Education Loans - Bank of Baroda

Education loans

Bank of  Baroda  offers education loan to students who are willing to continue their higher education either in  India or abroad. The Various loan options available with Bank of Baroda are Baroda Vidya, Baroda Gyan and  Barod  Scholar.

Baroda Vidya
Baroda Vidya is  the  Edycation loan especially for students pursuing school education. These loans are available for studies for  Nursery to Senior Secondary  School. For which there is No processing  & documentation charges, No Margin and No Security required.

Terms & Conditions

Eligibility:

  • Must  be an Indian  National
  • Student should have secured admission to a recognized school / high school / Jr. College (including  CBSE / ICSE / State Board) for any of the following courses
  • Stage  I: Nursery to V th STD.
  • Stage  II: VI th to VIII STD.
  • Stage  III: IX th to XII th STD.
Maximum Loan Amount : Rs. 4.00 lacs.


Board Gyan
Board Gyan educational loan is especially for the students pursing  Graduation,  Post Graduation,  Professional & other courses in India for which there is No processing charges, No Margin on  loans upto 4 lacs and free Debit Card.

  • No processing charges
  • No Margin on loans upto 4 lacs
  • Free Debit Card


Term & Conditions
Courses Eligible :
  • All Graduation courses.
  • All Post-Graduation courses & Doctorate courses.
  • Professional Courses viz. Engineering, Medical, Agriculture, Veterinary, Law, Dental,  Management, Computer, Ayurved, Homeopathy, Physiotherapy, Hotel Management, Hospital Management, Interior Designing, Architecture, Event Management, Mass Communication, Fashion Technology,  etc.
  • Computer certificate courses of reputed institutes accredited to Dept. of Electronics or  institutes affiliated to universities.
  • Courses like C.A, ICWA, CFA, CS, etc.
  • Courses conducted by IIM, IIT, IISc, XLRI, NIFT etc.
  • Regular Degree / Diploma courses like Aeronautical, pilot training,
  • Shipping etc., approved by Director General of Civil Aviation / Shipping.
  • Other courses leading to diploma / degree etc. conducted by
  • Colleges / Universities  approved by UGC / Govt. / AICTE / AIBMS / ICMR etc.
  • Courses offered in India by reputed foreign Universities.
  • Evening courses of institutes approved by State / Central / Govt. / UGC / AICTE / AIBMS / ICMR / ICR.
  • Have been approved by the State / Central Govt. / UGC / AICTE, etc.


Student Eligibility :

  • Must be India National 
  • Secured admission to either of above courses


Maximum Loan Amount : Rs. 10.00 Lacs.

Holiday Period 

  • Course period +1 year or 6 months after getting job, whichever is earlier
Repayment 

  • The loan repayable in 5-7 years after the above period 
Security:

  • Upto Rs. 4 lacs - No security
  • Above Rs. 4.00 lacs and up to Rs. 7.5 lacs : Collateral in the form of a suitable third party guarantee alongwith assignment of future income.
  • Above Rs. 7.5 lacs : Tangible collateral security equal to 100% of the loan amount along with assignment of future income. 
Rate of Interest :
  • Simple interest to be charged at monthly rests during the repayment holiday / moratorium  period.
  • 1% interest concession is provided if interest debited during repayment holiday is serviced.
  • 1% Concession in rate of interest to loan for girl student.
  • Penal interest @ 2 % p.a on overdue amount , if the loan amount exceeds Rs. 4.00 lacs


Board Scholar
Bank of Baroda presents financial assistance to students going abroad for Professional / Technical studies. The loan offering is designed to empower you with the financial capability to realise your dreams.... Achieve your  goals... Reach out to the maximum limits...

Terms & Conditions
Eligibility of Courses :
Graduate / Post-Graduate / Doctorate / Job Oriented Professional / Technical Courses offered  by reputed  Universities overseas.
Regular Degree / Diploma courses like Aeronautical, pilot training, shipping etc. The Institute should be  recognized by the competent local aviation / shipping authority and Director General of Civil Aviation / Shipping in India.
  • Coverage of expenses (for overseas studies):
  • Admission / Tuition fees to College / University.
  • Hostel / Mess charges.
  • Examination / Library / Laboratory fee.
  • Purchase of books / equipments / instruments.
  • Caution deposit / building fund / refundable deposit supported by institution bills / receipts. 
  • One way travel expenses / Passage money
  • Purchase of computers if essential for completion of the course.
  • Any other expense required to complete the course e.g. study tour, project work, thesis etc.
Maximum amount of loan : 20.00 lacs.

