Smell the cheese

1.EDUCATION LOAN from SBI


A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.


Eligible Courses

All courses having employment prospects are eligible.

* Graduation courses/ Post graduation courses/ Professional courses
* Other courses approved by UGC/Government/AICTE etc.

Expenses considered for loan

* Fees payable to college/school/hostel
* Examination/Library/Laboratory fees
* Purchase of Books/Equipment/Instruments/Uniforms
* Caution Deposit/Building Fund/Refundable Deposit
* Travel Expenses/Passage money for studies abroad
* Purchase of computers considered necessary for completion of course
* Cost of a Two-wheeler upto Rs. 50,000/-

Any other expenses required to complete the course like study tours, project work etc.

Amount of Loan

* For studies in India, maximum Rs. 10 lacs
* Studies abroad, maximum Rs. 20 lacs

Interest Rate

For loans upto Rs.4 lacs - 12.75% p.a. Floating

For loans above Rs.4 lacs - 13.75% p.a. Floating


Processing Fees

* No processing fee/ upfront charges
* Deposit of Rs. 5000/- for education loan for studies abroad which will be adjusted in the margin money


Repayment Tenure

Repayment will commence one year after completion of course or 6 months after securing a job, whichever is earlier.
Place of Study Loan Amount Repayment Period
in Years
In India Up to Rs. 7.5 lacs 5-7
Above Rs. 7.5 lacs 5-10
Abroad Up to Rs. 15 lacs 5-7
Above Rs. 15 lacs 5-10



Security

Amount Studies In India Studies Abroad
Upto Rs. 4 lacs No Security No Security
Above Rs. 4 lacs to Rs. 7.50 lacs Suitable third Party Guarantee Suitable third Party Guarantee
Above Rs. 7.50 lacs to Rs. 10 lacs(India)/ Rs. 15 lacs(Abroad)

Tangible Collateral security for full value of loan


Tangible Collateral security of suitable value of loan or suitable third party guarantee.
Rs 15 lacs to Rs. 20 lacs ___ Tangible Collateral security for full value of loan



Margin

* For loans up to Rs.4.0 lacs : No Margin
* For loans above Rs.4.0 lacs:
o Studies in India: 5%
o Studies Abroad: 15%


Documentation Required

* Completed Education Loan Application Form.
* Mark sheets of last qualifying examination
* Proof of admission scholarship, studentship etc
* Schedule of expenses for the specified course
* 2 passport size photographs
* Borrower's Bank account statement for the last six months
* Income tax assessment order, of last 2 years
* Brief statement of assets and liabilities, of the Co-borrower
* Proof of Income (i.e. Salary slips/ Form 16 etc)
for more information visit SBI SITE

2.Bank of India
Vidya Vardhini Scheme

Purpose:
Pursuit of studies In India and abroad

Approved Courses:
Graduate and post-graduate courses in engineering, computertechnology, medicine etc.All vocational courses/job oriented diploma courses, recognised by govt and universities.Similar courses pursued in universities abroad. Full time post graduate research in any of the aforesaid subjects.

Eligibility:
Should be a citzen of India. For vocational training courses and job oriented course age of the individual should be between 15-28 years,and 18-30 in case of post graduate courses and/or studies abroad.The applicant should have a good academic record. For studies abroad, the candidate should have secured admission in a particular university after having appeared in the specific entrance examinations. The applicant should have secured a minimum of 50% marks in the major subject.In case of SC/STcandidates eligibility norms may be relaxed.

Amount of loan:
The loan could vary depending on the specific subject requirement.For studies abroad Rs15 lakhs.For studies in India Rs 7.5lakhs

Margin
Upto Rs 4lakhs -nil
For Studies in India- 5%
For studies abroad-15%

Repayment
Within 15 years from the first dateof disbursement, including moratorium period

3.Central Bank



Finance for Education

Cent Vidyarthi Scheme

Purpose: Aims at bringing Education within the reach of students and help them improve their prospects in life.

Courses Approved

For pursuing Graduate/Post-Graduate, Management/Job-oriented courses, Professional Courses of recognised Universities / reputed Institutes, Computer courses conducted by NIIT, APTECH, CMC, C-DAC with duration of one year and more.

