tag:blogger.com,1999:blog-75563869185962171352024-03-08T23:51:30.459+05:30SBI STUDENT LOANThis Blog gives you the detailed information about Student Loans provided by SBI and other Banks for Highier Education in India or Abroad and how to get the Application Form.Anonymoushttp://www.blogger.com/profile/02576266017156894237noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-7556386918596217135.post-17184189136359014312012-03-10T20:52:00.003+05:302012-05-01T08:59:07.211+05:30Interest Free Student Loan<div align="justify">According to Press Information Bureau, Government of India, Cabinet Committee on Economic Affairs (CCEA) published on 27-August-2009 14:9 IST that a full interst subsidy will be provided during the period of moratorium on loans taken by students belonging to economically weaker sections from scheduled banks under the Student or Educational Loan Scheme of the Indian Banks’ Association, for pursuing any of the approved courses of studies in technical and professional streams, from recognized institutions in India<br /><br />The <b>Cabinet Committee on Economic Affairs</b> (CCEA) has sanctioned a system to allow for full interest grant during the period of postponement on loans taken by students belonging to economically weaker sections from scheduled banks under the Student or Educational Loan schema of the Indian Banks’ Association, for following any of the approved courses of studies in technical and professional fields, from recognized institutions in India. The Indian Banks’ Association (IBA) had devised a comprehensive model student or educational loan scheme for adoption by all Banks, aimed at providing financial support from the banking system to eserving/meritorious students for pursuing higher education in India and abroad.<br /><br />One of the prime concerns of the Government is to make sure that nobody is refused professional education because he or she is poor. The Hon’ble Prime Minister in his Independence Day Speech on 15th August, 2009 had, among other things, announced that “a new scheme will be started to help students form economically weaker sections of society by way of reduced interest rate on their education loans. This will benefit about 5 lakh students in getting technical and professional education”.<br /><br />The broad parameters of the Scheme are:<br /><br />(i) The scheme would be relevant for studies in technical and professional courses in India. The interest grant shall be linked with the existing Student or educational Loan Scheme of IBA and restricted to students enrolled in recognized professional courses (after Class XII) in India in Educational Institutions established by Acts of Parliament, other Institutions recognized by the concerned Statutory Bodies, Indian Institutes of Management (IIMs) and other institutions set up by the Central Government.<br /><br />(ii) Under this system, interest payable by the student who is already availing of the Student or Educational Loan Scheme of the Indian Banks’ Association for the period of moratorium (i.e. course period, plus one year or six months after getting job, whichever is earlier) as dictated under the Student or Educational Loan Scheme of the Indian Banks’ Association, shall be carried by the Government. After the period of moratorium is over, the interest on the undischarged loan amount shall be paid by the student, in accordance with the plannings of the existing Educational Loan Scheme and as may be modified from time to time.<br /><br />(iii) The benefits under the Scheme would be applicable to those students belonging to economically weaker sections, with an annual income upper limit of Rs. 4.5 lakh per year.<br /><br />(iv) The interest grant under the Scheme shall be usable to the eligible students only once, either for the first undergraduate degree course or the post graduate degrees/diplomas. Interest subsidy shall, however, be admissible for combined undergraduate and post graduate courses.<br /><br />(v) Interest grant under this scheme shall not be available for those students who either discontinue the course in the middle of the course undertaken , due to any reason except on medical grounds, or for those who are expelled from the Institutions on disciplinary or academic grounds.<br /><br />(vi) The National Minorities Development & Finance Corporation (NMDFC) has an Student or Educational Loan Scheme for individual beneficiaries, which is enforced through State Chenelizing Agencies (SCAs). The national Safai Karamcharis Finance and Development Corporation under the Ministry of Social Justice and Empowerment also provides educational loan to the students of the target group for higher education. Interest on Educational Loan provided under these two schemes shall also be subsidized for the period of moratorium.