Margin : 15%

Repayment Holiday / Moratorium Period :

  • Course period +1 year or 6 months after getting job, whichever is earlier.
  • The loan is repayable in 5-7 years after the above period.

Security :

  • Upto Rs. 4.00/- lacs - No security
  • Above Rs. 4.00 lacs and up to Rs. 7.5 lacs - Collateral in the form of a suitable third party guarantee alongwith  assignment of future income.
  • Above Rs. 7.5 lacs : tangible collateral security equal to 100% of the loan  amount along assignment of future income 


Rate of Interest :

  • Simple interest during repayment holiday / moratorium period.
  • 1% interest  concession, if interest debited during the repayment holiday is serviced.
  • 1% Concession in rate of interest to loans for girl student.
  • Penal interest @ 2% p.a. on overdue amount if loan exceeds Rs. 4.00 lacs.


CONTACT DETAILS:
Head Offices
Suraj Plaza-1, Sayaji, Ganj,
Baroda-390005
Phone : (0265) 236 1852
Fax : (0265) 236 2395, 236 1824, 236 1806
Baroda House, P.B. No. 506,
Mandavi, Baroda-396006
Phone : (0265) 2563932

Corporate Centre
Baroda Corporate Centre,
Plot No- C- 26, G - Block,
Bandra - Kurla Complex,
Bandra (East), Mumai - 400051
Phone ; (022) 6698 50000- 04
Fax : (022) 2652 350
Website : www.bankofbaroda.com

Education Loans

An education loan is a form of financial support from any bank or financial institution that enable a student for taking higher education. Availabillity of the education loan, at the appropriate time will help millions of deserving bright young Indians to achieve their dreams come true. All graduation, post-graduation and professional courses from institutes approved by the state and central government and also from foreign universities are eligible for a loan. Several institutes/ colleges have tied up with various banks, for the benefit of prospective students. For students in India one can get loans up to Rs. 7.5 lakh and up to Rs. 15 lakh for students abroad.

Before giving the loan, bank study the viabillty of the borrower based on personal discussions with the student, family's assets and annual income, the nature of the course and reputation of the institute. In most banks for loans up to Rs. 4 lakh no collateral or margin is required and the interest rate will not exceed the Prime Lending Rates (PLR). For loans above Rs. 4 lakh the interest rate will be PLR plus 1 percent. PLR is a term used to refer the interest rate of the bank and it may vary with each bank. Some banks offer lower rates to women students or those from specified institutions. Security to the loan depends on the amount. Security is some form of investment  (i.e bank deposits, house property etc) that are surrendered to the bank while taking the loan. Security is not needed for loan amounts up Rs. 4 lakhs. Instead of security, some bank may ask for a third party guarantee ( guarantor ) for higher loan amounts. There is no need to repay the loan while studying. The repayment starts after you have finished the course or started working. The repayment cannot be delayed for years after the completion of courses. The loans are to be repaid over a period of 5to 7 years with provision of grace period of one year after completion of studies.


The Best Educational Loans Banks  in  India

Punjab National Bank Education Loan

 Education loans
Punjab National Bank Education loan scheme aims at providing financial assistance to deserving / meritorious students with an  opportunity including undertaking basic education and the meritorious students to pursue higher, professional and technical education in India and abroad.

Eligibility:

  • Must be an Indian National
  • Secured admission to Professional / Technical courses through Entrance Test / Selection process.
  • Secured admission to foreign University / Institutions.
  • Student should have secured pass marks in the qualifying Examination for admission to Graduation Courses

Courses Eligible for Getting Loan:

  • Graduation courses: B.Sc, B.Com, B.A. etc.
  • Post Graduation courses: Engineering, Agriculture, Medical, Veterinary, Dental, Law Computer, Management, etc.
  • Certificate courses of the computers of the standard institutes qualified to the electronics departments or universities.
  • Courses such as CA, ICWA, CFA etc.
  • Courses arranged by IIT, IIM, IISc, NIFT, XLRI, etc.
  • Courses which are conducted in evening.
  • Other degree or diploma courses arranged by universities or colleges and approved by Gowernment, UGC, AICTE, ICMR, AIBMS etc.
  • The courses which are presented by the National or any standard institute.


