State Bank of Bikaner and Jaipur

State Bank of Bikaner and Jaipur’s Educational Loan

Objective of the Scheme :

The Educational Loan Scheme outlined below aims at providing financial support from the banking system to meritorious students for pursuing higher education in India and abroad. The main emphasis is that a meritorious student, though poor, is provided with an opportunity to pursue education with financial support from the system with affordable terms and conditions

Eligibility of the Student  :

  • The student should be an Indian National.
  • Should have secured admission to a higher education course in recognized institutions in India or abroad through Entrance Test / Merit Based Selection process after completion of HSC (10+2 pr equivalent) .

Liability of Finance :

Expenses allotted for the Loan :

  • Fee payable to college / school / hostel
  • Examination / Library / Laboratory fee
  • Travel expenses / passage money for studies abroad
  • Insurance premium for student borrower, if applicable
  • Caution deposit, Building fund / refundable deposit supported by Institution bills / receipts.
  • Purchase of books / equipments / instruments / uniforms.
  • Purchase of computer at reasonable cost, if required for completion of the course
  • Any other expense required to complete the course - like study tours, project work, thesis, etc.

Quantum of Finance :

  • 10.00 lacs for education in India
  • 20.00 lacs for education abroad

Margin :

For Loans upto  4 lacs - NIL

For Loans above  4 lacs

  • For studies in India - 5%
  • For studies Abroad - 15%

Processing Fee / Mortgage Charges : NIL

Rate of interest          :

  • For girl student –Rate will be 0.50% lower.
  • Study in prime institutions - Rate will be upto1.00% lower.
  • 1% Interest concession may be provided by the bank, if interest is serviced during the study period.

Repayment Period of the Loan :

  • Course period + 1year or 6 months after getting job, whichever is earlier.
  • Repayment of the loan will be in equated monthly instalments ( EMI ) for periods as under:-
  • For loans upto  7.5lakhs. - up to 10 years.
  • For loans above  7.5 lakhs - upto 15.years.

For more Details, Kindly refer the following link :

https://www.sbbjbank.com/We-offer/Personal-Banking-ADVANCES3.htm

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