<br /><br />(vii) Sense modality for carrying out and supervising mechanism shall be finalized in consultation with the Canara Bank. There would be a tag/marker on the degree course or student indicating his repayment liabilities.<br /><br />(viii) The scheme shall be applicable from the academic year 2009-2010.<br /><br />The Scheme is anticipated to ease the financial load on the target group of students to go after technical and professional studies (after Class XII) in recognized institutions in India and thereby increase their admittance in these streams of education. This Scheme will benefit about 5 lakh students in getting technical and professional education.<br /><br />You can read the Press Information Bureau <a href="http://www.pib.nic.in/newsite/erelease.aspx?relid=52177"><b>HERE</b></a><br /></div>Anonymoushttp://www.blogger.com/profile/02576266017156894237noreply@blogger.com174tag:blogger.com,1999:blog-7556386918596217135.post-73882015315912115992011-12-22T15:33:00.024+05:302012-05-01T08:55:36.443+05:30SBI Student loan -Tax benefit<div align="justify">I am welcoming all the Students and their parent and guardians who have taken Student or Education loan or proposing to avail the same from any bank in India for their child's higher studies in India or abroad to my this post and happy to inform all of you that you can get Income Tax rebate. It will be great help to those who are not aware of this benefit. Many of us may not be aware of the fact that the Tax exemption on the interest amount paid for the education loan can be availed. This can reduce the overall burden of cost on education or student loan.<br /></div><br /><div align="justify">You can refer to the section 80 E of Income Tax Act where detailed about this exemption has been explained. Once you have taken the education loan, you can claim deduction under section 80E of Income tax Act for the sum of interest paid on the loan amount. The amount of interest paid is eligible for deduction and you can deduct the whole interest from your taxable income.</div><br />Previously there was a restriction on the tax benefit to be deducted from the income. Only Rs.40,000.00 per year or the total amount including the principal and the interest paid during the year, which is less, was allowed as a tax benefit.<br /><br />But the tax deduction is only available, if the purpose of loan is to pursue higher education to complete full time studies in graduate or post graduate course.This tax benefit on education or student loan are only available when you start the repayment and they are available only upto eight years. For example, if your loan repayment exceeds eight years, you cannot claim for deduction beyond eight years.<br /><br />Hence it is wiser that the education or student loan is repaid within eight years. Unless the loan amount is very high and it is very hard to afford a high amount of equated monthly installment (EMI), one should not opt for education or student loan with longer period.<br /><br />It may be noted that, this benefit is only available if the loan is taken from a financial institution or from a bank. Loan taken from friends or relatives will not be considered for tax benefits.<br /><br />As per the provision in section 80E of Income Tax Act, any amount paid by you in the previous year, out of your taxable income, by way of repayment of loan, taken by you from any financial institution or any approved charitable institution for the pupose of pursuing higher education or interest on such loan, provided that the amount which may be so deducted shall not exceed Rs. 25,000.00.<br /><br /><p>The deduction mentioned in sub-section(1) shall be allowed to calculate the total income in respect of the initial assessment year and seven assessment years immediately after the initial assessment year or until loan referred to in sub-section (1) together with interest there on is paid by the assessee in full, whichever is earlier.</p><br /><div class="zemanta-related">Related articles<br /><ul class="zemanta-article-ul"><li class="zemanta-article-ul-li"><a href="http://skybluecross.wordpress.com/2012/01/02/us-nursing-student-loan-introduction2/">US Nursing Student Loan introduction[2]</a> (skybluecross.wordpress.com)</li><li class="zemanta-article-ul-li"><a href="http://turbotax.intuit.com/tax-tools/tax-tips/Tax-Deductions-and-Credits/About-Student-Loan-Tax-Credits/INF14771.html">TurboTax - About Student Loan Tax Credits</a> (turbotax.intuit.com)</li><li class="zemanta-article-ul-li"><a href="http://www.education.com/reference/article/Ref_Tax_Credits/">Tax Credits, Deductions, and Deferrals</a> (education.com)</li><li class="zemanta-article-ul-li"><a href="http://turbotax.intuit.com/tax-tools/tax-tips/Tax-Deductions-and-Credits/What-Is-My-Income-Tax-Deduction-Based-On-/INF14416.html">What Is My Income Tax Deduction Based On?