State Bank of Bikaner and Jaipur Education Loan- Student Loan in India

State Bank of Bikaner and Jaipur Education Loan Scheme

Eligible Courses

  • All courses having employment prospects are eligible.
  • Graduation courses/ Post graduation courses/ Professional courses
  • Other courses approved by UGC/Government/AICTE etc.

Purpose          

The Educational Loan Scheme outlined below aims at providing financial support from the banking system to meritorious students for pursuing higher education in India and abroad. The main emphasis is that a meritorious student, though poor, is provided with an opportunity to pursue education with financial support from the system with affordable terms and conditions

Eligibility        

The student should be an Indian National.

Should have secured admission to a higher education course in recognized institutions in India or abroad through Entrance Test / Merit Based Selection process after completion of HSC (10+2 pr equivalent) .

Loan Amount  

10.00 lacs for education in India
20.00 lacs for education abroad

Margin            

For Loans upto   4 lacs - NIL
For Loans above   4 lacs
For studies in India - 5%
For studies Abroad - 15%

Repayment      

Course period + 1year or 6 months after getting job, whichever is earlier.
Repayment of the loan will be in equated monthly installments (EMI) for periods as under:-
For loans upto 7.5lakhs - up to 10 years
For loans above 7.5 lakhs - upto 15.years

Security          

Upto 4.00 lacs: NIL
Above 4.00 lacs - 7.50 lacs: Third party guarantee
Above 7.50 lacs: Equitable mortgage of landed property or other tangible security

Processing Fee: NIL

Rate of interest                        

As applicable from time to time

  • For girl student – Rate will be 0.50% lower.
  • Study in prime institutions - Rate will be upto1.00% lower.
  • 1% Interest concession may be provided by the bank, if interest is serviced during the study period.

Expenses considered for loan

  • Fee payable to college / school / hostel
  • Examination / Library / Laboratory fee
  • Travel expenses / passage money for studies abroad
  • Insurance premium for student borrower, if applicable
  • Caution deposit, Building fund / refundable deposit supported by Institution bills / receipts.
  • Purchase of books / equipments / instruments / uniforms.
  • Purchase of computer at reasonable cost, if required for completion of the course
  • Any other expense required to complete the course - like study tours, project work, thesis, etc.

While computing loan required scholarships, fee waiver etc, if any available to the student borrower may be taken into account