State Bank of Indore Education Loan

EDUCATION LOAN (SARASWATI YOJANA)

PURPOSE                

To extend financial assistance to deserving meritorious students for pursuing higher education in India & abroad.

ELIGIBILITY

Should be an Indian National.
Secured admission to professional/technical courses in India or abroad through Entrance Test/Selection process.
Secured admission to foreign university / institutions.

LOAN AMOUNT

Need based finance subject to repaying capacity of parents / students.

Studies in India: Max. Rs. 10.00 lacs

Studies Abroad: Max. Rs.20.00 lacs

MARGIN

Up to Rs. 4 lacs : Nil

Above Rs.4 lacs :

Studies in India : 5%

Studies Abroad : 15%

INTEREST RATE

Currently

Up to Rs. 4 lacs 1.50% below BPLR i.e. 12.25% p.a.

Above Rs.4 lacs and upto Rs. 7.50 lacs at par with BPLR i.e. 13.75% p.a. .

Above Rs.7.50 lacs 1.00% below BPLR i.e. 12.75% p.a. .
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MORATORIUM/ Course period + one year or 6 months after getting the Job, whichever is earlier.
REPAYMENT PERIOD

1. For Loans

a) Upto 7.50 Lacs for studies in India and

b) upto 15 Lacs for studies abroad.

The loan to be repaid in 5-7 years after commencement of repayment.
2. For Loans

a) Above 7.50 Lacs for studies in India and

b) above Rs. 15 Lacs for studies abroad

The loan to be repaid in a maximum of 5-10 years after commencement of repayment.

SECURITY

A. STUDIES IN INDIA

1) Up to Rs. 4 lacs: No security.

2) Above Rs. 4 lacs and Upto Rs. 7.50 lacs: Collateral in the form of a suitable third party guarantee.

3) Above Rs. 7.50 lacs and Upto Rs. 10 lacs: Tangible Collateral security for full value of loan
B. STUDIES ABROAD

1) Up to Rs. 4 lacs: No security.

 2) Above Rs. 4 lacs and Upto Rs. 7.50 lacs: Collateral in the form of third party guarantee.

3) Above Rs. 7.50 lacs and Upto 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.

4) For Loans above Rs. 15 lacs and upto Rs. 20 lacs: Tangible Collateral Security for full value of the loan.

For more Details  :       www.indorebank.org