Eligibility of Education Loan in State Bank of Indore
Need based finance subject to repaying capacity of parents/ students.
Studies in India: Max Rs.10.00 lac
Studies Abroad: Max RS.20.00 lac
Margin of Loan
Up to Rs.4 lac : Nil
Above Rs.4 lacs:
Studies in India : 5 %
Studies Abroad: 15%
Interest Rate of State Bank of Indore Education Loan
Up to Rs. 4 lac1.50% below BPLR i.e 12.25% p.a. Above Rs.4 lacs and up to 7.50 lacs at par with BPLR i.e 13.75% p.a..
Above Rs.7.50 lacs1.00% below BPLR i.e 12.75% p.a.
MORATORIUM/ Course period + one year or 6 months after getting the job, whichever is earlier.
Repayment Period of Loan
1. For loan up to 7.50 lacs for studies in India and up to 17 lac to studies abroad. The loan to be repaid in 5-7 years after commencement of repayment.
2. For Loan above 7.50 lac fo studies in India and above Rs.15 lacs for studies abroad. The loan to be repaid in maximum of 5-10 years after commencement of repayment.
Security of Education Loan
- Should be an Indian National.
- Secured admission to professional/ technical courses in India of abroad through Entrance Test/ Selection process.
- Secured admission to foreign university/ institutions.
- up to Rs.4 lac: No security
- Above Rs.4 lac and up to Rs.7.50 lacs: Collateral in the from of third party guarantee.
- Above Rs.7.50 lacs and up to Rs.15 lacs: Tangible Collateral security of suitable value or suitable third party guarantee along with the assignment of future income of the student for payment of installments.
- For loan above Rs.15 lacs and up to Rs.20 lacs: Tangible Collateral Security for full value of the loan./li>