SCHOLAR LOANS FROM SBI!

SCHOLAR LOANS

Education Loans to students securing admission in:                       
The country’s best Engineering colleges
The nation’s elite Medical colleges
India’s top B-Schools
India’s best Law colleges & other reputed institutes

Eligibility

A term loan granted to Indian Nationals for pursuing higher education in India in selected institutions

Courses Covered

Regular full time Degree /Diploma Courses and not certificate/ part-time courses through entrance test/ selection process. Full time Executive Management Courses like PGPX (for IIMs) are also covered

Salient Features

Loan at Campus/ Designated Branch
Option to transfer loan account to a branch closer to the place of co-borrower (after the course completion)
ATM-cum-Debit card and Internet Banking facility
Second Education Loan for further higher studies provided the institution and fees fall within criteria.

Loan amount

Maximum loan amount upto Rs.30 lacs 


Category
Maximum Loan Limit
No Security, only Parent/ Guardian as co-borrower
With tangible collateral of full value and Parent/ Guardian as co-borrower
List ‘A’
Rs. 20 lacs
Rs. 30 lacs
List ‘B’
Rs. 15 lacs
Rs. 20 lacs
List ‘C’
Rs. 10 lacs
Rs. 15 lacs

(Loan amount varies with the institute.)


Expenses covered


Fees payable to college/school/hostel
Examination/ Library/ Laboratory fees
Purchase of books/equipments/instruments
Travel expenses/expenses on exchange programme
Purchase of computer/laptop
Caution deposit / building fund/ refundable deposit supported by Institution bills/ receipts [not to exceed 10% of the tuition fees for the entire course].
Any other expenses related to education

Repayment

• Moratorium upto course duration plus six months
• Flexible repayment period upto 7 years.

Margin

• Nil upto Rs.4 lacs
• 5% above Rs.4 lacs

Security

	No Security, only Parent/ Guardian as co-borrower	With tangible collateral of full value and Parent/ Guardian as co-borrower
List ‘A’	Rs. 20 lacs	Rs. 30 lacs
List ‘B’	Rs. 15 lacs	Rs. 20 lacs
List ‘C’	Rs. 10 lacs	Rs. 15 lacs

                                

• In case of married person, co-obligator can be either spouse or the Parent(s)/ Parent(s)-in-law. Parental co-obligation can also be substituted by a suitable third party guarantee.

Documentation Required

• Letter of admission
• Completely filled Application Form
• 2 passport size photographs
• PAN Card of the student and the Parent/ Guardian
• Proof of identity (driving licence/passport/PAN/any photo identity)
• Proof of residence (driving licence/passport/electricity bill/phone bill)
• Statement of expenses
• Student/Co-borrower/ guarantor’s bank account statement for last 6 months
• IT return/ IT assessment order, of last 2 years
• Brief statement of assets & liabilities of the co-borrower
• Proof of income (i.e. salary slips/ Form 16)

Click here to download the application form

To apply online CLICK HERE

Education Loans for Students

EDUCATION LOAN - Student Loan Schemes offered by Banks in India - Educational Loans for Students

Congratulations ! You finally got into a professional college. After months of waiting, months of Preperation for your Entrance Tests and general anxiety, you got through. Now that you have got admission into a Professional Course all you have to do is figure out how to pay for it. If you’re like most people, the idea of paying for Professional college Education out-of-pocket isn’t even close to reality. The cost of education rises every year – much faster, most likely, than money accumulates in your bank account. Today, hefty student loans are an unfortunate fact of life. 
However, you need not worry. There are lots of Student Loan Options and Student Loan Schemes being offered by various Banks and Institutions. Here are a few Student Loan Resourses which may be of help to you. We have Listed down the Banks offering Student Loans, Various Student Loan Schemes being offered by them, Eligibility for Student Loan, Documentation required for applying for a Student Loan and related information. This Service is being offered free.


Education loan portfolio of banks, which saw a growth of about 30-40 per cent in 2007-08, is set to witness a growth of about 40 per cent in 2008-09, according to senior bank officials.


Bankers attribute the healthy growth in the portfolio to the ever-increasing demand among the younger generation and the lower number of non-performing assets.


Banks have adopted various schemes to facilitate the growth of the education loan portfolio. Apart from tying up with several institutes and offering interest rate discounts, they also accord online sanctions and ensure speedy disbursal of the loan.


State Bank of India, a major player in this field, recorded a growth of 35 per cent in educational loans and grew by Rs 1,000 crore in 2007-08, Mr P. Nandakumaran, Chief General Manager, Personal Banking, SBI, said. “We plan to sustain the growth at 35 per cent this year,” he said.


Andhra Bank has set a target to grow by 20-25 per cent this year. The current exposure is at Rs 1,800 crore. “We have tied up with a number of universities such as ICFAI, IIBM and some universities in Pune. We offer some discount on interest rate for students in these universities,” said a senior bank official.