State Bank of Bikaner And Jaipur: Education Loans

School/ College Education in India

a) IInd Division (pass marks for SC/ST0

b) Parents/ Guardian having independent employed/ professionals and personas engaged in agriculture and allied activities. Income of persons engaged in agriculture/ allied activities can be arrived at/ determined by the branches as is done in case of agricultureal advances on the basis of land holiday, cropping pattern, yield etc.

Technical/ Professional Higher studies in India and Abroad

a) minimum first division (second division for Sc/ST) or passing the entrance test for the technical/ professional courses and securing an admission for the courses.

b) Parents/ Guardian having independent regular source of income including self- employed. Professionals and persons engaged in agriculture and allied activities.

c)Income of persons engaged in agriculture/ allied activities can be arrived at/ determined by the branches as is done in case of agricultural advances on the basis of land holding, cropping pattern, yield etc. Borrower Student and Parents/ Guardian, jointly. In case or employed students loans can also be granted in their individual names.

Eligible Courses of SBBJ Education Loan

Loans are also given for pursuing 4 levels of computer courses viz. ‘O’ level (foundation), ‘A’ level (advanced diploma), ‘B’ level ( Graduate) and ‘C’ level (post graduate).

Education Loan Amount

(i) School/ College Education in India. Up to 6 times the net (take home) monthly income of Parents/ Guardian/ Student. Minimum amount of loan Rs. 4,00,000 while the maximum Rs. 1.00 lakh. The income from all source may be considered for this purpose provided the sanctioning authority is satisfied with the proof of such income. The independent income of the spouse of parents may also be included provided she/ he guarantees the loan.

(ii) Technical/ Professional higher studies in India and Abroad. 90% of the cost of the study, subject to a maximum of Rs. 8.00 lakhs.

Repayment of Loan

(i) For School/ College education in India: 36 months

(ii) For Technical/ Professional higher studies in India and Abroad: Maximum 60 months after completion of courses or securing a job, whichever is earlier. A moratorium not exceeding one year may be considered.

Security of Loan

(i) Collateral security from the borrower/ guarantor equal to 100% of the loan amount.

(ii) Alternatively, collateral security equal to 50% of the amount of loan amount provided tie-up arrangement is establish with the employer of the borrower whereby the monthly instalment is deducted from his salary and paid by their employer directly to the Bank in a maximum period of 36 months.

Rate of Interest in State Bank of Bikaner and Jaipur

Rs. 25,000 : 12% p.a. plus interest tax.

UptoAbove Rs. 25,000 : 0.5% above SBAR

Upto Rs 2 lakhs : min. 12.50% p.a. plus interest tax

Above Rs 2 lakhs : 2.50% above SBAR minimum 14.50% p.a. plus interest tax.

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