Studies Abroad

  • Graduation- For job oriented professional / technical courses offered by reputed universities, credentials of the Educational Institution may be got certified from authenticated sources / Embassy in India
  • Post - Graduation -  MCA, MBA, MS etc.
  • Course conducted buy CIMA - London, CPA in USA etc.

Quantum

  • For studies in India - Maximum Rs. 10.00 lacs.
  • For studies Abroad - Maximum Rs. 20.00lacs.

Margin

  • Upto 4 lacs - Nil
  • Above 4 lacs for 
  • -Education in India - 5% 
  • - Education Abroad - 15%

Security of Loan in punjab National Bank (PNB) 

  • Upto 4.00 lacs: No Security
  • Above Rs. 4 lacs and upto Rs. 7.50 lacs: Collateral in the from of a suitable third party guarantee. The bank may, at its discretion, waive third party guarantee if satisfied with the net - worth  / of parent who would be executing the document as "joint borrower".
  • Above Rs. 705 lacs : Collateral security of Suitable value along with the assignment of future income of the student for payment of installments.

Rate of Interest

  • Upto Rs. 4 lacs -10.50%
  • Above Rs. 4 lacs -11.25%
  • The interest shall be debited monthly on simple basics during the Repayment holiday / Moratorium period.
  • Penal Interest @ 2% be charged for above Rs.4.00 lacs for the overdue amount and overdue period.
  • 1% Interest concession for servicing of interest during the study period regularly is allowed at the time of  start of repayment period of  loan.

Repayment

  • Course period +1 year or 6 months after getting job, whichever is earlier.

The Principal and interest is to be repaid in 5-7 years after commencement of repayment. If the student is not able to complete the  course within the scheduled time, extension of time for completion of course may be permitted for a maximum period of 2 years.

CONTACT DETAILS :
Head Office
Punjab National Bank Ltd.
7, Bhikhaiji Cama Place,
New Delhi - 110066
Website : www.pnbindia.in

Central Bank of India Education Loans

Education loans


Central Bank of India Education Loan Scheme
The education loan offered by Central Bank of India is also known as Cent Vidyarthi Loan. It is offered to meritorious students willing to pursue their higher education in India or abroad.

Eligibility 

  • Candidates applying for the education loan need to satisfy certain eligibility criteria as specified by the bank;
  • Applicants should be Indian Nationals and aged between 16-40 years.
  • Students applying for the Central bank of India student loan are considered eligible if they get admission to various professional or technical courses through merit based selection process or entrance examination.


Courses Eligible for Central Bank Student loans

  • There are plenty of professional and technical courses which are eligible for the Central Bank education loan in India.


Studies Abroad

  • School education which includes +2 standard, graduation , post graduation and professional courses in the areas of Agriculture, Law, Engineering, Veterinary Science, Medicine, Management, Dental Science, Computer and others. 
  • The courses should be offered by reputed colleges or institutions approved by Department of Electronics or Institutions certified by the University.
  • IIM, NIFT, XLRI, IIT offered courses, reputed regular diploma and degree courses, evening courses and courses that are conducted by foreign universities in India.


Maximum Loan Amount :

  • Rs. 20 lacs for studies Abroad.
  • Rs, 10 lacs for studies in India.
Security

  • Upto Rs. 4 lacs : No security
  • Above Rs. 4 lacs and upto Rs. 7.50 lacs -Collaterals in the form of a satisfactory third party Guarantee
  • Above Rs. 7.50 lacs - Collateral security of suitable value or Co-obligation of parents / guardians / third party along with the assignment of future income of future income of the student for payment of installments.


Rate of Interest

Male Students 
  • Normal Student : BPLR-2.00% 
  • IIT / IIM Students : BPLR-2.50%
Female Student : 
  • Normal Students : BPLR - 2.50% 
  • IIT / IIM Student : BPLR - 3.00%
SC, ST, &Minority Community Students (female & male)
  • Normal Student : BPLR - 2.50%
  • IIT / IIM Student : BPLR - 3.00%

Expenses Covered by Central Bank Student Loans
The loan amount covers hostel charges, examination fees, laboratory and library fees, building fund, caution deposit, refundable deposit and other expenses. The education loan also covers the travel expenses of the students traveling abroad for education.

Repayment
Repayment to commence 12 months after completion of studies or 6 moths after securing jobs whichever is earlier. Maximum period is between 5 to 7 years. Repayment of EMI basis.

