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