SBI Scholar Loans (IITs, IIMs , NITs etc.)
Loan for pursuing higher education in Select Premier Institutions of the country
Features
- 100% Financing
- NO Processing Fee
- Quick sanction at Designated Campus Branch or more than 5000 Selected Branches all over the country
- Repayment period of upto 15 years after Course Period + 12 months of repayment holiday
- Regular full time Degree/ Diploma Courses through entrance test/ selection process.
- Full time Executive Management Courses like PGPX
- Part-time Graduate/ Post-Graduate Courses offered by Select Institutes
- Fees payable to College/School/Hostel
- Examination/ Library/ Laboratory fees
- Purchase of Books/Equipments/Instruments
- Caution deposit / building fund/ refundable deposit supported by Institution bills/ receipts [not to exceed 10% of the tuition fees for the entire course].
- Travel expenses/expenses on exchange programme ^
- Purchase of computer/laptop ^
- Any other expenses related to education
- No voucher/ receipt required, purpose (end use) need to be self-certified.
- Expenditure not to exceed 25% of the loan amount (upto a lumpsum amount of max Rs. 1 Lac).
- Expenditure beyond 25% cap permitted subject to production of voucher/ receipt.
Loan Amount & Security
| Category | Maximum Loan Limit | |
|---|---|---|
| No Security, only Parent/ Guardian as co-borrower | With tangible collateral of full value and Parent/ Guardian as co-borrower | |
| List AA | Rs. 40 lacs | - |
| List A | Rs. 20 lacs | Rs. 30 lacs |
| List B | Rs. 20 lacs | - |
| List C | Rs. 7.5 lacs | Rs. 30 lacs |
In case of married person, co-obligator can either be spouse or parent/ parent-in-law. Parental co-obligation can also be substituted by a suitable third party guarantee.
EMI Generation
- The accrued interest during the moratorium period and course period is added to the principle and repayment is fixed in Equated Monthly Installments (EMI).
- If full interest is serviced before the commencement of repayment; EMI is fixed based on principle amount only.
Eligibility
- Should be an Indian National
- Secured admission to Professional/Technical courses in Select Premier Institutions through Entrance Test/Selection process
Repayment
- Repay in 15 years, after the course completion + 12 months
- In case second loan is availed for higher studies later, to repay the combined loan amount in 15 years after completion of second course
Document Required
Checklist of Documents to be submitted along-with duly filled Loan Application
Form
Mark sheet of 10th, 12th, Graduation (if applicable), Entrance Exam Result
Proof of admission to course [ Offer Letter/ Admission Letter/ ID card if
available]
Schedule of expenses for course
Copies of letter conferring scholarship, free-ship, etc.
Gap certificate, if applicable (self-declaration from student for gap in
studies)
Passport size photographs of Student / Parent / Co-borrower / Guarantor (1copy
each)
Asset-Liability Statement of Co-applicant / Guarantor (Applicable for loans
above Rs 7.50 lacs)
For Salaried Persons
(a) Latest Salary Slip
(b) Form 16 OR latest IT Return (ITR V)
For other than Salaried Person:
(a) Business address proof (if applicable)
(b) Latest IT Returns (if applicable)
Bank Account Statement for the last six months of Parent / Guardian/ Guarantor
Copy of Sale Deed and other documents of title to property in respect of
immovable property offered as collateral security / Photocopy of Liquid
Security offered as collateral
Permanent Account Number (PAN) of Student / Parent / Co-borrower / Guarantor
AADHAAR (mandatory, if eligible under various interest subsidy schemes of GOI)
Passport (mandatory for Studies Abroad)
Submission of OVD (refer to table below)
At least one self-attested copy of the Officially Valid
Documents (OVD) mentioned below to be submitted, as proof of identity and
address:
Passport
Driving license,
Proof of possession of Aadhaar Number,
Voter's Identity Card issued by Election Commission of
India,
Job card issued by NREGA duly signed by an officer of the
State Government,
Letter issued by the National Population Register containing
details of name and address
If the OVD furnished by the customer does not contain
updated address, the following documents shall be deemed to be OVDs for the
limited purpose of proof of address:
Utility bill which is not more than two months old of any
service provider (electricity, telephone, post-paid mobile phone, piped gas,
water bill);
Property or Municipal tax receipt;
Pension or family pension payment orders (PPOs) issued to
retired employees by Government Departments or Public-Sector Undertakings, if
they contain the address;
Letter of allotment of accommodation from employer issued by
State Government or Central Government Departments, statutory or regulatory
bodies, public sector undertakings, scheduled commercial banks, financial
Institutions, listed companies and lease and licence agreements with such
employers allotting official accommodation.
[Provided that the customer shall submit OVD updated with
current address within a period of three months of submitting the above
documents]
The submitted post is compiled for your information.