For pursuing Post-Graduate course in Science, Technology, Medicine, Engineering, Management courses, Law, Accountancy leading to Master's degree or Post-Graduate Diploma in recognised University abroad.
Eligibility:



Should have consistent good academic record in previous examinations with marks over 60 % in 10th.& 12th or first grade in other cases.
(For SC/ST Second class will be sufficient).
Amount of Loan: India Upto Rs.7.50 lakh
Abroad Upto Rs.15 lakh
Margin: Up to Rs.4 lakh No Margin
Over Rs.4 lakh - In India 5%
Studies Abroad 15%
( Relaxation of loans upto Rs.50,000/-for SC/ST )
Rate of interest: Upto Rs.4 lakh PLR
Above Rs.4 lakh PLR + 1%

4.DENA BANK
Dena Vidya Laxmi Education Loan Scheme

Courses approved

a. Studies in India :

* School education including plus 2 stage.
* Graduation courses : BA, B.COM., B.Sc.,etc.
* Post Graduation courses : Masters & PhD.
* Professional courses : Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer etc.
* Computer certificate courses of reputed institutes accredited to Dept. of Electronics or institutes affiliated to university.
* Courses like ICWA, CA, CFA etc
* Courses conducted by IIM, IISc, IIT, XLRI NIFT etc.
* Courses offered in India by reputed foreign universities.
* Evening courses of approved institiutes.
* Other courses leading to diploma/ degree etc. conducted by colleges
Universities approved by UGC/ Govt/AICTE/ AIBMS/ICMR etc.
* Courses offered by National Institutes and other reputed private institutions. [Banks may have the system of appraising other institution courses depending on future prospects/recognition by user institiutions.]

b. Studies abroad :

* Graduation: For job oriented professional technical courses offered by reputed universities.
* Post graduation: MCA, MBA, MS, etc.
* Courses conducted by CIMA- Loanon, CPA in USA etc.

Eligibility: The student should be:

* An Indian National
* Have secured admission to professional/ technical courses through Entrance Test /Selection process.
* Secured admission to foreign university/Institutions.

Amount of loan: Need based finance subject to repaying capacity of the parents/students with margin and the following ceilings.

* Studies in India - Maximum Rs.7.50 lacs.
* Studies abroad - Maximum Rs.15 lacs.

Margin :

Inland (studies in India)
Upto Rs. 4 lacs : Nil
Above Rs. 4 lacs : Studies in India : 5%

Studies Abroad : 15%

- Scholarship/assistantship to be included in margin.
- Margin may be brought in on year-to-year basis as and when dibursements are made on a pro-rata basis.

Rate of Interest :
Upto Rs.4 lacs : PLR
Above Rs.4 lacs : PLR + 1%

Period of loan: Repayment holiday/ Moratorium : Course period + 1 year or 6 months after getting job, whichever is earlier.

The loan to be repaid in 5-7 years after commencement of repayment. If the student is not able to complete the course within the scheduled time, extension of time for

Completion of course may be permitted for a maximum period of 2 years. If the student is not able to complete the course for reasons beyond his control, Sanctioning Authority may, at his discretion, consider such extensions as may be deemed necessary to complete the course.

* The accrued interest during the repayment holiday period to be added to the principal and repayment in Equated Monthly Instalments(EMI) is fixed.
* 1% interest concession may be provided for loanees if interest is serviced during the study period when repayment holiday is specified for Interest/repayment under the scheme.
* PROCESSING CHARGES : No processing/upfront charges are charged by the bank on Educational loans.
5.Punjab National Bank
idya Lakshyapurti Education Loan Scheme

Purpose
PNB's Education Loan Scheme is designed to provide better educational opportunities to bright and needy students and brings within their reach all types of education (general,professional,technical and vocational courses).

The scheme enables all types of needy students (viz.students of plus 2 stage,graduation courses, post graduation courses, Masters & Ph.Ds, professional, technical , engineering, medical, veternary, law, dental, management, computer, vocational courses, courses like ICWA,CA,CFA, courses conducted by IIM,IIT,IISc,NIFT, courses offered in India by reputed foreign universities and all other types of courses offered by Govt./Semi-Govt/private institutions in order to meet the costs for their studies in India and abroad. Such courses would include regular, part time and correspondence courses. The costs include admission fees, books & stationery, instruments required for the course, monthly fees, examination fees,insurance premium for policy on life of the borrowing student,caution deposit/building fund/refundable deposit supported by bills/receipts, expenses like study tours/project work/thesis etc. required to complete the course, boarding and lodging expenses, and travel expenses/passage money including air fare for joining the course abroad.

Eligibility

1) Indian nationals, in the age group of 16-40 years.For part time computer courses, applicants in the age group of 16-45 years are eligible. Applicants whose guardians have been appointed by the court, should not be less than 21 years; such students should have already passed atleast one public examination.

2) Students who have scored pass marks in their last qualifying examination and have secured admission in the courses mentioned above.

3) The parents/guardian should have regular source of income to the extent that they are able to repay the loan in case of need/unforeseen circumstances.There is no stipulation of ceiling on annual income of the parents/guardians.

4) Employed persons intending to better their prospects can also avail loan for improving their educational qualifications and/or receive training in modern technology in India/ abroad provided the education/training received by them in India/abroad affords prospects for their better employment.For such persons, 'NO OBJECTION CERTIFICATE' from their employers is a pre-requisite.