Contact Details:
Corporate Office - Central Bank of India
Chander Mukhi, Narman Point, Mumbai - 400 021
Phone : 022-6638 7777
Website : centralbankofindia.co.in

Bharat Overseas Bank Education loan Scheme

Bharat Overseas Bank  Education Loans
Bharat Overseas Bank Education loan Scheme
A boon for students with a academic record and an ambition to go places. A unique loan scheme for Post Graduate and Professional courses of study in recognized institution / Universities both in India and abroad. Tuition fees, hostel fees, cost of books, examination fees and airfare (in case of study abroad ) are covered by the scheme.

Coverage of Expenses
Tuition fees
Hostel fees
Cost of books
Examination fees and airfare (in case of study abroad )

Exclusive features :
Maximum loan amount is Rs. 7.5 lacs for education in India and Rs. 15 lacs for education abroad

Interest rates :
Only PRL (13.5% at present ) for over Rs. 4 lacs and a reducation of 1%  for loans less than Rs. 4 lacs.

CONTACT DETAILS:
Head Office - Bharat Overseas Bank Ltd
"Habeeb Towers",
 P.B. No. 5205, 196 (old no.756) Anna Salai,
Chennai - 600 002
Phone : 044-28522983, 2852 3949, 2852 0748, 28414915,
Website : bharatoverseasbank.com

Educational Loans - Union Bank of India

Union Bank of India Education Loans
ELIGIBILITY
Must be an Indian National
Has secured admission to professional or technical courses through an appropriate Entrance Test or selection process
Has secured admission to foreign University
Has passed an appropriate qualifying examination

Studies in India
School education up to +2
Graduation / Post-Graduation
Professional course
Management course
Special Education Loan Scheme for Students pursuing courses from approved institutions like IITs / IIMs / NIT / XLRI / BITS / VIT / IISc / S.P.  Jain Institute Of Management / Symbiosis Institute Of Management and T.S. Chanakya, Navi Mumbai- Nautical Science and MERI, Calcutta, Marine Engineering, MERI, Mumbai, Maritime Science.

Studies Abroad :

  • Graduation : For job-oriented professional or technical courses offered by reputed universities
  • Post-Graduation : MCA, MBA, MS and such other courses
  • Courses conducted by CIMA, London CPA, USA., and such other institution

Loan Details

  • Hostel / Boarding fees including caution deposit / building fund etc.
  • Book, Stationery & Equipment required for the course, including Computers.
  • Examination / Library / Laboratory fees.
  • Travel Expenses / Passage for studies abroad.

Quantum

  • Studies in India : Up to Rs. 10 lacs
  • Studies Abroad : Up to Rs. 20 lacs

Margin

  • Upto Rs. 4 Lac - Nil
  • For loans above Rs. 4 lacs
  •  Studies in  India -5% 
  •  Studies abroad - 15%
  • Service Charge : There is no processing fee / upfront / service charge 
  • Scholarship / assistance to be included in margin.
Security

  • Loan up to Rs. 7.50 lacs - No collateral security is needed
  • For loans above Rs. 7.50 lacs - collateral security of suitable value, along with co-obligation of parents / guardian / third party, accompanied by an assignment of future income of the student for payment of installments is required.

Rate of Interest

  • For Male Student : 
  • For loans up to Rs. 4.00 lacs - 11.75%(Fixed)
  • For loans above Rs. 4.00 lacs upto Rs. 7.50 lacs - 12.50% (Fixed)
  • For loans Above Rs. 7.50 lacs - 12.00% (Fixed)

For Female Student:

  • For Loans up to Rs.4.00 lacs -11.25% (Fixed)
  • For loans up to Rs. 4.00 lacs - 7.50 lacs - 12.00% (Fixed)
  • For loans Above Rs. 7.50 lacs - 11.50%(Fixed)

Repayment

  • Repayment  holiday or Moratorium on loan Course period + 1 year or 6 months after job  placement, whichever is earlier.
  • Starting from this point, the loan is to be repaid in 5-7 years after completion of course period / moratorium.  

