Educational Bank loans

Name of loan : Educational loan in State Bank of India

Eligibility-State Bank of India:

The applicant should be an Indian national, should have secured admission ina reputed /recognized institution for higher studies in India or abroad

Eligible courses-State Bank of India:

Graduation/Postgraduation/ Professional Courses, computer courses approved by CMC, DOEACC, C-DAC,Hotel Management by NCHMCT,postgraduate courses overseas etc.

Purpose of loan State Bank of India:

To asssist deserving and meritorious students in pursuing higher studies in India or abroad.

Amount :

Rs 7.5 lacs for studies in India and Rs,15 lacs for studies abroad

Margin -State Bank of India:

Upto Rs. 4 lacs; No margin
above Rs.4 lacs : Studies in India : 5% , Studies abroad : 15%

Security -State Bank of India :

Upto Rs 4 lacs no security. Above Rs. 4lacs : collateral security equal to 100% of loan amount or guarantee of third person known to the bank and good for the loan amout.

Interest rate -State Bank of India:-

Upto Rs 4 lac :10.75%
Above Rs. 4 lac: 11.75%

Repayment of Loan -State Bank of India :

Repayment holiday/Moratorium: Course period + 1 year 0r 6 months after getting job/starts earning, whichever is earlier.

The loan to be repaid in 5-7 years after commencement of repayment