Student Loans by State Bank of Patiala

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

Eligibility criteria
Student eligibility

• Secured admission to professional/technical courses through test/selection process
• Secured admission to foreign university/institution

Courses Eligible
Studies in India

• Graduation courses: B.A,B.Com,B.Sc etc
• Post graduation courses: Masters and 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 college /universities approved by UGC/govt./AICTE/AIBMS/ICMR etc
• Courses offered by national institutes and other 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 in London,CPA in USA etc.

Expenses considered for loan

• Fee payable to college/school/hostel.
• Examination/library/laboratory fee
• Purchase of books/equipment/instruments/uniform
• Caution deposit/building fund/refundable deposit supported by institution bills/receipts.
• Travel expenses/passage money for studies abroad
• Purchase of computers/two wheeler
• Any other expenses required to complete the courses-like study tour, project work thesis etc.

Quantum of finance:
Need based finance subjected to repaying capacity of the parents/students with margin and the following ceilings

• Studies in India-Max Rs 10 lacs
• Studies in abroad-Max Rs 20 lacs

Margin:
Up to Rs 4 lacs: Nil
Above Rs 4 Lacs: Studies in India

Studies abroad:15%

Securities:
 A. Studies in India:

• Up to Rs 4 Lacs: No securities
• Above Rs 4 Lacs & up to Rs 7. 5Lacs: Collateral in the form of asuitable third party guarantee.

• Above Rs 7.5 Lacs and up to  Rs 10 Lacs: tangible collateral securities for full value of loan.

B. Studies abroad:

• Studies in India-Max Rs 10 lacs
• Above Rs 4 Lacs & up to Rs 7. 5Lacs: Collateral in the form of suitable third party guarantee.
• Above Rs 7.5 Lacs and up to  Rs 10 Lacs: Tangible collateral securities for suitable value or suitable third party gurantee alog with the assignment of future income of the student for payment installments
• Above Rs 15 Lacs and up to Rs 20 Lacs: Tangible security for full value of loan

Rate of interest:

• Up to Rs 4 Lacs:0.75 % below BPLR
• Above Rs 4 lacs: -1% above BPLR

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

Repayment:
Repayment to be made after completion of moratorium pr\period i.e. course period+1 year or 6 month after getting job, whichever is earlier?

The loan to be repaid in a maximum of 5-10 years after commencement of
Repayment

Processing charges:
Penal interest
No penal interest to be charged on educational loan up to 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 remain unpaid for a period of 30 days from the due date, for any reason, including the bounced cheque
Processing charges:
No processing charges/upfront fee will be charged on education loan.
For loan to students going abroad, Rs 5000/=upfront for loan 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 th 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

Documents required:

• Completed application form
• Mark sheet of last qualifying examination, proof of admission schedule of expenses and duration of courses.
• Passport size photographs, passport/ID card/Voter card/PAN card etc of student /parent/guardian and guarantor
• Details regarding the guarantor
• Proof of income of the borrower/guarantor
• Title deed of the property or other securities and other related papers etc.

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State Bank of Hyderabad Student Loans are sanctioned to meritorious students, who aspire to pursue their higher education in India or abroad. Apart from its education loan scheme, this bank offers diverse types of loans for personal advances. As the history goes, State Bank of Hyderabad was formed in the name of Hyderabad State Bank in 1941 under Hyderabad State Bank Act, 1941. Its first branch began operations at Gunfoundry in Hyderabad in 1942. This bank was given the existing name when it was taken over by RBI in 1956. Later in 1959, it started functioning as a subsidiary of State Bank of India. 

Courses:

State Bank of Hyderabad Student Loans are offered for several kinds of academic programs in India and abroad.

• Education loan can be sanctioned for pursuing school education in India.
• A student can also apply for this loan if he plans to study graduate, postgraduate and doctoral programs in India.
• Professional Courses like Engineering and Medical programs, specialized courses like ICWA, CFA or CA, programs by nationally reputed institutes like IIM and IISc or computer certificate programs of recognized institutes in India can be considered for this loan.
• Even courses by recognized foreign universities, diploma programs sanctioned by the likes of UGC, AICTE and the government in India, can be taken into consideration for sanctioning this loan.
• If you plan to study employment-oriented graduate courses, postgraduate programs like MS or MBA, or courses by CPA in the US or CIMA-London in abroad, you can apply too.

