State Bank of Indore Education Loan Scheme
If you want to pursue higher education in India or abroad, you can
avail of the Student Loan scheme or Saraswati Yojana of State Bank
of Indore.Eligibility
- An applicant of a loan under Saraswati Yojana will be considered eligible, if he is an Indian National.
- He should also get admission to a professional or technical course through a selection procedure or an entrance test.
- You can also apply if you get admission to a foreign institute.
- Studies Abroad : Maximum Rs. 20.00 Lac.
- Studies in India : Maximum Rs. 10.00 Lac
Mark Sheet and admission approval
Security
- If you are studying in India or abroad, you need to submit the guarantee of a 3rd party for a loan amount above Rs 4 lacs. For an amount exceeding 7.5 lacs and upto Rs 10 lacs, you can deposit a material collateral security in keeping with the full amount of loan in case you study in India.
- For studies in abroad and on a loan amount exceeding Rs 7.5 lacs and upto Rs 15 lacs, you need to submit a collateral security or guarantee of a 3rd party and assign the future income of the student for paying installments.
- If you take a loan of above Rs 15 lacs and upto Rs 20 lacs from Indore Bank, you need to submit a collateral security matching the full amount of the loan.
- Upto Rs.4 lacs - 1.50% below BPLR i.e. 12.00% p.a.
- Above Rs.4 lacs and unto Rs. 7.50 lacs - At par with BPLR i.e. 13.50% p.a.
- Above Rs. 7.50 lacs - 1.00% below BPLR i.e. 12.50% p.a.
A student loan amount upto 7.5 lacss and Rs 15 lacss for studying in India and abroad respectively should be repaid in 5 to 7 years after repayment is begun. When the loan amount exceeds Rs 7.5 lacss and Rs 15 lacss in the respective cases, it can be repaid in 5 to 10 years after the repayment is begun. The moratorium extends one year over the course period or 6 months after getting employment, whichever happens earlier.