</a> (turbotax.intuit.com)</li><li class="zemanta-article-ul-li"><a href="http://admissionjankari.wordpress.com/2011/12/26/education-loans-a-necessity-of-todays-life/">Education Loans- a necessity of today's life</a> (admissionjankari.wordpress.com)</li></ul></div><a class="zemanta-pixie-a" title="Enhanced by Zemanta" href="http://www.zemanta.com/"><img class="zemanta-pixie-img" style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; FLOAT: right; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" alt="Enhanced by Zemanta" src="http://img.zemanta.com/zemified_e.png?x-id=8b6ff233-b80e-44a3-8063-342a83f18ff9" /></a>Anonymoushttp://www.blogger.com/profile/02576266017156894237noreply@blogger.com4tag:blogger.com,1999:blog-7556386918596217135.post-50436994677485559142011-11-21T22:32:00.010+05:302012-05-01T08:53:06.932+05:30Online Student Loan<div align="justify"><strong><span style="color:#3333ff;">Online Student Loan:</span></strong><br />Some of the banks in India has initiated to provide financial support as an Education Loan to needy students to pursue technical and professional courses. To provide “Education Loan” hassle free and without delay, all Indian Banks has simplified the process and have developed an “Online Application” to apply online for Student loan. However, some of the banks have not yet made Education Loan process online, in that case interested students will have to submit their filled application in their nearest bank’s branch.<br /><br /><strong><span style="color:#3333ff;">Eligibility for Education Loan</span></strong><br />Applicant must be an Indian National.<br />He must be over 18 years of age but within 30 years on the date of application.<br />Secured admission to Professional/ Technical courses through Entrance Test/ Selection Process .<br />The Loan Scheme would be applicable only for studies in recognized technical and professional courses in India and abroad.<br /><br />The student applying apllying for the student loan should not have outstanding education loan from any other Institution. Branch nearest to the permanent residence of student will consider the loan. </div><br /><br /><br /><div align="justify"><br /><strong><span style="color:#3333ff;">Eligible Courses:</span></strong><br /><br /><strong>Studies in India (Indicative list):</strong><br />Graduation courses: BA, B.Com, B. Sc etc.<br />Post Graduation courses: Masters and Ph.d<br />Professional courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc.<br /><br />Computer certificate courses of reputed institutes accredited to Department of Electronics or institutes affiliated to university<br /><br />Courses like ICWA, CA, CFA, etc.<br /><br />Courses conducted by IIM, IIT, IISc, XLRI, NIFT, NID and other Institutes set up by Central/State Government<br /><br />Evening courses of approved institutes<br /><br />Other courses leading to diploma/ degree, etc conducted by colleges/ universities approved by UGC/ Government/ AICTE/ AIBMS/ ICMR etc.<br /><br />Courses offered by National Institutes and other reputed private institutions with prior approval of Head Office<br /><br />Courses offered in India by reputed foreign universities with prior approval of Head Office<br /><br /><strong><span style="color:#3333ff;">Note:</span></strong><br />Professional courses not approved by AICTE and conducted by Institutes not recognized by State Universities is outside the purview of the eligibility under the scheme<br />Special scheme for students admitted to IITs, at concessional rate of interest<br />Studies abroad<br /><br /><strong><span style="color:#3333ff;">Graduation:</span></strong> For job oriented professional/ technical courses offered by reputed universities<br />Post Graduation: MCA, MBA, MS etc.<br /><br />Courses conducted by CIMA - London, CPA in USA, etc.<br /><br />School Education/ Intermediate/ Graduation Courses/ Post Graduation Courses/ Professional Courses: Engineering/ Medical/ Agricultural/ Veterinary/ Dental/ Physiotherapy/ 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 institute<br />Maximum loan amount<br /><br />Bank provides need based finance subject to repaying capacity of the parents/ students with a maximum of Rs. 10.00 laksLoan limit for studies in India- Maximum Rs.10.00 lakh. Loan limit for studies abroad- Maximum Rs. 20.00 lakh.<br /><br /><strong><span style="color:#3333ff;">Margin for loan:</span></strong><br />Upto Rs.04.00 Lakh : NilAbove Rs. 04.00 : 5%<br /><br /><strong><span style="color:#3333ff;">Security for loan:</span></strong><br />Upto Rs. 4 lakh : No securityAbove Rs.4 lakh & upto Rs.7.5 lakh: Collateral security in the form of a suitable third party guarantee.Above Rs.7.5 lakh: Collateral security of suitable value or at the discretion of the Bank, suitable third party guarantee along with the assignment of future income of the student for payment of installments<br /><br />Note:The security can be in the form of land/ building/ Government Securities/ Public Sector Bonds/ NSC/ KVP/ LIP/ Banks Term Deposit etc, in the name of Student/ Parent/ Guardian/ Guarantor with suitable margin.