State Bank of Patiala: Education Loans

Eligibility Criteria:

Student eligibility

Should be an Indian National

Secured admission to professional/ technical courses through Entrance Test/ Selection process*

Secured admission to foreign university/Institution*

Courses Eligible:

Studies in India (Indicative list)

• Graduation courses: B.A., B.Com. B.Sc., etc.
• Post Graduation courses: Masters & Phd.
• Professional courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, and Computer etc.
• Computer certificate courses of reputed institutes accredited to Dept. of Electronics or institutes affiliated to a university.
• Courses like ICWA, CA, CFA etc.
• Courses conducted by IIM, IIT, IISc , XLRI, NIFT etc.
• Courses offered in India by reputed foreign universities.
• Evening courses of approved institutes.
• Other courses leading to diploma/degree etc. conducted by colleges/universities approved by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc.
• Courses offered by National Institutes and other reputed private institutions.
• Courses conducted by CIMA (Chartered Institute of Management Accountants)-London, CPA (Certified Public Accountant) in USA etc.

Studies abroad:

Graduation: For job oriented professional/technical courses offered by reputed universities.

Post Graduation:  MCA, MBA, MS etc.

Courses conducted by CIMA (Chartered Institute of Management Accountants)-London, CPA (Certified Public Accountant) in USA etc.

Expenses Considerd For Loan:

Fee payable to college/ school/ hostel.

Examination/Library/Laboratory fee

Purchase of books/ equipments/ instruments/ uniforms

Caution deposit/building fund/ refundable deposit supported by Institution bills/receipts.

Travel expenses/passage money for studies abroad.

Purchase of Computers/two wheelers.

Any other expense required to complete the course – like study tours, project work, thesis etc.

Quantum of Finance

Need based finance subject to repaying capacity of the parents/students with margin and the following ceilings.

Studies in India – Max `.10 lacs

Studies abroad – Max. `.20 lacs.

Security:

Up to 4 lacs: – No security

Above 4 lacs – Collateral in the form of a suitable third party guarantee/ tangible collateral security for full value of the loan.

Rate Of Interest:(Per Annum)

For interest rates please see interest rate table on this website

Interest Concession:

1% concession in rate of interest be provided if full interest is paid during the moratorium period when any moratorium period is specified.

Concession for Girl Child

0.50% in rate of interest

or Economically weaker section

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Repayment:

Repayment to be made after completion of moratorium period i.e. Course period+1 year or 6 months after getting job, whichever is earlier?

The loan to be repaid in a maximum of 5-10 years after commencement of repayment.

Processing charges:

No processing/upfront charges are collected on educational loans

For loans to students going abroad

-All those students who approach us for an education loan of more than `.4 lacs for studies abroad, will be required to make a deposit of `.5000/-

If the applicant avails the loan, the amount of `.5000/- will be adjusted against the contribution of margin money by him.  If no margin is payable by him, the amount may be adjusted against the interest payable on the loan.

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