State Bank of Travancore Education Loan

Gyan Jyothi Education Loan

 The scheme provides financial assistance to deserving meritorious students to pursue higher education in India and abroad

PURPOSE
To meet the tuition and other fees\Examination\Library\Laboratory fee, cost of books\purchase of Computers\equipments\instruments\uniforms and the cost of passage for studies abroad. Any other expenses required to complete the course like study, tours, project work, thesis etc. also be financed.

ELIGIBLE COURSES

Studies in India
a. Graduation courses, BA, B.Com, B.Sc etc.
b. Post Graduation Courses, Masters and Ph D.
c. Professional courses like Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc.
d Other courses leading to diploma, degree etc.
e. Courses offered by National Institutes and other reputed private institutions.
f. Evening courses of approved institutions.
g. Courses offered in India by reputed foreign universities.
h. Computer Certificate courses of reputed institutes accredited by Department of electronics or institutes affiliated to Universities.
i. Courses like ICWA, CA, CFA etc. Courses conducted by IIM, IIT, IISC, XLRI, NIFT etc.
j. Graduate courses in Nursing studies.

Studies abroad
Graduation: For job oriented professional\technical courses offered by reputed universities.
Post graduation: MCA, MBA, MS etc.
Courses conducted by CIMA – London, CPA in USA.

PERSONS ELIGIBLE
The student should be an Indian National and
i) have secured admission to professional\technical courses through entrance test\ merit based selection process.
ii) have secured admission to foreign university institution.
BORROWER : Student and parent\guardian jointly.
In the case of employed students\professionals, loans can be granted in individual names, with suitable guarantee.

 LOAN Amount:
For studies in India Rs. 10 lacs
For studies abroad Rs. 20 lacs
MARGIN
Upto Rs. 4 lacs - Nil
Above Rs.4 lacs - i) Studies in India - 5%
ii) Studies abroad -15%
INTEREST

click here for interest rates (Interest Rebate : 1 % Interest concession if interest debited during a financial year is remitted within one month of its debit in account)

REPAYMENT
To commence 1 year after completion of course or 6 months after getting job, whichever is earlier. The loan is to be repaid in 5-7 years after commencement of repayment.

SECURITY
No Security for loan upto Rs.4 lacs.
Above Rs.4 lacs and upto Rs.7.5 lacs collateral in the form of a satisfactory third party guarantee required. If the parent(s) has sufficient worth the condiftion regarding the above may be waived.
For loans above Rs7.5 lacs collateral security equal to the loan amount or co-obligation of parents\guardian\third party along with assignment of future income of the student for payment of installments may be obtained.
Security can be in the form of land\building\ Govt. securities\public sector bonds\units of UTI, KVP, LIC Policy, gold, shares\debentures, bank deposit in the name of student\parent\guardian or any other third party with suitable margin.

PROCESSING FEE

No processing fee for studies in India.

PAPERS TO BE SUBMITTED TO THE BANK
Two copies of passport size photographs.
Testimonials in original form from the head of the institution and from one or two other respectable persons not related to the student.
Proof of admission to the course.
Schedule of expenses for the course.
Copies of foreign exchange permit (if applicable)
Copy of salary slip \ statement of income of parent \guardian.


FOR MORTGAGE OF PROPERTY
Original and prior title deeds.
Latest tax receipts.
Possession certificate.
Encumbrance certificate for the last 15 years from the Sub Registrar.
Title clear certificate from the banks approved advocate.
Valuation report from the banks approved valuator.


 For more Details  :       www.statebankoftravancore.com