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.
To extend financial assistance to deserving/meritorious students for pursuing higher education in India and abroad.
- 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.
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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- 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
- 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 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
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.
- Application Form,
- Appraisal Form,
- Term Loan Agreement,
- Guarantee Agreement,
- Arrangement Letter,
- In-principle sanction letter
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