Eligible Courses in State Bank of Saurashtra Education Loan

All courses having employment prospects are eligible. Graduation courses/ Post Graduation courses/ Professional courses

Other courses approved by UGC/ Government/ AICTE/ Director General of Civil Aviation/ Shipping etc.

Expenses consideed for State Bank of Saurashtra Education Loan

• Fees payable to College/ School/ hostel
• Examination/ Library/ Laboratory fees
• Purchase of books/ Equipment/ Instruments/ Uniforms Caution Deposit/ Building Fund/ Refundable / Deposit>/li>
• Not exceeding 10% of the tuition fees for the entire course
• Travel Expenses/ Passage money for studies abroad
• Purchase of Computers considered necessary for completion of course
• 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

State Bank of Saurashtra Interest Rate

Loans up to Rs.4 lacs- 1.50% below BPLR i.e 12.25%

Loan above Rs.4 lacs & up to Rs.7.50 lacs- At BPLR i.e 13.75%

Loans above Rs.7.50 lacs- 2.00% below BPLR i.e 11.75%

Interest charged on simple rate basis during the course period(mratorium) 1% interest remission, if interest is serviced during the moratorium period.

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 of Loan

Repayment will commence one year after completion of course or 6 month after securing a job, whichever is earlier. The loan to be paid in 5-7 year after commencement of repayment.

Security of Loan

Studies in India/ Abroad

Up to Rs.4 lacs co-obligation of parents – No Security – Above

Rs.4 lacs to Rs.7.50 lacs – Co-obligation of parents together with collateral security in the from of suitable third Party Guarantee

Above Rs.7.50 lacs – Co-obligation on parents together with tangible collateral security of suitable value, along with the assignment of future income of the student for payment of installments.

Margin of Loan

For loan up to Rs.4 lacs : No Margin

For loan above Rs.4 lacs: Studies in India: 5% and Studies Abroad:15%

Documentation Required for taking Education Loan

• Completed Education Loan Application Form.
• Mark sheets of last qualifying examination
• Proof of admission scholarship, studentship etc
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• Schedule of expenses for the specific course
• 2 passport size photographs
• Borrower’s Bank account statement for the last six month
• Income tax assessment order, of last 2 years
• Brief statement of assets and liabilities, of the Co-borrower
• Proof of income (i.e. salary slip/ Form 16 etc).