Education loan – Apply for Education loan on line in Asia |SBI – Personal Banking
Education Loan Scheme Brand New
Education LoanFeaturesEligibilityDocument Required
A term loan awarded to Indian Nationals for pursuing advanced schooling in Asia or abroad where admission happens to be guaranteed.
FeaturesRepayment period of upto 15 years after Course Period + 12 months of repayment vacationProcessing FeesLoans upto Rs. 20 lacs : NILLoans above Rs. 20 lacs: Rs. 10,000 (plus taxes)SafetyUpto Rs. 7.5 Lacs:Only Parent/ Guardian as co-borrower. No Collateral Security or 3rd party guaranteeAbove Rs. 7.5 Lacs:Parent/ Guardian as co-borrower and concrete security protectionMarginUp to Rs 4 Lacs – NilAbove Rs 4 Lacs – 5% for studies in Asia, 15% for studies in abroadRepayment will commence one after completion of course year.Loan to be paid back in 15 years following the commencement of paymentJust in case 2nd loan is availed for greater studies later on, to settle the blended loan amount in fifteen years after conclusion of 2nd programEMI GenerationThe accrued interest throughout the moratorium period and program period is put into the concept and payment is fixed in Equated equal payments (EMI).If full interest is serviced prior to the commencement of payment; EMI is fixed centered on concept quantity just.Please click on this link to Rate of Interest
EligibilityA phrase loan granted to Indian Nationals for pursuing advanced schooling in Asia or abroad where admission happens to be guaranteed.
Studies in IndiaGraduation, Post-graduation including regular professional and technical Degree/Diploma courses conducted by colleges/universities approved by UGC/ AICTE/IMC/Govt. etc Regular Degree/ Diploma Courses carried out by autonomous institutions like IIT, IIM etcInstructor training nursing that is authorized by Central federal federal government or even the local governmentRegular Degree/Diploma Courses like Aeronautical, pilot training, shipping etc. approved by Director General of Civil Aviation/Shipping/ concerned regulatory authority b. Studies abroad:Job oriented professional/ technical Graduation Degree courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc provided by respected universities Courses carried out by CIMA (Chartered Institute of Management Accountants) – London, CPA (Certified Public Accountant) in USA etc.
Studies abroadJob oriented professional/ graduation that is technical courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc provided by reputed universities.Courses carried out by CIMA (Chartered Institute of Management Accountants) – London, CPA (Certified Public Accountant) in United States Of America etc.
Costs CoveredCosts payable to college/school/hostelExamination/Library/Laboratory chargesBuy of Books/Equipment/Instruments/Uniforms, Buy of computer systems- required for completion regarding the course (maximum 20% regarding the tuition that is total payable for completion of the program).Caution Deposit/Building Fund/Refundable Deposit (maximum 10% of tuition charges for the whole program).Travel Expenses/Passage cash for studies abroad.Price of a Two-wheeler upto Rs. 50,000/-Just about any costs expected to finish this course like research trips, task work etc.
Loan AmountStudies in AsiaMedical Courses: Upto Rs 30 lacsOther Courses: Upto Rs 10 lacs (greater loan restriction for studies in India might be considered on cases to case basis, maximum upto Rs 50 lacsStudies abroadUpto Rs 7.50 lacs (greater loan limit for Studies abroad are thought under worldwide Ed-vantage Scheme, maximum upto Rs 1.50 Crores)
Checklist of documents to https://paydayloanexpert.net/payday-loans-me/ duly be submitted along-with filled Loan applicationMark sheet of tenth, 12th, Graduation (if relevant), Entrance Exam outcomeEvidence of admission to course [ Offer Letter/ Admission Letter/ ID card if available]Schedule of costs for programCopies of page conferring scholarship, free-ship, etc.Gap certificate, if relevant (self-declaration from pupil for space in studies)Passport size photographs of Student / Parent / Co-borrower / Guarantor (1copy each)Asset-Liability Statement of Co-applicant / Guarantor (Applicable for loans above Rs 7.50 lacs)For Salaried People(a) Latest Salary Slide(b) Form 16 OR latest IT get back (ITR V)
For any other than Salaried Individual:
(a) Business address evidence (if applicable)
(b) Latest IT Returns (if relevant)Bank Account Statement for the past half a year of Parent / Guardian/ GuarantorCopy of purchase Deed as well as other documents of name to home in respect of immovable home provided as collateral security / Photocopy of Liquid protection offered as securityPermanent Account Number (PAN) of Student / Parent / Co-borrower / GuarantorAADHAAR (mandatory, if eligible under different interest subsidy schemes of GOI)Passport (mandatory for Studies Abroad)Submission of OVD (refer to table below)
One or more self-attested content associated with Officially Valid Documents (OVD) mentioned below to be submitted, as evidence of identification and target:PassportDriving permit,Evidence of possession of Aadhaar Number,Voter’s identification Card granted by Election Commission of Asia,Job card released by NREGA duly finalized by an officer regarding the state,Page given by the National Population join containing information on name and address
The following documents shall be deemed to be OVDs for the limited purpose of proof of address if the OVD furnished by the customer does not contain updated addressHousehold bill that is no more than 2 months old of any company (electricity, phone, post-paid phone that is mobile piped fuel, water services bill);Property or tax receipt that is municipalRetirement or household pension re payment sales (PPOs) granted to retired workers by Government Departments or Public-Sector Undertakings, when they support the target;Letter of allotment of accommodation from employer granted by local government or Central Government Departments, statutory or regulatory systems, general public sector undertakings, scheduled commercial banking institutions, banking institutions, listed organizations and lease and licence agreements with such companies allotting accommodation that is official.
[Provided that the client shall submit OVD updated with present address within a period of 90 days of publishing the above documents]
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