Please click on the name of the banks below to access the details of the education loans provided by them-
Allahabad Bank Bank of Baroda Punjab National Bank
Indian Bank State Bank of Mysore Andhra Bank
Bank of India State Bank of Indore Karnataka Bank
Bank of Maharashtra Bank of Rajasthan Canara Bank
Catholic Syrian Bank Central Bank Dena Bank
Development Credit Bank Federal Bank HDFC Bank
IDBI STATE BANK OF Mysore Oriental Bank of Indian Overseas Bank Punjab and Sind Bank State Bank of Hyderabad
State Bank of India Syndicate Bank UCO Bank
United Western Bank Vijaya Bank Vysya Bank
United Bank Of India State Bank of Saurashtra
Friday, January 30, 2009
Education Loan: Process
Disbursement and repayment The fees for all years will be disbursed to the college/institute directly by the bank and repayment starts from six months to a year ......
Some ways of funding education without a loan There are other options like grants, scholarships and aids to pursue education besides taking a loan ......
Educational loans versus loans against securities Educational Loans can also be taken as loans against securities ......
Special education loan packages from banks Special packages for study loan from institutes like IIM, IIT from SBI ......
Some ways of funding education without a loan There are other options like grants, scholarships and aids to pursue education besides taking a loan ......
Educational loans versus loans against securities Educational Loans can also be taken as loans against securities ......
Special education loan packages from banks Special packages for study loan from institutes like IIM, IIT from SBI ......
Education Loan: Overview
Education Loan overview
Every fancy your son attending the Harvard business school? Or, you, young lady, want to fly an aircraft? Perhaps, you have the admission letter from your dream university across seven seas; you now only need the dough...
If the obstacle is cash, an education loan is the answer. The icing on this cake is that such education loans not only cover the cost of the tuition fee but also almost all the expenses involved in the pursuit of academics. You just need a set of eminently gettable documents and a guarantor to set yourself on the road to academia.
Every fancy your son attending the Harvard business school? Or, you, young lady, want to fly an aircraft? Perhaps, you have the admission letter from your dream university across seven seas; you now only need the dough...
If the obstacle is cash, an education loan is the answer. The icing on this cake is that such education loans not only cover the cost of the tuition fee but also almost all the expenses involved in the pursuit of academics. You just need a set of eminently gettable documents and a guarantor to set yourself on the road to academia.
EDUCATION LOAN-SBI
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 (maximum 10% tution fees for the entire course)
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. 10 lacs
Studies abroad, maximum Rs. 20 lacsInterest Rates (w.e.f 01.01.2009)
Loan Amount
Rate of Interest
Loans upto Rs. 4.00 Lacs
0.50% below SBAR i.e. 11.75% p.a.
Loans above Rs. 4.00 Lacs and
upto Rs. 7.50 Lacs
1.00% above SBAR i.e. 13.25% p.a.
Loans above Rs. 7.50 Lacs
At SBAR i.e. 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.
Place of Study
Loan Amount
Repayment Period in Years
Studies in India
Rs. 10.0 lacs
5-7
Studies Abroad
Rs. 20.0 lacs
5-7
Security
Amount
For loans upto Rs. 10.00 lacs for Studies in India and upto Rs. 20.00 lacs for studies abroad
Upto Rs. 4 lacs
No Security
Above Rs. 4 lacs to Rs. 7.50 lacs
Collateral security in the form of suitable third party guarantee. The bank may, at its discretion, in exceptional cases, weive third party guarantee if satisfied with the net-worth/means of parent/s who would be executing the documents as "joint borrower".
Above Rs. 7.50 lacs.
Tangible collateral security of suitable value, along with the assignment of future income of the student for payment of installments.All loans should be secured by parent(s)/guardian of the student borrower. In case of married person, co-obligator can be either spouse or the parent(s)/ parents-in-lawMargin
For loans up to Rs.4.0 lacs : No Margin
For loans above Rs.4.0 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)
* Conditions Apply
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 (maximum 10% tution fees for the entire course)
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. 10 lacs
Studies abroad, maximum Rs. 20 lacsInterest Rates (w.e.f 01.01.2009)
Loan Amount
Rate of Interest
Loans upto Rs. 4.00 Lacs
0.50% below SBAR i.e. 11.75% p.a.
Loans above Rs. 4.00 Lacs and
upto Rs. 7.50 Lacs
1.00% above SBAR i.e. 13.25% p.a.
Loans above Rs. 7.50 Lacs
At SBAR i.e. 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.
Place of Study
Loan Amount
Repayment Period in Years
Studies in India
Rs. 10.0 lacs
5-7
Studies Abroad
Rs. 20.0 lacs
5-7
Security
Amount
For loans upto Rs. 10.00 lacs for Studies in India and upto Rs. 20.00 lacs for studies abroad
Upto Rs. 4 lacs
No Security
Above Rs. 4 lacs to Rs. 7.50 lacs
Collateral security in the form of suitable third party guarantee. The bank may, at its discretion, in exceptional cases, weive third party guarantee if satisfied with the net-worth/means of parent/s who would be executing the documents as "joint borrower".
Above Rs. 7.50 lacs.
Tangible collateral security of suitable value, along with the assignment of future income of the student for payment of installments.All loans should be secured by parent(s)/guardian of the student borrower. In case of married person, co-obligator can be either spouse or the parent(s)/ parents-in-lawMargin
For loans up to Rs.4.0 lacs : No Margin
For loans above Rs.4.0 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)
* Conditions Apply
EDUCATIONAL LOANS 4 GRADUATES
Purpose:Pursuit of studies In India and abroad
Approved Courses:Graduate and post-graduate courses in engineering, computertechnology, medicine etc.All vocational courses/job oriented diploma courses, recognised by govt and universities.Similar courses pursued in universities abroad. Full time post graduate research in any of the aforesaid subjects.
Eligibility:Should be a citzen of India. For vocational training courses and job oriented course age of the individual should be between 15-28 years,and 18-30 in case of post graduate courses and/or studies abroad.The applicant should have a good academic record. For studies abroad, the candidate should have secured admission in a particular university after having appeared in the specific entrance examinations. The applicant should have secured a minimum of 50% marks in the major subject.In case of SC/STcandidates eligibility norms may be relaxed.
Amount of loan: The loan could vary depending on the specific subject requirement.For studies abroad Rs15 lakhs.For studies in India Rs 7.5lakhs
MarginUpto Rs 4lakhs -nilFor Studies in India- 5%For studies abroad-15%
Repayment Within 15 years from the first dateof disbursement, including moratorium period
Approved Courses:Graduate and post-graduate courses in engineering, computertechnology, medicine etc.All vocational courses/job oriented diploma courses, recognised by govt and universities.Similar courses pursued in universities abroad. Full time post graduate research in any of the aforesaid subjects.
Eligibility:Should be a citzen of India. For vocational training courses and job oriented course age of the individual should be between 15-28 years,and 18-30 in case of post graduate courses and/or studies abroad.The applicant should have a good academic record. For studies abroad, the candidate should have secured admission in a particular university after having appeared in the specific entrance examinations. The applicant should have secured a minimum of 50% marks in the major subject.In case of SC/STcandidates eligibility norms may be relaxed.
Amount of loan: The loan could vary depending on the specific subject requirement.For studies abroad Rs15 lakhs.For studies in India Rs 7.5lakhs
MarginUpto Rs 4lakhs -nilFor Studies in India- 5%For studies abroad-15%
Repayment Within 15 years from the first dateof disbursement, including moratorium period
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