Amount of Loan

This is co-related to expenses involved in taking up the course and the expected earnings after qualifying, subject to a maximum of:

For studies in India: Rs. 7.50 lacs

For studies abroad Rs.15.00 lacs

In case of part time computer courses, the extent of loan should not exceed Rs. 50,000/- per annum or fee fixed by the particular institutution (as per prospectus less concession,if any), whichever is less.

.

Rate of Interest
Loan upto Rs. 4 lac 12.00% p.a. *
Loan over Rs. 2 lac upto Rs. 15 lac 13.00% p.a. *
Loan over Rs. 15 lac 15% p.a.*
*This is subject to change from time to time.
The Interest shall be charged at simple rate from the date of disbursement till the commencement of repayment of loan and thereafter, compound Interest will be charged on reducing balance basis. 1/2% interest concession may be provided for the loanees if the interest is serviced during the study period.

Margin
NIL

Period of loan
Principal and Interest is repayable in 84 monthly instalments. Repayment will commence after two years of the completion of studies by the borrower or one month after his/her getting employment, whichever is earlier.
6.State Bank of Hyderabad
Purpose
For pursuing studies in recognised schools/ colleges/ institutions to meet: - Tution and other fees

- Maintenance costs, books and equipment etc.

- Cost of passage (for studies abroad)

Eligibility

For School / College education in India.

a) Minimum second division (Pass marks for SC/ST)

b) Parents / guardians (Including persons engaged in agriculture / allied activities having independent regular source of income.

Loan Amount

(I) School / College education in India: (Upto 6 times the monthly net (take home) income of the parents / guardian. Minimum loan of Rs. 4,000/- Maximum Rs. 1lac.

(ii) Technical / Professional higher studies in India and Abroad 90% of the cost of study, subject to maximum of Rs. 8lacs.

Margin
10%

Interest Rate

At competitive rates on reducing balance only. Please check-up for latest rates at your nearest branch Interest is compounded at quarterly basis.

Period of Loan

(I) For School / College Education in India: Loans to be repaid in a period of 36months, commencing immediately after disbursal, by the parents / guardian.

(ii) For Technical / Professional higher studies in India and abroad: The loan is to be repaid is 60 months after the completion of the course of securing job, whichever is earlier. Regular periodic repayment as much as possible should be made during the period of study. Quarterly interest should be paid regularly.

(iii) Permitted without any penalty.
7.State Bank of India
Purpose
You can take a loan for pursuing studies in recognised schools/colleges/ institutions to meet:

* Tuition and other fees
* Maintenance costs, books & equipments,etc.
* Cost of passage (for studies abroad)
*
Caution fund/building fund/refundable deposit

Eligibility

* Should be an India National
* Secured admission to professional/ technical courses through Entrance Test/ Selection process
* Secured admission to foreign university/ Institution

Loan Amount

Need based finance subject to the repaying capacity of the parents/ students with margin and the following ceilings.
* studies in India - Maximum Rs.7.50 lacs
* studies Abroad - Maximum Rs.15 lacs

Margin

Upto Rs.4 lacs: No margin

Above Rs.4 lacs
* Studies in India: 5%
* Studies Abroad: 15%

Interest

Lowest interest rates

Loan Amount Interest Rate
Loans upto Rs.4 lacs SBMTLR presently 12.00 %p.a.
Loans over Rs.4 lacs 1% above SBMTLR presently 13.00 % p.a


* While interest is not required to be paid during moratorium period, payment of the same before start of repayment would entitle you to concession in interest rate applied during the repayment holiday

Repayment of loan

Repayment Holiday - Course period + 1 year or 6 months after getting job, whichever is earlier.

The loan to be repaid in 5-7 years after commencement of repayment

Prepayments permitted without any penalty
6.Allahabad Bank
Purpose
You can avail of the attractive education loan scheme if you have secured admission to or are already studying in any of the country's IIMs or IITs or in any of the designated institutes.

Eligibility
You are eligible for the education loan if you fulfill the following criteria: A student who has secured admission or is already studying in any IIM, IIT, Indian Institute of Science, Bangalore, Jamnalal Bajaj Institute of Management, Mumbai, XLRI Jamshedpur, Roorkee Engineering College or Indian School of Mines, Dhanbad.

Amount of Loan
The loan will be in the form of a package which will cover entire tuition fees, hostel and mess charges, library fees or any other fees / charges payable to the institution subject to a maximum of Rs 2.50 lacs.

Period of loans
Loans repayable In 48 Equated Monthly Installment (EMI).The EMI will commence one year after the completion of the course or whenever is earlier.The interest, however, will be realised during the pendency of the loan on a quarterly basis.


Loan Amount Interest Rate
Loans upto Rs.4 lacs (In India) 12.5% pa, SBMTLR presently 12.00 %p.a.
Loans above Rs 4 lacs 1% above SBMTLR presently 13.5 % p.a
Tenures: Minimum of 12 months to a maximum of 48 months