Education Loan from State bank of patiala

Education Loan from State bank of patiala

Education Loan from State bank of patiala

State bank of Patiala launched Gyan Jyoti scheme of education Loan for pursuing higher studies in India and abroad:

Gyan Jyoti scheme is a loan system for all the Indian Nationals for higher education in India and abroad. No processing fee and low margin. Repayment upto 10-15 years. Simple interest during moratorium. 0.50% concession to girl students.

Purpose:

To extend financial assistance to deserving/meritorious students for pursuing higher education in India and abroad.

Eligibility Criteria:

Student Eligibility:

  • Should be an Indian National.
  • Secured admission to a higher education course in recognized institutions in India through Entrance Test/ Merit Based Selection process after completion of HSC (10 plus 2 or equivalent)
  • Secured admission to foreign university/Institutions.
    In cases, where there is no Entrance Test/ Merit based selection procedure, securing admission to a higher education course in a recognized institute may be considered.

Course Eligible:

Studies in India:

  • Graduation courses: B.A, B.Com. B.Sc., etc.
  • Post-Graduation courses: Master’s Degree and Ph.D.
  • Professional courses: Engineering, Medical, Agriculture, Veterinary, Law, Management, Computer, etc.
  • Computer Certificate courses of reputed institutes accredited to Department of Electronics or Institutes affiliated to a university.
  • Courses like ICWA, CA, CFA, etc.

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    4 Lacs: No Security
  • Above Rs. 4 Lacs to Rs. 7.50 Lacs: Collateral security in the form of suitable third party guarantee.
  • Above Rs. 7.50 Lacs: Tangible collateral security of suitable value, along with the assignment of future income of the student for payment of installments.

(All loans should be secured by parent(s)/guardian of the student borrower. In case of married person, co-obligator can be spouse or the parent(s)/ parents-in-law)

Rate of Interest:

  • For loans upto Rs.7.50 lacs-2.75% above base rate i.e. 13.00% currently
  • Above Rs.7.50 Lacs– 1.75% above base rate i.e. 12.00 % currently

Concession:

  • 50 bps concession in interest for girl child.
  • Simple interest to be charged during moratorium period.
  • Interest subsidy is given by Govt. during moratorium period if parental income is upto Rs.4.5 lakhs.

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.

  • For loans up to Rs. 7.50 Lacs: upto 10 years
  • For loans above Rs. 7.50 Lacs: upto 15 years

Processing Charges:

No processing/upfront charges are to be collected on educational loans.

For loans to students going abroad: 

a) All those students who approach us for an education loan of more than Rs.4.00 Lacs for studies

Abroad, will be required to make a deposit of Rs.5000/- only. 
b) If the applicant avails the loan, the amount of Rs.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.

Documents required:

  • Application Form,
  • Appraisal Form,
  • Term Loan Agreement,
  • Guarantee Agreement,
  • Arrangement Letter,
  • In-principle sanction letter
.

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