SBI Commercial and International Bank Education Loan for Students

SBI Commercial and International Bank Education Loan Scheme

Quantum       

From Rs. 2 lacs to Rs. 15 lacs. Not exceeding Rs. 7.50 lacs for studies in India

Margin            

20% of total cost.

Eligibility Criteria

First class in last qualifying exam
Self / Parent having independent source of income owning residential premises in Mumbai

Security       

Collateral security by way of mortgage of immovable property / any other specified securities to cover 100% of loan amount

Charges   

1% of loan amount

Repayment      

Interest to be serviced regularly during moratorium period (MP).

Disbursement  

In stages - as per requirement, directly to institution /university etc

Appraisal Docs

1. Attested copy of latest salary slip of self / parent  and Form 16 for salaried employees
2. Income tax returns for the last 3 years for self-employed persons.
3. Pass book or bank statements for last six months
4. Proof of Age and Residence of Self / Parent.
5. Certificate / Mark Sheet of last qualifying exam.
6. Details of proposed course
7. Copy of sale agreement, share certificate, NOC from society/builder or documents pertaining to other collateral as applicable

Documentation

1. Promissory Note
2. D. P. Note Delivery Letter
3. Documents pertaining to collateral security
4. Authority letter in duplicate from borrower authorising salary deduction or PDCs
5. No dues affidavit
6 All documents to be signed jointly by the student and parent / guardiantly by the student and parent / guardian