Education Loans 4 all

SBI EDUCATION LOAN 4 EVERY STUDENT

Eligible Courses

1.Studies in India:

· Graduation, after graduation, including regular technical and professional Degree / Diploma approved courses conducted by colleges / universities by UGC / IMC /AICTE / Civil Service. etc

· Regular Diploma / Degree courses conducted by autonomous institutions like IIT, IIM etc

· Teacher / Nursing courses by the central government or the state government approved

· Regular Degree / Diploma courses like Aeronautical, pilot training, shipping etc. approved by the Director General of Civil Aviation / Shipping

· Vocational training and skill development study courses are not covered by the regular Education Loan Schemes. A separate scheme for 'Loans for vocational education and training has been launched, the financing of such covers Vocational

2. Studies abroad:

 · Job oriented professional / technical courses graduate diploma / Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc. offered by reputed universities


Costs eligible for loan

      Fees payable to college / school / hostel
      Examination / Library / Laboratory fees
      Purchase of Books / Equipment / Instruments / Uniforms, Purchase of computers-essential for completion of the course (up to 20% of the total tuition fees for the completion of the course)
      Caution Deposit / Fund / Deposit (up to 10% tuition fee for the entire course)
      Travel expenses / passage money for studies abroad
      Cost of a two-wheeler to Rs. 50,000 / -

All other costs necessary to complete such study tours, project work etc. Course 

Amount of loan

      For studies in India, maximum Rs. 10 lacs
      Studies abroad, up Rs. 30 lacs

Interest Rates

Processing Fees

      No booking fees / upfront cost
      Deposit of Rs. 5000 / - for education loan for studies abroad which will be adjusted in the margin money

Repayment Tenure


Reimbursement will be one year after completion of course or 6 months after securing a job, whichever is earlier.  

Maximum Loan Limit	Repayment Period
Upto Rs. 4 Lacs	Upto 10 years
Above Rs. 4 Lacs and upto Rs. 7.5 Lacs	Upto 10 years
Above Rs. 7.5 Lacs	Upto 12 years

Security

Particular	Security
Rs. 4 lacs loan amount	Only Parent/ Guardian as co-borrower
Above Rs. 4 lacs to Rs. 7.50 lacs loan amount	Parent/ Guardian as co-borrower and Collateral security in the form of suitable third party guarantee*. *Third Party Guarantee can be replaced with Parent/Guardian as co-borrower provided the Gross Annual Income of Parent/Guardian (co-borrower) as given in latest Income Tax Return is 3 times of the loan amount.
Above Rs. 7.50 lacs loan amount	Parent/ Guardian as co-borrower and tangible collateral security

Margin

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

Required Documentation

      Completed Education Loan Application Form.
      Mark sheets of last exam
      Proof of admission scholarship, studentship etc
      Schedule of costs for the specified course
      2 passport photos
      PAN Card of the student and the parent / guardian
      Borrower bank account statement for the last six months
      Income Tax Returns / IT assessment order, the last two years (as the beneficiary)
      Brief statement of assets and liabilities, of the Co-borrower
      Proof of income (ie salary slips / Form 16 etc if applicable) 

SBI Home Loans

     Contact Srinivas. Ph:9030108575

WELCOME to SBI Home Loans

"THE MOST PREFERRED HOME LOAN PROVIDER" voted in AWAAZ Consumer Awards along with the MOST PREFERRED BANK AWARD in a survey conducted by TV 18 in association with AC Nielsen-ORG Marg in 21 cities across India.

SBI Home Loans come to you on the solid foundation of trust and transparency built in the tradition of State Bank of India.

Best Practices followed in SBI mentioned below will tell you why it makes sense to do business with State Bank of India.

SBI Home Loans Unique Advantage

	Package of exclusive benefits.
	Low interest rates. Further, we charge interest on a daily reducing balance!!
	Low processing charges.
	No hidden costs or administrative charges.
	No prepayment penalties. Reduce your interest burden and optimally utilize your surplus funds by prepaying the loan.
	Over 13,700 branches nationwide, you can get your Home Loan account parked at a branch nearest to your present or proposed residence. FEATURES Eligibility: Minimum age: 18 years as on the date of sanction Maximum age: 70 years. i.e. the age by which the loan should be fully repaid, subject to availability of sufficient, regular and continuous source of income for servicing the loan repayment. Loan Amount: Actual loan amount will be determined taking into consideration such factors as applicant’s income and repaying capacity, age, assets and liabilities, cost of the proposed house/flat etc. To enhance loan eligibility you have option to add: 1)    Income of your spouse/ your son/ daughter living with you, provided they have a steady income and his/ her salary account is maintained with SBI. 2)    Expected rent accruals (less taxes, cess, etc.) if the house/ flat being purchased is proposed to be rented out. 3)    Depreciation, subject to some conditions. 4)    Regular income from all sources. Security: ·         Equitable mortgage of the property Margin/ LTV Ratio: Loan Amount Margin (Min.) Maximum LTV Ratio (Max.) Upto Rs. 20 Lacs 10% 90% Above Rs. 20 Lacs. 20% 80% *LTV ratio - Loan to value ratio. HOME LOANS - INTEREST RATES With effect from 04.02.2013  All Rate are floating only  (Base Rate= 9.70% p.a.) Loan Amount Linkage with Base Rate over the tenor of the loan Effective Rate Upto Rs. 30.00 lacs 0.25% above Base Rate 9.95% p.a. Above Rs. 30.00 lacs 0.40% above Base Rate 10.10% p.a. No fixed rate option in any limit bracket. REPAYMENT Repayment period: Maximum 30 years (or) Up to the age of 70 years (the age by which the loan should be fully repaid) of the borrower, whichever is early. Moratorium period (Repayment holiday): The moratorium period is included within the maximum repayment period. DOCUMENTS List of papers/ documents applicable to all applicants: ·  Completed loan application ·  3 Passport size photographs ·  Proof of identify (photo copies of Voters ID card/ Passport/ Driving licence/ IT PAN card) ·  Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill/ Property tax receipt/ Passport/ Voters ID card) ·  Proof of business address for non-salaried individuals ·  Statement of Bank Account/ Pass Book for last six months ·  Signature identification from present bankers ·  Personal Assets and Liabilities statement For guarantor (wherever applicable): ·  Personal Assets and Liabilities Statement ·  2 passport size photographs ·  Proof of identification as above ·  Proof of residence as above ·  Proof of business address as above ·  Signature identification from his/her present bankers Additional documents required for salaried persons : ·  Original Salary Certificate from employer ·  TDS certificate on Form 16 or copy of IT Returns for last two financial years, duly acknowledged by IT Deptt. Additional documents required for Professionals/self- employed/ other IT assesses: ·  Acknowledged copies of three years I.T. returns/ Assessment Orders. ·  Photocopies of challans evidencing payment of Advance Income Tax. For More Details Please Contact Srinivas. Ph: 9030108575