State Bank of Hyderabad: Education Loans
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.
(a) Studies in India
(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.
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.
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.Do you like this story?
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