Information On Educational Loans at Different Banks

Information On Educational Loans at Different Banks

Disclaimer:

Since the rules, regulations, eligibility conditions, repayments and interests rates etc are revised by the banks from time to time. students and parents are advised to check thoroughly the terms and conditions of educational loan scheme of respective bank on offer at the time of application.

Information of Student Loans at State Bank Of India

 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.

 a . Graduation courses/ Post graduation courses/ Professional courses

 b . 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. 10 lacs

 Studies abroad, maximum Rs. 20 lacs

Interest Rate :

For loans up to Rs 4 lakh 10.50% p.a.

For loans above Rs. 4 lakh 11.50% 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 AmountRepayment Period in Years :

 In India Up to Rs. 7.5 lacs 5-7

 Above Rs. 7.5 lacs 5-10

 Abroad Up to Rs. 15 lacs 5-7

 Above Rs. 15 lacs 5-10

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)

Website: www.statebankofindia.com

Information of Student Loans at Indian Bank

For Studies in India - Scheme Highlights

Purpose :

 To meet the cost of education covering tuition fees, Exam fees, Development fees, Hostel fees, books, instruments etc.

Approved courses:

 Computer Courses: Part-time/Full-time in Institutes approved by Government of India (Department of Electronics)

 Duration of the course: Minimum - 12 months Maximum - 48 months

Amount of loan :

 For Computer Courses: Maximum: Rs.1.00 lac

 For other professional courses: Maximum: Rs.3.50 lacs

Period of loan :

 Initial holiday period of 6 months after the completion of the course or immediately on getting a job whichever is earlier

 For limits upto Rs.1.00 lac : 42 monthsFor limits upto Rs.3.40 lacs : 60 months

.

Website: www.indianbank.in

Information of Student Loans at State Bank Of Hyderabad

Purpose :

 For pursuing studies in recognized schools/ colleges/ institutions to meet: - Tuition and other fees.

 Maintenance costs, books and equipment etc.

 Cost of passage (for studies abroad).

Eligibility :

 For School / College education in India.

 Minimum second division (Pass marks for SC/ST).

 Parents / guardians (Including persons engaged in agriculture / allied activities having independent regular source of income.

Loan Amount :

 School / College education in India : (Upto 6 times the monthly net (take home) income of the parents / guardian. Minimum loan of Rs. 4,000/- Maximum Rs. 1lac.

Technical / Professional higher studies in India and Abroad 90% of the cost of study, subject to maximum of Rs. 8lacs.

Interest Rate :

 At competitive rates on reducing balance only. Please check-up for latest rates at your nearest branch Interest is compounded at quarterly basis.

Period of Loan :

 For School / College Education in India : Loans to be repaid in a period of 36months, commencing immediately after disbursal, by the parents / guardian.

 For Technical / Professional higher studies in India and abroad: The loan is to be repaid is 60 months after the completion of the course of securing job, whichever is earlier. Regular periodic repayment as much as possible should be made during the period of study. Quarterly interest should be paid regularly.

 Permitted without any penalty.

Website: www.sbhyd.com

Information of Student Loans at Andhra Bank

Maximum Amount for India : Rs 100000

Maximum Amount Overseas: Rs 500000.

Documents to be submitted: Bank documents, Academic records.

Interest Rate in India :

 Upto 4,00,000…………………………………12%,

 Above Rs 4,00,000……………………………13.5% pa..

Tenures:

 Maximum of 5 years.

Eligibility:

 1st class marks in previous exams and selected for professional course.

 Repayment 1 year after completion of course or 3 months after getting a job whichever is earlier.

When to Apply:

 After getting Admission in college/institute.

Time taken to process documents:   1 Week

Contact:

 Delhi Tel: 3350248, Bangalore Tel: 2242932, Chennai Tel: 4991868, 4994294, Hyderabad Tel: 4756023-25, Kolkata Tel: 2471359, Mumbai Tel: 2046160, 2047620.

Website: www.andhrabank.in