If you want to pursue higher education in India or abroad, you can avail of the Student Loan scheme or Saraswati Yojana of State Bank of Indore. Also known as Indore Bank, this bank offers several other kinds of personal loan schemes too to cater to customized needs of individuals. As the history goes, State Bank of Indore was earlier named as Bank of Indore Ltd. It acquired its existing name after it's incorporation into SBI as a subsidiary in 1960. You can scroll down this page to know more about State Bank of Indore Educational Loans.
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State Bank of Indore has some guidelines for judging eligibility of the applicants.
• An applicant of a loan under Saraswati Yojana will be considered eligible, if he is an Indian National.
• He should also get admission to a professional or technical course through a selection procedure or an entrance test.
• You can also apply if you get admission to a foreign institute.
Amount of Loan & Margin:
The amount of State Bank of Indore education loan is decided on the basis of the requirement of an individual. The maximum amount of loan for studying in India and abroad is Rs 10 lacs and Rs 20 lacs respectively. For a loan amount above Rs 4 lacs, there is a margin of 5% for studying in India and 15% for studying in abroad.
Repayment and Moratorium:
A student loan amount upto 7.5 lacss and Rs 15 lacss for studying in India and abroad respectively should be repaid in 5 to 7 years after repayment is begun. When the loan amount exceeds Rs 7.5 lacss and Rs 15 lacss in the respective cases, it can be repaid in 5 to 10 years after the repayment is begun. The moratorium extends one year over the course period or 6 months after getting employment, whichever happens earlier.Security:
For borrowing Student Loan of State Bank of Indore, you should know about the security deposit for various loan amounts.
• If you are studying in India or abroad, you need to submit the guarantee of a 3rd party for a loan amount above Rs 4 lacs. For an amount exceeding 7.5 lacs and upto Rs 10 lacs, you can deposit a material collateral security in keeping with the full amount of loan in case you study in India.
• For studies in abroad and on a loan amount exceeding Rs 7.5 lacs and upto Rs 15 lacs, you need to submit a collateral security or guarantee of a 3rd party and assign the future income of the student for paying installments.
• If you take a loan of above Rs 15 lacs and upto Rs 20 lacs from Indore Bank, you need to submit a collateral security matching the full amount of the loan.
For more information on interest rate and other details related to State Bank of Indore Educational Loans, you can visit http://www.indorebank.org/
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