc.

Expenses considered for loan

(1) Fees payable to college/school/hostel
(2) Examination/Library/Laboratory fees
(3) Purchase of Books/Equipment/Instruments/Uniforms
(4) Caution Deposit/Building Fund/Refundable Deposit (maximum 10% tution fees for the entire course)
(5) Travel Expenses/Passage money for studies abroad
(6) Purchase of computers considered necessary for completion of course
(7) 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

(1) For studies in India, maximum Rs. 10 lacs
(2) Studies abroad, maximum Rs. 20 lacs

Interest Rates

(1) For loans up to Rs.4 lacs - 12.25% p.a. Floating
(2) For loans above Rs.4 lacs - 13.25% p.a. Floating

Security :

Upto Rs 4 lacs no security. Above Rs. 4lacs : collateral security equal to 100% of loan amount or guarantee of third person known to the bank and good for the loan amout.

Margin

(1) For loans up to Rs.4.0 lacs : No Margin
(2) For loans above Rs.4.0 lacs:
(a) Studies in India: 5%
(b) Studies Abroad: 15%

Repayment :

Repayment holiday/Moratorium: Course period + 1 year 0r 6 months after getting job/starts earning, whichever is earlier. The loan to be repaid in 5-7 years after commencement of repayment

For More Details Please Visit: www.statebankofindia.com/viewsection.jsp?id=0,1,20,118