| Purpose |
Financial assistance to deserving/meritorious students for pursuing higher studies in India or abroad. |
| Eligibility |
Students seeking loan should be of Indian nationals. Computer courses conducted by NIIT are also included under Education Loans |
| Amount of finance |
For studies in India : Maximum Rs.7.50 lakhs
For studies abroad: Maximum Rs.15.00 lakhs |
| Margin money |
Upto Rs. 4.00 lakhs: Nil
Above Rs. 4.00 lakhs: For studies in India – 5%
For studies abroad – 15% |
Security Norms |
- Upto Rs. 4.00 lakhs: No Security
- Above Rs. 4.00 lakhs and upto 7.5 lakhs:Collateral in the form of satisfactory 3 rd party guarantee.
- Above Rs. 7.5 lakhs and upto 15.00 lakhs:Collateral security equal to 100% of the loan amount or guarantee of 3 rd person known to bank good for 100% of the loan amount.
|
Rate Of Interest |
Upto Rs.4.00 Lacs – 11.00%
Above R.s4.00 Lacs – 12.00% |
| Penal rate of Interest |
@2% on all irregular Education loans above Rs.4.00 Lacs for the over due amount and over due period. |
| Repayment Period |
5 to 7 years after completion of course. |
| Processing Charges |
Processing Charges of Rs.5000/- for Education Loans above Rs.4.00 Lakhs for students going abroad (studies abroad). Insurance of SBI Life Insurance Co. Ltd. Is available |
