Several reputed banks offer education loans in India State Bank of Saurashtra also offers education loans to students willing to study their higher education in India and abroad. The education loan provided enables the students to pursue their dream career. If you are looking for education loans to finance your ambitions, then scroll down the page to learn more about Student Loans from State Bank of Saurashtra.
Courses Eligible for Education Loan:
All the courses that offer future employment prospects are eligible for the education loan offered by the State Bank of Saurashtra. The various courses eligible for the education loan are undergraduate programs, postgraduate programs, professional and other kinds of courses, which are approved by the Government, UGC, AICTE or other recognized bodies.
Expenses to be considered for Loan:
• Fees for schools, colleges and hostels. It also includes fees to be paid for examination, library and laboratory charges.
• Expenses for purchasing uniforms, books, instruments and equipments.
• Building fund, refundable deposit, caution deposit, passage money and expenses for traveling abroad to study.
• Money is also provided for the students to purchase computers and other articles necessary for completing education.
Amount of Loan:
A maximum amount of Rs.10 lacs and Rs.20 lacs are offered for studies in India and abroad respectively.
Repayment Tenure State Bank of Saurashtra Education Loan:
Repayment of the education loan starts either 1 year after completing the course or six months after getting employed, whichever seems to be earlier.
a. Studies in India
o Repayment time offered to the students taking up loan up to Rs. 7.5 lacs is five to seven years.
o Five to ten years of repayment time is given to those taking more than Rs.7.5 lacs as loan.
b. Studies in Abroad
o Those taking loan up to Rs.15 lacs are given five to seven years of time for repayment.
o Five to ten years of time is granted to those taking more than Rs. 15 lacs as loan.
Security
State Bank of Saurashtra also demands certain securities for granting education loans.
• No security is demanded for loans up to Rs.4 lacs. (Both India and Abroad)
• Third party suitable guarantee is required for loans above Rs,4 lacs to Rs.7.50 lacs. (Both India and Abroad)
• Tangible Collateral Security is required for those taking loans above Rs. 7.50 lacs to Rs. 10 lacs in India.
• Tangible Collateral Security or third party guarantee is required for those taking loans above Rs. 7.50 lacs to Rs. 15 lacs abroad.
• Tangible Collateral Security is required for taking loans above Rs.15 lacs to Rs.20 lacs. This security is for studies abroad.
Margin
There is no margin for loans taken up to Rs.4 lacs. However, there is a margin of 5% for loans above Rs.4 lacs in India (Studies). For studies abroad, 15% is the margin for the same amount.
In order to learn more about interest rates, browse through http://www.sbsbank.com/
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