A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.
Eligible Courses All courses having employment prospects are eligible.
Graduation courses/ Post graduation courses/ Professional courses
Other courses approved by UGC/Government/AICTE etc.
Expenses considered for loan • Fees payable to college/school/hostel
• Examination/Library/Laboratory fees
• Purchase of Books/Equipment/Instruments/Uniforms
• Caution Deposit/Building Fund/Refundable Deposit
• Travel Expenses/Passage money for studies abroad
• Purchase of computers considered necessary for completion of course
• Cost of a Two-wheeler upto Rs. 50,000/-
• Any other expenses required to complete the course like study tours, project work etc.
Amount of Loan For studies in India, maximum Rs. 7.50 lacs
Studies abroad, maximum Rs. 15 lacs
Interest Rate For loans upto Rs. 4 lakh 11.25% p.a.
For loans above Rs. 4 lakh 12.25% p.a.
Processing Fees No processing fee/ upfront charges
Deposit of Rs. 5000/- for education loan for studies abroad which will be adjusted in the margin money
Repayment Tenure Repayment will commence one year after completion of course or 6 months after securing a job, whichever is earlier. The loan is to be repaid in 5-7 years after commencement of repayment.
Security
| Amount | Studies In India |
| Upto Rs. 4 lacs | No Security |
| Above Rs. 4 lacs to Rs. 7.50 lacs | Third Party Guarantee |
| Above Rs. 7.50 lacs to Rs. 15 lacs | Tangible Collateral security of suitable value of loan or third party guarantee. |
For loans above Rs.4.0 lacs upto Rs.7.50 lacs.
Studies in India: 5%
Studies Abroad: 15%
Documentation Required
*
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/ Form 16 etc)
For more information Visite: SBBJ EDUCATION LOAN