Education Loan Checklist
Pre-Sanction Documents
♦ Proof of admission to Professional/Technical Courses in India or Abroad through Entrance Test/Merit-Based Selection process ♦ Academic Certificates:10th and 12th Certificates and other Qualifications Graduation Mark Sheets/Certificates Requisite Exam Scorecard or proof of obtaining a seat in a merit-based selection process Recognition of Institute/College/University (Approved by competent Authority) ♦ Letter confirming admission ♦ Prospectus of Institute/College/University ♦ Fee Structure of the Course ♦ Receipt of payment already made (if any)
♦ Identity Proof: PAN Card and Aadhar Card (Mandatory) ♦ Residence Proof: Aadhar Card, Voter ID Card, Passport, Driving License, or a utility bill not more than two months old from any service provider (electricity, telephone, post-paid mobile phone, piped gas, water bill)
♦ Proof of Parental Income ♦ For Salaried Individuals ♦ Latest 3 Months Salary Slips with joining date details ♦ Latest 6 Months Bank Statement of the Salary Account ♦ Latest Income Tax Return (ITR V) and Form 16 ♦ For Self-Employed Individuals ♦ Last 2 Years Income Tax Returns (ITR) with Computation of Income ♦ Last 2 Years Audited Balance Sheet ♦ Last 12 Months Bank Statement
Completed Loan Agreement signed by the Applicant and Co-applicant (Stamp duty to be paid by the customer as per the relevant state laws).
Post-dated Cheques (PDCs) / ACH or SI Mandate, 6 Security PDCs in case of ACH and SI mode of repayment.
Documents Required for Subsequent Disbursements at the Retail Assets Central Processing Centre (RACPC)
- Duly filled and signed Disbursement Request Format by the customer
- University Fee Demand Letter
- Applicant’s Academic Progress Report (Previous Semester)
- Copy of the payment receipt of the previous disbursement/semester issued by the Institute
These documents ensure that the loan application process is complete and that the disbursement and repayment processes are properly managed.
Security
Collateral security offered by Third Party (other than parents) can also be accepted
Approved Courses for Overseas Studies
Regular Graduate Degree/Post-Graduate Degree/Diploma/Certificate/Doctorate Courses in any discipline offered by foreign Institutes/Universities in USA, UK, Canada, Australia, Singapore, Japan, Hong Kong, New Zealand and Europe [Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, United Kingdom] will be covered under the scheme.
Overseas Education Loan exclusively for those who wish to pursue full time regular courses at foreign colleges/universities.
Key features include :
- Online application process
- Attractive interest rate
- Loan amount Up to Rs.1.50 Crores
- Repayment through EMI up to 15 years
- Tax Benefit: under section 80(E)
- Fee payable to college/school/hostel
- Examination/Library/Laboratory fee
- Travel expenses/passage money for studies abroad
- Purchase of books/equipment’s/instruments/uniforms/ computer at reasonable cost, if required for course completion and any other expense required to complete the course– like study tours, project work, thesis, etc. can be considered for loan subject to the condition that these should be capped at 20% of the total tuition fees payable for completion of the course
- Caution deposit /building fund/refundable deposit supported by Institution bills/receipts the amount considered for loan should not exceed 10% of the tuition fees for the entire course
- Minimum Loan Amount-Above Rs. 7.50 Lacs
- Maximum Loan Amount- Rs.1.5 Cr
- Margin-Scholarship/assistantship to be included in margin
- Margin to be brought in on year-on-year basis as and when disbursements are made on a pro-rata basis
- Processing Fee : Rs. 10,000/- +GST per application.
- Simple Interest will be charged during Course Period + Moratorium Period
Repayment and Moratorium Period
- Accrued interest during the moratorium to be added to the principal and repayment in EMI fixed
- Repayment will commence 6 months after completion of course
- Repayment up to maximum of 15 years
Loan Limit | EBR | CRP | Effective ROI | Rate Type |
Above Rs 7.5 Lacs | 9.15% | 2.00% | 11.15% | Floating |
Concession | 0.50% concession in interest for girl students | |||
0.50% concession for students availing of SBI Rinn Raksha or any other existing policy assigned in favour of our Bank | ||||