<br /><br /><strong><span style="color:#3333ff;">Mode of disbursement of loan</span></strong><br />The loan amount should be released in proportion to the number of years, depending upon the progress of the student. The scholar should produce a certificate from the competent authority for successful completion of academic year for further releases.<br /><br /><strong><span style="color:#3333ff;">Repayment of loan:</span></strong><br />Repayment holiday/Moratorium : Course period + 1 year or 6 months after getting job, whichever is earlier. The loan is to be repaid in 5-7 years after commencement of repayment. But, loan period is varying from bank to bank and it determined on the basis of course.<br /><br /><strong><span style="color:#3333ff;">Processing fee:</span><br /></strong>However, some banks does not charges processing fee for education loan whereas charging fees on actual.<br /><br /><strong><span style="color:#3333ff;">Other conditions:</span></strong><br />Loan to be disbursed in stages as per requirement/ demand, directly to the Institution/ Vendors of books/equipments/instruments to the extent possible<br />Student to produce mark list of previous term/ semester before availing next installment,<br />Student / Parent to provide latest mailing address, in case of any change,<br />Student /Parent have to inform branch immediately on change of course /completion of studies/ termination of studies/ any refund of fees by college/ institution/ successful placement/ intention of job/ change of job etc.,<br /><br /><strong><span style="color:#3333ff;">Branch for sanction for loan:</span></strong><br />Education loan is sanctioned by the branch nearest to the place of domicile of the borrower. However, if the student is seeking admission to an institute at a place other than the place of domicile/ residence of parent/ guardian and applicant desire to take loan at the place of educational institution, the loan can be considered by a branch at the place of educational institution, provided we have a branch at the place of domicile of the student/ parent/ guardian. The parent/ guardian and the guarantor (wherever applicable) along with student will visit the branch sanctioning/ disbursing the loan for completion of formalities and documentation.<br /><br /><strong><span style="color:#3333ff;">Document required:</span></strong><br />Completed application form<br />Mark sheet of last qualifying examination,<br />Proof of admission, schedule of expenses and duration of course,<br />Fee structure (Letter/Certificate from the College/University)<br />2 Passport size photograph<br />Identity proof (Passport/ ID Card/ Voter ID Card/ PAN Card etc) of student/ parent/ guardian and guarantor (wherever applicable)<br />Proof of residence (Xerox copies of Ration Card or Voters Identity Card or Passport or Electricity or Telephone bill or any such document acceptable to the bank)<br />Details regarding the guarantor (where loan amount is more than Rs 4 lakhs)<br />Proof of income of the borrower/ guarantor<br />Parent's/Guardian's Co-obligation statement<br />Declaration/ affidavit stating that no Educational Loan is availed from any other bank by the applicant and his parent<br /><br />Margin (Above Rs.4.00 lakhs): For studies in India: 5%, For studies abroad: 15%<br />Title deed of the property or other securities and other related papers etc. (in case loan amount is more than Rs 7.50 lakhs)<br /><br />Collateral, wherever required (LIC policy (surrender value of which should be not less than the loan amount at the time of availing the loan) /Share certificates/Units of UTI etc. Valuation certificate from Bank's approved panel valuer and legal opinion from Bank's panel advocate in case of land/buildings).<br /><br /><strong><span style="color:#3333ff;">Application submission process for education loan:</span></strong><br />All public sectors as well as private sector banks provides online facility to apply for education loan. Students/ Parents have choice to either apply through online mode or to submit filled application in nearest bank. After applying online for education loan, concerned student can also check the status of their application online.