Security

  • Up to Rs. 4 lacs : No security
  • Above Rs. 4 lacs & up to Rs. 7.5 lacs : a suitable third party / personal guarantee

Contact Details:
Head Office
Union Bank of India,
239 Vidhan Bhavan marg, Cectral Office,
Nariman Point, Mumbai - 21
Phone : 022-22892000
Website : www.unionbankofindia.co.in

Education Loans

RBI  Education Loans
A Comprehensive educational loan scheme was framed with the consultation of Government of India with Reserve bank of India and Indian bankers association. This scheme can avail a loan of up to 7.5 lacs in India and upto 15 lacs for abroad studies. These figures are not stable in nature for banks. State bank of India is availing an upper limit of 20 lacs and in recent day. Indian bank has upgraded its maximum limit to 15 lacs for education in India and 25 lacs for abroad studies. All the details given below will change time to time and students are advised to get right information from  the banks concerned.

Eligibility

  • The eligibility criteria of the bank to obtain an educational loan from any bank of India :
  • The student who is seeking for educational loan should be Indian national
  • The student should have secured admission to professional / technical courses through entrance test / selection process
  • The student should have secured admission to foreign university / institution
  • Take a peek into other important points of consideration that the comprebecsive educational loans:

Margin

  • If the course cost is up to 4 lacs , nil for both studies in India and abroad. IF the course cost is above 4 lacs, 5% for inland studies and 15% for studies abroad.

Rate of Interest 

  • The rate of interest is 10.75%  up to INR 4 lacs and it does not exceed the Prime Lending Rates (PLR). For a loan above INR 4 lacs, the interest rate is 11.75% and it will not exceed PLR plus 1 percent. However, the rate of interest is subject to changes as per the specifications of RBI or the concerned bank.

Credit delivery

  • You can avail the loan from the branch nearest to the place of your permanent domicile.

 Repayment :
Loans re repayable in 5 to 7 years. Repayment of both principal and interest will start after one year after completion of the course or six months after getting employment, whichever is earlier. Interest will be charged on simple basis during the period of study / moratorium period. At the commencement of repayment, the accrued interest is added to the principal amount and Equated Monthly Installments (EMIs) fixed on total outstanding amount. After commencement of repayment, the benefit of simple interest would be discontinued.

Processing fee
Most of the Indian banks do not charge any processing fee or up front charges. The State Bank of India accepts a deposit of INR  5000 for education loan for studies abroad, which is adjusted in the margin money.

Documents:

  • You need to keep the following documents in place before applying for an educational loan:
  • Mark sheets of the last qualifying examination for school and graduate studies is India.
  • Proof of admission to the course. Scheduling of expenses to the course.
  • Copies of letter confirming the scholarship.
  • Copies of foreign exchange permit, if applicable.
  • Two passport size photographs.
  • Bank statement for the last six months of the borrower.
  • Income tax assessment order not more than two years.
  • Brief statements of assets and liabilities of the borrower.
  • If you are not an existing bank customer you would need to establish your identity and give proof of residence.


Contact Details :
Reserve Bank of India, Central Office,
Shaheed Bhagat Singh Road,
Mumbai - 400001
Website : www.rbi.org.in

HDFC Bank Education Loan

HDFC BANK EDUCATION LOAN
Education Loan Eligibility Criteria of HDFC Bank 
HDFC Bank offers Education loans to match all of your education funding needs and if you want to take the Education Loan from HDFC Bank, you must have passed at least class 12th of equivalent examination. HDFC bank offers study loan for study in India and abroad to bridge the gap between you and higher education.


Education Loan for Studies in India and Abroad

Eligibility for Education Loan

  • Must be an Indian National 

Eligible Courses for Education Loan 
  • Graduation, Post-graduation including technical / professional courses from recognized universities.
  • Computer Certificate courses from reputed institutes accredited to department of electronics of institutes affiliated to university.
  • Courses like ICWA, CA, CFA and courses conducted by IIM, IIT, IISc, XLRI, NIFT and courses approved by UGC / Govt. / AICTE / AIBMS / ICMR etc. 

Expenses considered for Education Loan
  • Free payable to college / school / hostel
  • Payment of course fees
  • Purchase of books / equipment/instruments / uniforms and computer / laptops
  • Examination / Library / Laboratory fee
  • Other expense that are required to complete the course - like study tours, project work, thesis, etc.

Quantqum of Finance
  • Need based finance upto Rs. 15.00 lacs.

