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EDUCATION LOAN - SBP SCHOLAR LOAN |
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Education Loans to students securring admissions in:
- The country’s best engineering/management colleges
- The nation’s elite medical colleges
- India’s top B-Schools
- India’s best Law colleges & other reputed institutes
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Eligibility |
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A term loan granted to Indian Nationals for pursuing higher education in India in
selected institutions. |
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Coursed Covered |
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Regular full time Degree / Diploma Courses and not certificate / part time courses through entrance test / selection process. Full time Executive Management Courses like PGPX (for IIMs) are also covered. |
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Salient Features
- Loan at Campus / Designated Branch
- Option to transfer loan account to a branch at/closer to the place of co- borrower (after the course completion)
- ATM – cum – Debit card and Internet Banking facility
- Second Education Loan for further higher studies provided the institution and fee fall within criteria.
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Loan amount |
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| Category of Institutes |
Maximum Loan Limit
(Without any tangible collateral,
only Parent/ Guardian as co-borrower) |
Maximum Loan Limit
(With tangible collateral of full value and Parent/ Guardian as co-borrower) |
| *List 'A' |
Rs. 20 lacs |
Rs. 30 lacs |
| *List 'B' |
Rs. 15 lacs |
Rs. 20 lacs |
| *List 'C' |
Rs. 10 lacs |
Rs. 15 lacs |
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Click here for detail |
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Expenses covered
- Fee payable to college /school /hostel
- Examination /Library/Laboratory fees.
- Purchase of books /equipments/instruments/uniforms
- Caution deposit / building fund / refundable deposit supported by Institution bills/ receipts(not to exceed 10% of tuition fees for the entire course).
- Travel expenses / expenses on exchange programme
- Purchase of computers / laptop.
- Any other expenses related to education.
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Interest Rate |
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Click Here for Interest Rates
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Repayment
- Moratorium up to course duration plus six months
- Flexible repayment period up to 7 years ater start of repayment.
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Security
For Loans up to Rs. 10 lac for Institutions in List C, up to Rs. 15 lacs for Institutions in List B and up to Rs. 20 lacs for Institutions in List A:-
- No collateral security
Parent / Guardian as co-borrower.
- Parental co-obligation can also be substituted by a suitable third party guarantee.
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For Loans up to Rs. 15 lac for Institutions in List C, up to Rs. 20 lacs for Institutions in List B and up to Rs.30 lacs for Institutions in List A:-
- No Tangible collateral of full value and collateral security Parent / Guardian as co-borrower.
- Parental co-obligation can also be substituted by a suitable third party guarantee.
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Margin |
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Nil up to Rs.4 lacs
5% above RS.4 lacs |
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Documents Required
- Letter of admission
- Completely filled registration form
- 2 passport size photographs
- Proof of identity (driving licence/passport/PAN/any photo identity)
- Proof of residence (driving licence/passport/electricity bill/phone bill)
- Statement of expenses
- Student/Co-borrower/gurantor’s bank account statement for last 6 months
- IT return/IT assessment order, of last 2 years
- Brief statement of asset & liabilities of the co-borrower Proof of income(i.e. salary slips / Form 16)
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Online Loan Application Form |
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