<br /><br /><strong>Click on bank name to apply online for Education Loan / Student Loan:</strong><br /><a href="http://www.allahabadbank.com/education.asp" target="_blank">Allahabad Bank</a><br /><a href="http://andhrabank.in/english/EduLoans.aspx" target="_blank">Andhra Bank</a><br /><a href="http://www.axisbank.com/personal/loans/studypower/Education-Loan.asp" target="_blank">Axis Bank</a><br /><a href="http://www.bankofbaroda.com/education-loan-form.asp" target="_blank">Bank of Baroda</a><br /><a href="http://www.bankofindia.com/eduloans1.aspx" target="_blank">Bank of India</a><br /><a href="http://www.bankofmaharashtra.in/credit_fac_edu.asp#" target="_blank">Bank of Maharashtra</a><br /><a href="http://www.canarabank.com/English/Scripts/CanEduLoan.aspx" target="_blank">Canara Bank</a><br /><a href="https://www.centralbankofindia.co.in/site/MainSite.aspx?status=2&menu_id=120" target="_blank">Central Bank of India</a><br /><a href="http://www.corpbank.com/asp/0100text.asp?presentID=110&headID=19" target="_blank">Corporation Bank</a><br /><a href="http://www.denabank.com/viewsection.jsp?lang=0&id=0,4,26,68" target="_blank">Dena Bank</a><br /><a href="https://leads.hdfcbank.com/applications/webforms/apply/EducationLoanApplyNow.asp" target="_blank">HDFC Bank</a><br /><a href="http://www.idbibank.com/Educationalloan_ApplyNow.asp" target="_blank">IDBI Bank</a><br /><a href="http://www.indianbank.in/education.php" target="_blank">Indian Bank</a><br /><a href="http://www.iob.in/Educational%20Loan.aspx?CAT/15" target="_blank">Indian Overseas Bank</a><br /><a href="http://www.jkbank.net/customerEducationalLoans.php#edubasic" target="_blank">Jammu & Kashmir Bank</a><br /><a href="https://www.obcindia.co.in/obcnew/site/inner.aspx?status=2&menu_id=40" target="_blank">Oriental Bank of Commerce</a><br /><a href="http://www.psbindia.com/educationloan.php" target="_blank">Punjab & Sind Bank</a><br /><a href="http://www.indg.in/e-governance/%20http://pnbnet.org.in/LOANAPP/appLoanEntry.jsp" target="_blank">Punjab National Bank</a><br /><a href="http://www.sbhyd.com/student_eduloan_main.asp" target="_blank">State Bank of Hyderabad</a><br /><a href="http://www.statebankofindia.com/user.htm?action=sbiEdulLoan" target="_blank">State Bank of India</a><br /><a href="http://www.sbbjbank.com/dynamic/Loan/education-loan.jsp" target="_blank">State Bank of Bikaner & Jaipur</a><br /><a href="http://sbt.co.in/eduonline/edu.php" target="_blank">State Bank of Travancore</a><br /><a href="http://www.statebankofmysore.co.in/Loan.aspx" target="_blank">State Bank of Mysore</a><br /><a href="http://www.sbp.co.in/personal-banking/education-loan.htm" target="_blank">State Bank of Patiala</a><br /><a href="http://www.syndicatebank.in/adminui/educationloan.aspx" target="_blank">Syndicate Bank</a><br /><a href="http://www.unionbankofindia.co.in/ln_Union_Education.aspx" target="_blank">Union Bank</a><br /><a href="http://www.unitedbankofindia.com/education-loan-application.asp" target="_blank">United Bank of India</a><br /><a href="http://www.ucobank.com/loan.htm#EDUCATIONALLOAN" target="_blank">UCO Bank</a><br /><a href="http://vijayabank.com/vijaya/vijaya/internet-en/menus/loans-advances/retail-lending-schemes/educational-loans.html" target="_blank">Vijaya Bank</a><br /><br /><strong><span style="color:#3333ff;">Note::</span></strong> Loan amount depends on duration of course and institution and it varies from bank to bank and course to course. Also, rate of interest, processing fee, repayment of loan, margin and security for loan depends on individual bank’s policy.</div><br /><div class="zemanta-related">Related articles<br /><ul class="zemanta-article-ul"><li class="zemanta-article-ul-li"><a href="http://admissionjankari.wordpress.com/2011/12/26/education-loans-a-necessity-of-todays-life/">Education Loans- a necessity of today's life</a> (admissionjankari.wordpress.com)</li><li class="zemanta-article-ul-li"><a href="http://www.forbes.com/sites/peterjreilly/2011/12/29/should-student-loans-be-dischargeable-in-bankruptcy/">Should Student Loans be Dischargeable in Bankruptcy ?</a> (forbes.com)</li><li class="zemanta-article-ul-li"><a href="http://blog.pro2sell.com/debt-free-u-how-i-paid-for-an-outstanding-college-education-without-loans-scholarships-or-mooching-off-my-parents/">Debt-Free U: How I Paid for an Outstanding College Education Without Loans, Scholarships, or Mooching off My Parents</a> (pro2sell.com)</li><li class="zemanta-article-ul-li"><a href="http://freelifeescapedebt.com/2011/12/20/student-loans/">Beware of US Student Loans</a> (freelifeescapedebt.com)</li><li class="zemanta-article-ul-li"><a href="http://www.prweb.com/releases/2010/06/prweb4202514.htm">Rasmussen College Receives USA Funds 2010 Excellence in Debt Award of Merit for Loan Debt Management Efforts</a> (prweb.com)</li><li class="zemanta-article-ul-li"><a href="http://www.prweb.com/releases/2012/1/prweb9066970.htm">International Student Loan Launches New Comparison Tool</a> (prweb.com)</li></ul></div><a class="zemanta-pixie-a" title="Enhanced by Zemanta" href="http://www.zemanta.com/"><img class="zemanta-pixie-img" style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; FLOAT: right; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" alt="Enhanced by Zemanta" src="http://img.zemanta.com/zemified_e.png?x-id=af31a799-7874-4710-81f8-c489bb5bdfa3" /></a>Anonymoushttp://www.blogger.com/profile/02576266017156894237noreply@blogger.com33tag:blogger.com,1999:blog-7556386918596217135.post-57510710641283048412010-08-09T15:59:00.013+05:302012-05-01T08:49:47.142+05:30SBI