Security
  • Upto Rs. 7.5 lacs - Nil
  • Above Rs. 7.5 lacs: Wider range of collateral for loans

Repayment
Loan available upto tenure of 7 years including moratorium period. Repayment to start 1 year after course completion / 6 months after obtaining employment 

Contact Details:
HDFC Bank Head Office
Ramon House, 
5th Floor,169 Backbay Reclamation,
H T Parekh Marg, Churchgate, 
Mumbai-400 020
Maharashtra-India
Phone : 22850032
Email : investor.helpdesk@hdfcbank.com

ICICI Bank Educational Loan- Student Loan in India

Education Loan Scheme
ICICI Bank Educational Loan Scheme
ICICI Bank will provide an education loan that will cover the entire course fee as well as supplementary expenses( such as course material, boarding and lodging expenses ) as stipulated by the Institute (approx Rs 2 Lacs).

Loan Amount Study Abroad

  • Min.- Rs 50000
  • Max.- Rs 400000

Study India

  • Min.- Rs 50000
  • Max.- Rs 400000 

Loan Purpose

  • Free Payable to College / Hostel
  • Examination / Library / Laboratory fee
  • Purchase of books / equipments / instruments
  • Caution Deposit / Building Fund 
  • Travel Expenses / Passage 
  • Purchase of computers

Course: Graduation

Loan Type: Term Loan

Rate of interest

  • The rate of interest charged is 14.75% (Might be revised shortly)

Moratorium period
Moratorium of 18 months is given (which is the course period +6 months). The monthly installment during the moratorium period (1-18 months ) will be Rs. 2458/-.

Post Moratorium period 
Students can have the option of repayment period which starts post moratorium period of 2years, 3years & 4years.

Monthly Installment after the moratorium period

  • For 2years tenure will be Rs 9674/- beginning from 19 month to 42 months.
  • For 3years tenure will be Rs6909/- beginning from 19 months to 54 months.
  • For 4years tenure will be  Rs 5541/- beginning from 19 months to 66 months.
  • Processing Fee: There will not be any processing fee.
  • Foreclosure Charges There are no charges for foreclosing the loan.

How to apply 
The student needs to apply at the nearest ICICI Bank branch which distributes loans of his domicile along with the letter from the Institute detailing his confirmation of admission & course fee along with other  mandatory documents.

ICICI Bank will require a latter from ICICI Prudential life confirming that the students will get absorbed under the payroll of the compant.

Documents Required For ICICI Bank Student Loans:
  • Loan application form duly filled.
  • Letter from Institute confirming the admission of the candidate with stipulated fees & other charges  for completing the course.
  • Letter from ICICI prudential Life confirming that students will get absorbed under the payroll of ICICI Prudential Life.
  • ID proof (Driving License / Passport / Pan Card etc).
  • Permanent address - residence proof ( Ration Card / Utility Bill ).
  • Qualification proof - Marksheets of graduation, 12th and 10th Std.
  • Signature Proof - (Driving License / Passport / Pan Card).
Post Sanction :
Repayment of the loan through Auto Debit mandate.
Credit facility form.


Contact Details:
ICICI Bank
9th Floor, South Towers
ICICI Towers
Bandra Kurla Complex
Bandra(E)
Mumbai
Phone : +91-22-26531414
E-mail : wecoveru@icici.com ; lifeline@icici.com
Website: www.icicibank.com

About Axis Bank Education Loans

About Axis Bank Education Loans:
Axis Bank provides Education Loans to students for Study in India & Studying Abroad. The loan would be provided to students who have obtained admission to career-oriented courses eg, medicine, engineering, management etc., either at the graduate ou post-graduate level.

Axis Bank Education Loan Quantum of Loan:
The quantum of finance under the scheme is capped at Rs 10.00 lacs for studies in India and Rs 20.00 lacs for studies abroad, which would cover tuition fees, hostel charges (if any), cost of books, etc. The minimum amount of loan would be Rs 50.000.

Margin:
No margin for loans upto Rs 4 lacs. For loans above Rs 4 lacs, 5% margin for within India and 15%for higher studies overseas.


Axis Bank Education Loan interest rate - Interest rate linked to PLR.

Role of the Guardian:
The parent(s) or guardian of the student would be treated as a co-applicant of the loan. His or her role would be, necessarily, lime the primary debtor.

Security:
Third party guarantee and/or  collateral security may be asked for in appropriate cases.

