Student Education loans in India

Here know the complete information about Student Education Loans offered by State Bank of Travancore India.

State Bank of Travancore


Studies in India

Eligibility for Education Loan
  • Must be an Indian National.
  • Secured admission to Professional/ Technical courses through Entrance Test/ Selection Process.
Eligible Courses for Education Loan
  • Professional courses like Medical/Engineering/Veterinary/Nursing/Law/Management/PGDRIM/ ICWA/CA/CFA/IIM/ IIT/IISC/XLRI/NIFT and other courses approved by State/ Central Government.
  • All other courses leading to diploma/ degree etc., conducted by colleges/ universities approved by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc., and offered by National Institutes and other reputed private institutions.
Quantum of Finance
Maximum of Rs. 10.00 lacs for studies in India
Margin
  • Upto Rs.4,00,000/- -- NIL
  • Above Rs.4,00,000/- -- 5%

Studies in Abroad

Eligibility
  • Must be an Indian National.
  • Secured admission to foreign university/institutions.
Eligible Courses for Education Loan
  • Graduation : For job oriented professional / technical courses offered by reputed universities
  • Post-Graduation - MCA, MBA, MS, PhD etc.
  • Courses conducted by CIMA-London, CPA in USA etc.
Quantum of Finance
Maximum of Rs. 20.00 lacs for studies in abroad.
Margin
  • Upto Rs.4,00,000/- -- NIL
  • Above Rs.4,00,000/- -- 15%

Common aspects for Indian and Abroad studies

Expenses considered for Education Loan
  • Fee payable to college/school/hostel
  • Payment of course fees
  • Purchase of books/equipments/instruments/uniforms and computer/laptops
  • Examination/Library/Laboratory fee
  • Other expense that are required to complete the course - like study tours, project work, thesis, etc.
Security
  • Upto 4.00 lacs - Co-obligation of parent/guardian/spouse/parent-in-law/grand parents as the case may be. No security
  • From Rs. 4.00 lacs to Rs.7.50 lacs - Co-obligation of parent/guardian/spouse/parent-in-law/grand parents as the case may be along with collateral in the form of a satisfactory third party guarantee required.
  • Above 7.50 lacs - Co-obligation of parent/guardian/spouse/parent-in-law/grand parents 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.
Rate of Interest
  • No processing fees for studies in India.
  • Upto 4.00 lacs (For studies in Abroad) : 0.5%
  • Above 4.00 lacs (For studies in Abroad) : 0.4%
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.
For more details visit State Bank of Travancore official website: statebankoftravancore.com

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