State Bank of Hyderabad: Education Loans

Published On: 29 Jun 2012

 | Last Updated On: 29 Jun 2012

Eligibility of State Bank of Hyderabad Education Loan

Student should be an Indian National.

Student should have secured admission to professional/ technical courses through Entrance Test/ selection process.

Student should have secured admission to foreign Univesity/ Institution.

Courses Elligible

(a) Studies in India

  • School education including plus 2 stage.
  •  
  • Graduation courses: BA, B.Com., B.Sc., etc.
  • Post Graduation Courses: Master & PhD.
  • Professional courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computers etc.
  • Computer certificate courses of reputed institutes accredited to Dept. of Electronics or Institutes affiliated to Univercity.
  • 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 / Deree etc conducted by Colleges/ universities approved by UGC/Govt./ AICTE/ AIBMS/ ICMT etc.
  • Courses offered by National Institutes and other reputed private instiutions.
  • State Bank of Hyderabad, General Manager (Ops) may approve those institutions and the specific courses for which loans may be granted for their area of operation depending on future prospects/ recognition by user Institutions.

(b) Studies Abroad

Graduation for the job oriented professional / technical courses offerd by reputed Universities.

Post graduation: MCA, MBA, MS, etc.

Courses conducted by CIMA – London, CPA in USA etc.

Medical Courses conducted by Universities in the countries of erstwhile USSRR, China, Nepal and other countries, which are not recognized by the Medical Council of India, should not be considered

Expenses considered for Education Loan

Fee paid to the Education Institution up to a period of 3 months prior to thee date of sanction of the loan.

Loan can be sanctioned during the middle of the course by assessing the requirement for the remaining period of the study.

Caution deposit/ building fund/ refundable deposit supported by Institutions bill/ receipts.

Maximum Amount

Studies in India – Maximum Rs.10.00 lacs

Studies abroad – Maximum Rs.20.00 lacs

Margin of Loan

Up to Rs. 4.00 lacs – NIL

Above Rs. 4.00 lacs Studies in India – 5 % and Studies in Abroad – 15%

Scholarship /Assistantship to be included in margin. Margin may be brought in on year to year basis as and when disbursement are made on a pro- rata basis.

Security of Education Loan

Upto Rs. 4.00 lacs – No Security (co-obligation of parent/ guardian is compulsory

Above Rs. 45.00 lacs and up to Rs. 7.50 lacs: Collateral in the form of a suitable third party guarantee.

Above Rs. 7.50 lacs:- Collateral security of suitable value or Co-obligation of parents/ guardians/ third party guarantee along with the assignment of future income of the student for payment of installments.

Rate of Interest

Loan up to Rs.4.00 lacs – 11.50%

Loan up to Rs.4.00 lacs & up to Rs.10.00 lacs- 12.50%

Loan above Rs.4.00 lacs –13.00%

Penal rate of Interest

@2% on all irregular Education loan above Rs.4.00 lacs for the over due amount and over due period.

Repayment Period

No processing charges for studies abroad up to Rs.4.00 lacs and in case of studies in India irrespective of loan amount.

In case of loan above Rs.4.00 lacs for studies abroad.

1. Rs.5000/- to be collected at the time of delivering sanction letter to the student/ guardian

2. Rs.1000/- to be appropriated towards processing fees.

3. Rs.4000/- to be adjust towards student’s margin at the time of elease of the loan.

4. In case the loan is not availed for any reason by the student the amount of Rs.4000/- to be refunded to the student without interest.

No processing charges to be levied on the loans to the wards of Bank’s staff members including Retired Staff.

Education Loan Scheme for Medical and Dental Courses in Private Professional Colleges

To provide financial assistance to meritorious and indigent students to pursue full time graduate/ post graduate professional courses in private professional colleges.

Eligibility of Loan

- Student should have secured admission in private professional college against either Free/ Merit seat or payment seat.

- Student’s annual family income (of that of his father or guardian) should not exceed Rs.1.00 lac from all sources/

Repayment in this Scheme

Repayment would commence immediately after 2 years of completion of the course the student is studying in or 6 months after the student/ borrower has secured employment.

Amount of Loan : Minimum RS.15,000 and maximum RS.50,000

Rate of Interest : 12% p.a.

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