Education Loan Application Form<b><span style="font-family:'Helvetica Neue', Arial, Helvetica, sans-serif;">How to apply </span><span style="font-family:'Helvetica Neue', Arial, Helvetica, sans-serif;">SBI</span><span style="font-family:'Helvetica Neue', Arial, Helvetica, sans-serif;"> Education Loan</span></b><br /><br /><div style="TEXT-ALIGN: justify"><span style="font-family:'Helvetica Neue', Arial, Helvetica, sans-serif;">Approach any </span><span style="font-family:'Helvetica Neue', Arial, Helvetica, sans-serif;"><strong>State Bank of India</strong></span><span style="font-family:'Helvetica Neue', Arial, Helvetica, sans-serif;"><strong> </strong>nearest to your locality and request for the <b>SBI Education Loan Application Form</b>. Go through the form thoroughly and if you have any doubt about any column in the Loan Application Form, without any hesitation, get the doubts cleared from a bank employee and also get his help to fill up the <i>Loan Application Form</i> to avoid disapproval of the <i>Loan Application From</i> due to improper of filling up the <i>Loan Application Form</i>.</span></div><br /><div style="TEXT-ALIGN: justify"><span style="font-family:'Helvetica Neue', Arial, Helvetica, sans-serif;">You can also download the <b>SBI Education Loan Application Form</b> by clicking </span><a href="http://www.sbi.co.in/user.htm?action=downloadfile_2&filename=1210328302454-FORMAT_EDUCATION_LOANS.pdf"><span style="font-family:'Helvetica Neue', Arial, Helvetica, sans-serif;"><strong>here</strong></span></a></div><br /><div style="TEXT-ALIGN: justify"><span style="font-family:'Helvetica Neue', Arial, Helvetica, sans-serif;">For other details of the <b>SBI Education Loan</b> you can go through my other </span><a href="http://sbi-loan.blogspot.com/2010/06/sbi-education-loan.html"><span style="font-family:'Helvetica Neue', Arial, Helvetica, sans-serif;"><strong>post</strong></span></a><br /><br />You can also apply for Student Loan to other Indian Banks other than SBI and to get the Student Loan application Form click the link below:<br /><strong>Student Education Loan Application Form from</strong>:<br />1. <a href="http://www.allahabadbank.com/edu_term_loan_form.htm">Allahabad Bank</a><br />2. <a href="http://www.bankofbaroda.com/download/education_loan_form.pdf">Bank of Baroda</a><br />3. <a href="http://www.canarabank.com/english/downloads/Canara%20Bank%20-%20Educational%20loan%20application%20form.htm">Canara Bank</a><br />4. <a href="http://www.hdfcbank.com/common/pdf/Education_Loan_Application_Form.pdf">HDFC Bank</a><br />5. <a href="http://www.indianbank.in/pdfs/download/download_educationloan_appln.pdf">Indian Bank</a></div><br /><div class="zemanta-related"><br /><h6 class="zemanta-related-title" style="MARGIN: 1em 0px 0px;font-size:1em;"><span style="font-family:Verdana, sans-serif;">Related articles by Zemanta</span></h6><ul><li><a href="http://socyberty.com/society/how-to-get-a-student-loan/">How to Get a Student Loan</a> (socyberty.com)</li></ul><ul class="zemanta-article-ul" sizset="0" sizcache="2241"><li class="zemanta-article-ul-li"><a href="http://www.studentloans.net/student-loans-101-the-application-process/">Student Loans 101: The Application Process</a> (studentloans.net)</li></ul></div><br /><div class="zemanta-pixie" style="MARGIN-TOP: 10px; HEIGHT: 15px"><a class="zemanta-pixie-a" title="Enhanced by Zemanta" href="http://www.zemanta.com/"><img class="zemanta-pixie-img" style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; FLOAT: right; BORDER-LEFT: medium none; BORDER-BOTTOM: medium none" alt="Enhanced by Zemanta" src="http://img.zemanta.com/zemified_e.png?x-id=b083e037-4ee4-414b-90c3-eeae05d80404" /></a></div>Anonymoushttp://www.blogger.com/profile/02576266017156894237noreply@blogger.com72tag:blogger.com,1999:blog-7556386918596217135.post-26634511196865443642010-06-29T20:30:00.065+05:302013-07-28T09:13:54.363+05:30SBI Student Loan<div align="justify">
<span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">The SBI (</span><a class="zem_slink" href="http://www.statebankofindia.com/" rel="homepage" title="State Bank of India"><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">State Bank Of India</span></a><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">) is one of the leading Nationalized Banks in </span><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">India</span><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">. SBI is actively engaged in </span><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">community service</span><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;"> banking. SBI also offers <b>Student Loan</b> to the desirous <b>student</b> <b>Education Loan</b> for higher studies in India or abroad. This facility provided by SBI has been giving a relieve to the needy student who is meritorious but want of money is in difficult situation to fulfill his desire to get </span><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">higher education</span><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">. Here comes forward SBI to help all those needy students to fulfill their ambitions by providing them <b>Student</b> <b>Education loans</b>.</span></div>
