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Education Loans

IGNOU Guess > Education > Educational Loans > State Bank of Patliala

SBP Gyan Jyoti – Education Loan Scheme

PURPOSE:

To extend financial assistance to deserving/ meritorious students for pursuing higher education in India and abroad

ELIGIBILITY CRITERIA:

Student eligibility

Should be an Indian National

Secured admission to professional/ technical courses through Entrance Test/ Selection process*

Secured admission to foreign university/Institution*

COURSES ELIGIBLE:

Studies in India (Indicative list)

Graduation courses: B.A., B.Com. B.Sc., etc.

Post Graduation courses: Masters & Phd.

Professional courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, and Computer etc.

Computer certificate courses of reputed institutes accredited to Dept. of Electronics or institutes affiliated to a 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 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 (Chartered Institute of Management Accountants)-London, CPA (Certified Public Accountant) in USA etc.

EXPENSES CONSIDERD 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 Institution bills/receipts.

Travel expenses/passage money for studies abroad.

Purchase of Computers/two wheelers.

Any other expense required to complete the course – like study tours, project work, thesis etc.

Quantum of Finance

Need based finance subject to repaying capacity of the parents/students with margin and the following ceilings.

Studies in India – Max Rs.10 lacs

Studies abroad – Max. Rs.20 lacs.

MARGIN:

Up to Rs.4 lacs: Nil Nil

Above Rs.4 lacs: Studies in India : 5%

Studies Abroad : 15%

SECURITY:

A. Studies in India:

Up to Rs.4 lacs: - No security

Above Rs.4 lacs & up to Rs.7.5 lacs: - Collateral in the form of a suitable third party guarantee.

Above Rs.7.5 lacs and up to Rs.10.00 lacs: - Tangible collateral security for full value of the loan.

B. Studies abroad:

Up to Rs.4 lacs: - No security

Above Rs.4 lacs & up to Rs.7.5 lacs: - Collateral in the form of a suitable third party guarantee.

Above Rs.7.5 lacs and up to Rs.15.00 lacs: - Tangible collateral security for suitable value or suitable third party guarantee along with the assignment of future income of the student for payment instalments.

Above Rs.15 lacs and up to Rs.20.00 lacs: Tangible security for full value of loan.

RATE OF INTEREST:
(Per Annum)

Up to Rs.4 lacs - 0.75% below BPLR

Above Rs.4 lacs - 1.00% above BPLR

Interest Concession:

1% concession in rate of interest be provided if full interest is paid during the moratorium period when any moratorium period is specified.

Repayment:

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..

Processing charges :

enal interest

No penal interest to be charged on Education Loans upto Rs.4 lacs.

Above Rs.4 lacs penal interest @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 from 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.

ADDITIONAL INFORMATION

BRANCH FOR SANCTION OF LOAN

As per scheme the loan is sanctioned by the branch nearest to the place

of domicile of the borrower(s). However, if the student is seeking

admission to an institute at a place other than the place of domicile / residence of parent/guardian and applicant (s) desire to take loan at the

place of educational institution, the loan can be considered by a branch

at the place of educational institution, provided we have a branch at the

place of domicile of the student/parent/guardian. The parent/guardian and

the guarantor (wherever applicable) along with student will visit the branch

sanctioning/disbursing the loan for completion of formalities and documentation.

DOCUMENTS REQUIRED

i Completed application form

ii. Marksheet of last qualifying examination, proof of admission,

schedule of expenses and duration of course.

iii. 2 passport size photographs, Passport/ID Card/ Voter card/PAN card

etc., of student/parent/guardian and guarantor (wherever applicable)

iv. Details regarding the guarantor (where loan amount is more than

Rs.4 lacs)

v Proof of income of the borrower/guarantor

vi. Title deed of the property or other securities and other related papers

etc. (in case loan amount is more than Rs.7.50 lacs)

INSURANCE COVER AVAILABLE

Option 1

SBI Life Insurance Company Ltd. offers insurance policy named ‘Shield’. We offer ‘Shield’ to the borrowers (student/ parents/guardian) at optional basis.

The main features of ‘Shield’ are:
It covers both natural as well as accidental death.
Minimum /maximum age – 18 years/60 years.
Maximum maturity age -- 65 years.
Minimum / maximum tenure -- 5years / 25 years (multiple 1 year)
Minimum / maximum sum assured -- Rs.3 lacs / Rs.10 crores.
Premium – For Premium and other detail log on to http://www.sbilife.com/ individual products calculate premium.

Option 2

Insurance under group personal accident insurance (under tie-up arrangement with United India Insurance Co.) is also offered to the borrower. The main features of scheme are:
Cover available in case of death / permanent disability due to accident
Sum assured – Rs.1 lac to Rs.5 lacs (maximum Rs.5 lacs)
Premium Rs.17 to Rs.84 p.a.

 

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