Additional Security:
Assignment of LIC policy in favour of the Bank for sum assured being at least 100% of the loan amount. The policy is kept alive during the currency of the loan. To ensure this, the annual premium may be included in the computation of the loan requirement, along with the tuition fees and other recurring charge. Futher, the future income of the student needs to be assigned in favour of the Bank for meeting the installment obligations.

Axis Bank Education Loan Disbursement;
The loan will be disbursed in full or in suitable installments taking into account the requirement of funds and/or fees schedule as assessed by the Bank directly to the educational institution or vendor of books or equipment or instruments.


Penalty for early closure; Nill.

SBI STUDENT LOANS

 SBI EDUCATION LOANS
SBI Student Loan
The SBI (State Bank Of India ) is one of the leading Nationalized Bank in India. SBI is actively engaged in community service banking. SBI also offers Students Loan To the desirous student Education Loan for higher studies in India or abroad.

Eligibility Criteria for grant of SBI Student Education Loan :
  • Loan is granted to only Indian Nationals.

Eligible Courses for SBI Student Education Loan : 
  • All courses which are having employment prospects.
  • All Graduate, Post-Graduate and Professional Courses offered by the approved Institutions or Universities in India or Abroad.
  • Other courses leading to diploma, degree, etc. Conducted by Colleges, Universities approved by UGC / Government / AICTE etc.

Expenses considered for SBI Student Education Loan : 
  • Fees payable to College, School and Hostel.
  • Examination, Library and Laboratory fees.
  • Purchase of Books, Equipment, Instruments and Uniforms.
  • Caution Deposit, Building Fund and Refundable Deposit.
  • Travel Expenses, Passage money for studies abroad.
  • Purchase of Computer considered necessary for completion of course.
  • Cost of two wheeler upto Rs. 50,000/-
  • Any other expenses required to complete the course like Study tour, project work etc.

Limit of SBI Student Education Loan : 

Student loan is sanctioned to a limit of maximum : 
  • Rs. 10 Lacs for studies in India.
  • Rs. 20 Lacs for studies in abroad.

Security Requirement For SBI Student Loan : 
  • For loan amount upto Rs 4 Lacs, no security required.
  • For loan amount above Rs. 4 Lacs, the borrower should present a third party as a guarantee.
  • For loan amount above  Rs. 7.5 Lacs, the borrower should produce a material collateral security and assign the the future income of the student for paying installment.
  • The parent or guardian of the borrowing student should secure an education loan.
  • If the borrower is married, his or her spouse, parent-in-law or parent can act as the co-obligator.
Repayment of SBI Student Loan : 
Repayment of loan can be started 6 months after getting job or one year after the courses of study is completed whichever is earlier.

  • If the Place of Study is in India, than Education Loan amount is upto 7.5 Lacs, the repayment period is 5 to 7 years and if the education loan amount is above Rs. 7.5 Lacs, the repayment period is 5 to 10 years.
  • If the Place of Study is in abroad, then education loan amount is upto Rs.15 lacs, the repayment period is 5 to 7 years and if education loan amount is above Rs. 15 lacs, the repayment period is 5 to 10 years.
SBI Student Loan Interest Rate :

  • With effect from 29.06.2009(SBAR 11.75%)
  • Loan amount upto Rs. 4 Lacs, the Rate of interest is 0.50% below SBAR i.e. 11.25% p.a.
  • Loan amount above Rs. 4 Lacs, and upto Rs. 7.50. Lacs, the Rate of Interest is 1.00% above SBAR i.e. 12.75% p.a.
  • Loan amount above Rs. 7.50 Lacs, the Rate of Interest is at SBAR i.e. 11.75%.

Note : An Interest Rate concession 0.50 is allowed to Girl Student availing SBI Student Education Loan.

SBI Student Loan Processing Fees : 

  • There is no processing fee or upfront charges for Student Education Loan.
  • For Student Education Loan for studies abroad a deposit of Rs. 5000/- is required which is adjustable in the  margin money.

SBI Student Loan Margin : 

  • For loans upto Rs. Lacs : no margin
  • For loans above Rs. 4.0 Lacs : (1) Studies in India : 5%, (2) Studies abroad : 15%.

Documents Required For SBI Student Loan : 

  • 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 / From 16 etc.)


Contact Details
Corporation Centre
State Bank of India,
State Bank Bhawan, 8th floor, Madame Cama Road, Mumbai-400021
Phone : 022-22029456,22029451
Fax : 022-22885369
Website : http://www.statebankofindia.com
State Bank of India Head Offices.
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