<div align="justify">
<span style="font-family: verdana;"></span></div>
<br />
<div align="justify">
<span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;"><b style="font-weight: bold;">Eligibility Criteria</b><span style="font-weight: bold;"> for grant of SBI Student Education Loan</span>:</span></div>
<ul>
<li><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">Loan is granted to only Indian Nationals.</span></li>
</ul>
<span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;"><b>Eligible Courses for SBI Student Education Loan:</b> </span><br />
<ul>
<li><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">All courses which are having employment prospects.</span></li>
<li><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">All Graduate, Post-Graduate and Professional Courses offered by the approved Institutions or Universities in India or Abroad.</span></li>
<li><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">Other courses leading to diploma, degree, etc. conducted by Colleges, Universities approved by UGC / Government / </span><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">AICTE</span><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;"> etc.</span></li>
</ul>
<span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;"><span style="font-weight: bold;">Expenses considered for SBI Student Education Loan</span><span style="font-weight: bold;">:</span></span><br />
<ul style="font-family: verdana;">
<li><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">Fees payable to College, School and Hostel.</span></li>
<li><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">Examination,Library and Laboratory fees.</span></li>
<li><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">Purchase of Books, Equipment, Instruments and Uniforms.</span></li>
<li><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">Caution Deposit, Building Fund and Refundable Deposit.</span></li>
<li><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">Travel Expenses, Passage money for studies abroad.</span></li>
<li><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">Purchase of Computer considered necessary for completion of course.</span></li>
<li><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">Cost of two wheeler upto Rs.50,000/-</span></li>
<li><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">Any other expenses required to complete the course like study tour, project work etc.</span></li>
</ul>
<span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif; font-weight: bold;">Limit of SBI Student Education Loan:</span><br />
<span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">Student Loan is sanctioned to a limit of maximum:</span><br />
<ul style="font-family: verdana;">
<li><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">Rs. 10 Lacs for studies in India.</span></li>
<li><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">Rs. 20 Lacs for studies in abroad.</span></li>
</ul>
<span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif; font-weight: bold;">Security Requirement For SBI Student Loan:</span><br />
<ul>
<li style="font-family: verdana;"><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">For loan amount upto Rs 4 lacs no security is required.</span></li>
<li style="font-family: verdana;"><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">For loan amount above Rs.4 Lacs, the borrower should present a third party as a guarantee.</span></li>
<li style="font-family: verdana;"><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">For loan amount above Rs.7.5 Lacs, the borrower should produce a material </span><a class="zem_slink" href="http://en.wikipedia.org/wiki/Collateral_%28finance%29" rel="wikipedia" title="Collateral (finance)"><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">collateral security</span></a><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;"> and assign the the future income of the student for paying installment.</span></li>
<li style="font-family: verdana;"><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">The parent or guardian of the borrowing student should secure an education loan.</span></li>
<li><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">If the borrower is married, his or her spouse, parent-in-law or parent can act as the co-obligator.</span></li>
</ul>
<span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif; font-weight: bold;">Repayment of SBI Student Loan:</span><br />
<div style="text-align: justify;">
