State Bank of Travancore Education Loan Details

Rules and Regulations

Purpose:  To meet the tuition and other fees\Examination\Library\Laboratory fee, cost of books\purchase of Computers\equipments\instruments\uniforms and the cost of passage for studies abroad. Caution Deposit, Building Fund, Refundable deposit subject to 10% of the Tuition Fee. Any other expenses required to complete the course like study, tours, project work, thesis etc. also be financed.

Eligible Course:

Studies in India

a. Graduation courses, BA, B.Com, B.Sc, BBA, BCA, BBM.

b. Post Graduation Courses, Masters and Ph D.

c. Professional courses like Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc.

d. Other courses leading to diploma, degree conducted by Colleges / Universities approved by UGC / Govt / AICTE / AIBMS / ICMR.

e. Courses offered by National Institutes and other reputed private institutions.

f. Courses offered in India by reputed foreign universities.

g. Computer Certificate courses of reputed institutes accredited by Department of electronics or institutes affiliated to Universities.

h. ICWA, CA, CFA

i. Courses conducted by IIM, IIT, IISC, XLRI, NIFT etc.

j. Regular Degree / Diploma courses like Aeronautical, Shipping etc approved by Director general of Civil Aviation / shipping if pursued in India. It also to be recognised by local aviation, Shipping authority ( Pilot Training Course not included).

k. Evening courses of approved institutions.

l. Vocational Training and Skill development study courses. Distant / Offsite Education Programme not eligible for loan.

Studies abroad

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

Post graduation: MCA, MBA, MS etc.

Courses conducted by CIMA London, CPA in USA.

Eligibility:

The student should be an Indian National (NRIs not eligible)

i) have secured admission to professional\technical courses through entrance test\ merit based selection process conducted by a Govt Agency / University

ii) have secured admission to foreign university institution.

Those who have not qualified through Entrance Test / Merit based selection procedure should have secured 50 % marks for general and 45% marks for SC / ST Candidates in the qualifying subjects, in the qualifying examination to be eligible for loan

Borrower : Student and parent/guardian/spouse/parent-in-law  jointly.

In the case of employed students\professionals, loans can be granted in individual names, with suitable guarantee.

Loan Amount:

For studies in India Rs. 10 lacs

For studies abroad Rs. 20 lacs 

Margin:

Upto Rs. 4 lacs - Nil

Above Rs.4 lacs -  i) Studies in India - 5%   

                         ii) Studies abroad -15%

Interest:

1. Upto Rs.4 lacs 11.50%
2. Above Rs.4 lacs  12.25%

(Interest Rebate :  1 % Interest concession if interest debited during a financial year is remitted within one month of its debit in account)

Penal Interest: 2% FOR LOAN ABOVE RS.2 LAKHS

Repayment:

To commence 1 year after completion of course or 6 months after getting job, whichever is earlier. The loan is to be repaid in 5-7 years after commencement of repayment. 

Security:

Loans upto Rs.4 lacs : Co-obligation of parent/guardian/spouse/parent-in-law as the case may be. No security

Above Rs.4 lacs and upto Rs.7.5 lacs Co-obligation of parent/guardian/spouse/parent-in-law as the case may be along with collateral  in the form of a satisfactory third party guarantee required.

For loans above Rs7.5 lacs Co-obligation of parent/guardian/spouse/parent-in-law along together with tangible collateral security of suitable value along with assignment of future income of the student for payment of instalments and tangible security of suitable value

Security can be in the form of land\building\ Govt. securities\public sector bonds\units of UTI, KVP, LIC Policy, gold, shares\debentures, bank deposit in the name of student\parent\guardian or any other third party with suitable margin.

Processing Fee: No processing fee for studies in India.

For studies Abroad

Upto Rs.4 lacs - 0.5%

Above Rs.4 lacs - 0.4%

(Refundable on availment of 1st instalment)

Apply Online: http://sbt.co.in/eduonline/edu.php

State Bank of Travancore Contact Details:-

Contact Number  : 04428521005, 04428527742

WebLink  : www.statebankoftravancore.com