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30th January 2017, 08:26 AM
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Join Date: Mar 2013
Re: State Bank Of Patiala Education Loan Interest Rate

State Bank of Patiala (SBP) extends financial assistance to deserving students for pursuing higher studies to shape their future and be successful in life. The bank offers multiple Education Loan schemes to suit the varied needs of every student.

The details of the Education Loan of the State bank of India Is given below

Expenses Considered for SBP Education Loan (Gyan Jyoti Scheme):

Fees payable to the student’s college/school.

Student’s hostel fees, provided he/she opts to stay in the residential campus.
Fee payable for the purpose of examination, library and laboratory.

Purchase of books, equipment, instrument and uniform required for the course pursued.

Cost of laptops/computers only if essential for completion of the course (maximum 20% of the total tuition fee payable for completion of the course).

Any caution deposit/refundable deposit/ building fund charged by the institution (maximum 10% of the tuition fee for the entire course).

For students studying abroad, travel expenses and passage money.

Cost incurred up to Rs. 50,000 for buying a two wheeler by/for the student’s use.
Other expenses incurred for completing the course. For instance, cost of project work, study tours, etc.

For students seeking admission under management quota seats (considered within the scheme), fees as approved by any Government approved regulatory or State Government for payment seats will be taken, subject to viability of repayment.

Interest Rates :

Loan Amount Interest Rates

Up to Rs. 7.50 lakhs Base Rate + 2.75% = 12.85% (currently)

Above Rs. 7.50 lakhs Base Rate + 1.75% = 11.85% (currently)

Margin:

No margin is applicable on loan amount up to Rs. 4 lakhs.
5% margin is applicable on loan amount above Rs. 4 lakhs, for studies in India.
15% margin is applicable on loan amount above Rs. 4 lakhs, for studies abroad.



Processing Fees

For Education Loan to students studying abroad –

If the loan amount availed is more than Rs. 4 lakhs, a deposit of Rs. 50,000 needs to be paid.
For an individual availing an education loan under this scheme, an amount of Rs. 5000 will be adjusted against the contribution of payment of margin.

Documents required:

Loan application form
Appraisal form
Guarantee agreement
Term loan agreement
Arrangement letter

For more details you may visit the nearest branch of the State bank of Patiala


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