SBI LOAN SCHEME FOR VOCATIONAL EDUCATION AND TRAINING

 

A term loan granted to Indian Nationals for pursuing Vocational Education and Training in India where admission has been secured.
Eligibility

· The student should be an Indian National

· The student should have secured admission in a Course run or supported by a Ministry/ Dept./Organisation of the Govt. or a Company/ Society/ Organization supported by National Skill Development Corporation or State Skill Missions/ State Skill Corporations, preferably leading to a Certificate/ Diploma/ Degree, etc. issued by a Govt. Organization or an Organization recognized/ authorized by the Govt. to do so.

Eligible Courses

Vocational/ Skill Development Courses of duration from 2 months to 3 years run or supported by a Ministry/ Dept./ Organisation of the Govt. or a Company/ Society/ Organization supported by National Skill Development Corporation or State Skill Missions/ State Skill Corporations, preferably leading to a Certificate/ Diploma/ Degree, etc. issued by a Govt. Organization or an organization recognized/ authorized by the Govt. to do so.

Expenses considered for loan

· Tuition / Course Fee

· Examination / Library / Laboratory fee

· Caution deposit

· Purchase of books, equipments and instruments

Any other reasonable expenditure found necessary for completion of the Course. (As such courses are localized boarding, lodging may not be necessary. However, wherever it is found necessary, the same could be considered on merits)

Amount of Loan

· For Courses of duration upto 6 months Rs. 50,000/-

· For Courses of duration above 6 months Rs. 1,00,000/-

Processing Fees: Nil

Margin: Nil

Moratorium Period

Course Duration	Moratorium Period
Courses of duration upto 1 year	6 months from the completion of the course
Courses of duration above 1 year	12 months from the completion of the course

Repayment Tenure

Repayment will commence one year after completion of course or 6 months after securing a job, whichever is earlier.

Course Duration	Repayment Period in Years
Courses of duration upto 1 year	Upto 3 years
Courses of duration above 1 year	Upto 5 years

Security

· No collateral or third party guarantee will be taken.

· However, the Parent/ Guardian will execute loan documents along with the student, as joint borrower (co-borrower). Spouse will be included as co-applicant wherever applicable, in addition to Parent/ Natural Guardian.

Insurance: Insurance covering the life of Borrower, with Policy assigned in favour of SBI, is mandatory

Documentation Required

• Completed Application Form
• Mark sheets of last qualifying examination
• Proof of admission scholarship, studentship etc
• Schedule of expenses for the specified course
• 2 passport size photographs
• PAN Card of the student and the Parent/ Guardian/ Spouse
• Borrower's Bank account statement for the last six months
• Income tax Returns/ IT assessment order, of last 2 yrs (if IT Assessee)
• Brief statement of assets and liabilities, of the Co-borrower
• Proof of Income (i.e. Salary slips/ Form 16), if applicable

 

For more information & apply online visit: https://www.sbi.co.in