Eligibility:

Only an Indian national can apply for an education loan from State Bank of Hyderabad. The student also should have been admitted to a vocational or professional course on the basis of a selection procedure or entrance test. You will also be considered eligible if you get admission to a foreign institute. 

Amount of Loan, Margin & Security:

The amount of loan is decided on the basis of a person’s requirement as well as the repaying capability of the student borrower or his parents. 

A maximum amount of Rs 10 lacs is sanctioned for studying in India. The amount for studying in abroad is Rs 20 lacs. The bank also has guidelines in regard to the margin and security of its Educational Loan Scheme.

• No amount of margin and security is there for loan amount upto Rs 4 lacs.
• However, for a loan amount above Rs 4 lacs, there is a margin of 5% and 15% if you pursue studies in India and abroad respectively.
• A borrower needs to present guarantee of a 3rd party for a loan amount above Rs 4 lacs.
• When the loan amount exceeds Rs 7.5 lacs, a collateral security of considerable value should be submitted. Or there should a co-obligation of guardian, parents or a 3rd party. Even the future income of the student needs to be assigned for paying the installments.

Repayment:

The student loan obtained from State Bank of Hyderabad can be repaid in a time period of 5 to 7 years after repayment is begun. 
To know more about the rate of interest, processing fee or other terms and conditions of State Bank of Hyderabad Student Loans, you can click on http://www.sbhyd.com/  

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If you want to pursue higher education in India or abroad, you can avail of the Student Loan scheme or Saraswati Yojana of State Bank of Indore. Also known as Indore Bank, this bank offers several other kinds of personal loan schemes too to cater to customized needs of individuals. As the history goes, State Bank of Indore was earlier named as Bank of Indore Ltd. It acquired its existing name after it’s incorporation into SBI as a subsidiary in 1960. You can scroll down this page to know more about State Bank of Indore Educational Loans.

Eligibility:

State Bank of Indore has some guidelines for judging eligibility of the applicants.

• An applicant of a loan under Saraswati Yojana will be considered eligible, if he is an Indian National.
• He should also get admission to a professional or technical course through a selection procedure or an entrance test.
• You can also apply if you get admission to a foreign institute.

Amount of Loan & Margin:

 The amount of State Bank of Indore education loan is decided on the basis of the requirement of an individual. The maximum amount of loan for studying in India and abroad is Rs 10 lacs and Rs 20 lacs respectively. For a loan amount above Rs 4 lacs, there is a margin of 5% for studying in India and 15% for studying in abroad.

Repayment and Moratorium:

A student loan amount upto 7.5 lacss and Rs 15 lacss for studying in India and abroad respectively should be repaid in 5 to 7 years after repayment is begun. When the loan amount exceeds Rs 7.5 lacss and Rs 15 lacss in the respective cases, it can be repaid in 5 to 10 years after the repayment is begun. The moratorium extends one year over the course period or 6 months after getting employment, whichever happens earlier. 

Security:

For borrowing Student Loan of State Bank of Indore, you should know about the security deposit for various loan amounts.

• If you are studying in India or abroad, you need to submit the guarantee of a 3rd party for a loan amount above Rs 4 lacs. For an amount exceeding 7.5 lacs and upto Rs 10 lacs, you can deposit a material collateral security in keeping with the full amount of loan in case you study in India.
• For studies in abroad and on a loan amount exceeding Rs 7.5 lacs and upto Rs 15 lacs, you need to submit a collateral security or guarantee of a 3rd party and assign the future income of the student for paying installments.
• If you take a loan of above Rs 15 lacs and upto Rs 20 lacs from Indore Bank, you need to submit a collateral security matching the full amount of the loan.

For more information on interest rate and other details related to State Bank of Indore Educational Loans, you can visithttp://www.indorebank.org/

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