India, Loans for Education, Financial Resources,AID, Scholarships, grants...
by Rajat Gupta
SBI advantage
Educational Loans are offered by over 4000 branches of the Bank, spread across the country, including the Personal Banking Branches.Below are discussed policies of State Bank of India.
*Lowest interest rates, currently between 12.00%p.a. to 13.00%p.a. Simple Interest during moratorium period.
-- No processing charges.
--Long re payment period of 5-7 years commencing from one year after course period or six months after obtention of job, whichever is earlier.
--No hidden costs or administrative charges.
--Nore paymentt penalties.
Purpose
---You can take a loan for pursuing studies in recognized schools/colleges/ institutions to meet:
--Tuition and other fees.
--Maintenance costs, books &re payments,etc.
--Cost of passage (for studies abroad).
--Caution fund/building fundre paymente deposit.
Eligibility
* Should be an India National
* Secured admission to professional/ technical courses through Entrance Test/ Selection process.
--Secured admission to foreign university/ Institution
Loan Amount
Need based finance subject to the repaying capacity of the parents/ students with margin and the following ceilings.
--studies in India - Maximum Rs.7.50 lacs.
--studies Abroad - Maximum Rs.15 lacs.
Margin
*Upto Rs.4 lacs: No margin.
Above Rs.4 lacs:
--Studies in India: 5%
--Studies Abroad: 15%
*Loan Amount Interest Rate
--Loans upto Rs.4 lacs SBMTLR presently 12.00 %p.a.
--Loans over Rs.4 lacs 1% above SBMTLR presently 13.00 % p.a.
*Repayment Holiday - Course period + 1 year or 6 months after getting job, whichever is earlier.
The loan to be repaid in 5-7 years after commencement of repayment
Prepayments permitted without any penalty.
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