<span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">Repayment of loan can be started 6 months after getting job or one year after the course of study is completed whichever is earlier.</span></div>
<ul>
<li><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">If the Place of Study is in India, then Education Loan amount is upto 7.5 Lacs, the repayment period is 5 to 7 years and if the education loan amount is above Rs. 7.5 lacs, the repayment period is 5 to 10 years.</span></li>
</ul>
<ul style="text-align: justify;">
<li><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">If the Place of Study is in abroad, then education loan amount is upto Rs. 15 lacs, the repayment period is 5 to 7 years and if education loan amount is above Rs. 15 lacs, the repayment period is 5 to 10 years.</span></li>
</ul>
<span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif; font-weight: bold;">SBI Student Loan Interest Rate:</span><br />
<span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">With effect from 29.06.2009 (SBAR 11.75%)</span><br />
<ul style="font-family: verdana;">
<li><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">Loan amount upto Rs. 4 Lacs, the Rate of Interest is 0.50% below SBAR i.e. 11.25% p.a.</span></li>
<li><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">Loan amount above Rs. 4 Lacs and upto Rs. 7.50 Lacs, the Rate of Interest is 1.00% above SBAR i.e. 12.75% p.a.</span></li>
<li><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">Loan amount above Rs. 7.50 Lacs, the Rate of Interest is at SBAR i.e. 11.75%.</span></li>
</ul>
<span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">Note: An </span><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">Interest Rate</span><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;"> concession 0.50% is allowed to Girl Student availing SBI Student Education Loan.</span><br />
<div style="font-family: verdana; text-align: justify;">
<span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif; font-weight: bold;">SBI Student Loan Processing Fees:</span></div>
<br />
<ul style="font-family: verdana; text-align: justify;">
<li><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">There is no processing fee or upfront charges for Student Education Loan.</span></li>
<li><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">For Student Education Loan for studies abroad a deposit of Rs. 5000/- is required which is adjustable in the margin money.</span></li>
</ul>
<span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif; font-weight: bold;">SBI Student Loan Margin:</span><br />
<ul style="font-family: verdana;">
<li><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">For loans upto Rs. 4.0 Lacs : no margin</span></li>
<li><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">For loans above Rs. 4.0 Lacs : (1) Studies in India : 5%, (2) Studies abroad : 15%</span></li>
</ul>
<span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif; font-weight: bold;">Documents Required For SBI Student Loan:</span><br />
<ul style="font-family: verdana;">
<li><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">Completed Education Loan Application Form.</span></li>
<li><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">Mark Sheets of last qualifying examination.</span></li>
<li><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">Proof of Admission Scholarship, studentship etc.</span></li>
<li><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">Schedule of expenses for the specified course.</span></li>
<li><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">2 passport size photographs.</span></li>
<li><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">Borrower's Bank Account Statement for the last six months.</span></li>
<li><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">Income Tax</span><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;"> Assessment order, of last 2 years.</span></li>
<li><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">Brief statement of assets and liabilities,of the co-borrower.</span></li>
<li><span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">Proof of Income (i.e. Salary slips/ Form 16 etc.)</span></li>
</ul>
<span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;"><b>SBI Student Education Loan for ISM students</b>: </span><br />
<div style="text-align: justify;">
<span style="font-family: 'Helvetica Neue',Arial,Helvetica,sans-serif;">SBI Student Education loans are also sanctioned to the students of ISB. An ISB student can take a loan upto 95% of the total costs. There is also a margin of 5% on the loan amount, and this needs to be repaid in 7 years. For detailed information on this SBI Student Loan scheme for ISB students, the branch at Hyderabad University Campus Branch may be contacted.</span></div>
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