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State Bank of Patiala Education Loan

To extend financial assistance to deserving/meritorious students for pursuing higher education in India and abroad

Eligibility criteria
Student eligibility

    * Secured admission to professional/technical courses through test/selection process
    * Secured admission to foreign university/institution

Courses Eligible
Studies in India

    * Graduation courses: B.A,B.Com,B.Sc etc
    * Post graduation courses: Masters and Phd.
    * Professional courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management and computer etc.
    * Computer certificate courses of reputed institutes accredited to dept of electronics or institutes affiliated to a university.
    * Courses like ICWA,CA,CFA etc
    * Courses conducted by IIM,IIT,IISc,XLRI,NIFT etc
    * Courses offered in India by reputed foreign universities
    * Evening courses of approved institutes
    * Other courses leading to diploma/degree etc conducted by college /universities approved by UGC/govt./AICTE/AIBMS/ICMR etc
    * Courses offered by national institutes and other private institutions

Studies abroad:

    * Graduation: For job oriented professional/technical courses offered by reputed universities
    * Post Graduation:
    * MCA,MBA,MS etc.
    * Courses conducted by CIMA in London,CPA in USA etc.

Expenses considered for loan

    * Fee payable to college/school/hostel.
    * Examination/library/laboratory fee
    * Purchase of books/equipment/instruments/uniform
    * Caution deposit/building fund/refundable deposit supported by institution bills/receipts.
    * Travel expenses/passage money for studies abroad
    * Purchase of computers/two wheeler
    * Any other expenses required to complete the courses-like study tour, project work thesis etc.

Quantum of finance:
Need based finance subjected to repaying capacity of the parents/students with margin and the following ceilings

    * Studies in India-Max Rs 10 lacs
    * Studies in abroad-Max Rs 20 lacs

Margin:
Up to Rs 4 lacs: Nil
Above Rs 4 Lacs: Studies in India

Studies abroad:15%

Securities:
 A. Studies in India:

    * Up to Rs 4 Lacs: No securities
    * Above Rs 4 Lacs & up to Rs 7. 5Lacs: Collateral in the form of asuitable third party guarantee.

    * Above Rs 7.5 Lacs and up to  Rs 10 Lacs: tangible collateral securities for full value of loan.

B. Studies abroad:

    * Studies in India-Max Rs 10 lacs
    * Above Rs 4 Lacs & up to Rs 7. 5Lacs: Collateral in the form of suitable third party guarantee.
    * Above Rs 7.5 Lacs and up to  Rs 10 Lacs: Tangible collateral securities for suitable value or suitable third party gurantee alog with the assignment of future income of the student for payment installments
    * Above Rs 15 Lacs and up to Rs 20 Lacs: Tangible security for full value of loan

Rate of interest:

    * Up to Rs 4 Lacs:0.75 % below BPLR
    * Above Rs 4 lacs: -1% above BPLR

Interest concession
1% concession in rate of interest be provided if full interest is paid during the moratorium period when any moratorium is specified

Repayment:
Repayment to be made after completion of moratorium pr\period i.e. course period+1 year or 6 month after getting job, whichever is earlier?

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

Processing charges:
Penal interest
No penal interest to be charged on educational loan up to Rs 4 Lacs.
Above Rs 4 Lacs penal interest @ 2 % over and above the applicable rate ,on the entire loan outstanding for the period of such default will be charged if the EMIs remain unpaid for a period of 30 days from the due date, for any reason, including the bounced cheque
Processing charges:
No processing charges/upfront fee will be charged on education loan.
For loan to students going abroad, Rs 5000/=upfront for loan above Rs 4 Lacs will be recovered and dealt as under

    * If the applicant avails the loan the amount of Rs 5000 will be adjusted against the contribution of margin money/the interest payable on th loan
    * If the applicant does not avail the loan within a period of 4 months of sanction of the loan, the amount will be appropriated and credited to commission A/c.

Documents required:

    * Completed application form
    * Mark sheet of last qualifying examination, proof of admission schedule of expenses and duration of courses.
    * Passport size photographs, passport/ID card/Voter card/PAN card etc of student /parent/guardian and guarantor
    * Details regarding the guarantor
    * Proof of income of the borrower/guarantor
    * Title deed of the property or other securities and other related papers etc.

Source : http://www.sbp.co.in/

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