The student should have been admitted to a higher education course in recognized institutions in India or abroad.
In order to apply for State Bank of Bikaner and Jaipur education loan documents that are to be submitted are mark sheets of last qualifying examination, concise statement of assets and liabilities of the co-borrower, schedule of expenses for the specified course, Proof of admission to the course, 2 photographs of the borrower, last six months’ bank account statement of borrower, IT assessment order which is not more than 2 years old, statement of assets and liabilities, property documents offered as security (if applicable), copies of foreign exchange permit if applicable, etc. A new customer needs to provide identity proof and address proof.
All courses that have employment prospects.
Graduate, Postgraduate, and Professional courses.
Courses which are approved by UGC, Government and/or AICTE etc.
Up to 10 lacs for education in India:-
The maximum loan limit is not applicable for education loans up to 4 lacs. But for loans above 4 lakhs taken for studying in India, the maximum loan limit is 5% and for studies abroad the maximum limit is 15%.
Interest rates are subject to changes from time to time. Currently for a girl student the interest rate is 0.50% lower than that offered to regular customers. If the student wishes to pursue his/her studies in prime institutions, the rate of interest will be up to 1.00% lower. A 1% concession on interest may be offered by the bank, provided that the interest is paid back during the study period. The minimum interest charged on a loan of up to 4 lac is 11.25 % per annum.
Repayment of the loan is to begin one year after the completion of the course or six months after the student gets a job, whichever happens first. The student is expected to pay a minimum amount equivalent to the EMI on a monthly basis. However, more than the stipulated EMI can be paid back without any prepayment penalty.
Repayment of the loan is in equated monthly instalments for tenures as given below:-
For loans which amount to 7.5 lakhs,
The tenure is up to a maximum of 10 years.
For loans above 7.5 lakhs,
The tenure is up to 15 years.
Graduates, post graduates, persons going for professionals courses, having employment opportunities can apply for State Bank of Bikaner and Jaipur education loans. The maximum amount of loan for pursuing studies in India is 7.5 lac INR and for studying abroad it is 15 lacs INR.
For education loans which amounts up to 4.00 lacs, no security is required. For an education loan which falls within the range of 4.00 lacs to 7.50 lacs, a third-party guarantee is required. Also, for loans above 7.50 lacs, an equitable mortgage of landed property or any other tangible security is mandatory.
State Bank of Bikaner and Jaipur education loan comes with a central scheme for interest subsidy which is applicable only for courses pursued in recognized Technical/Professional courses in India. The subsidy is only offered to students who wish to pursue a degree/diploma in India and is also available for integrated courses. Interest subsidy claims will be disbursed on a half-yearly or yearly basis. The scheme also benefits those students who belong to economically weaker sections, and have an annual gross parental/family income of up to Rs.4.5 lacs per year.
Fees for attending college, school or hostel.
Fees payable for Examination, Library and Laboratory.
Travel expenses for studies abroad.
If applicable, Insurance premium for student borrower.
Caution deposit, Building fund, refundable deposits along with proof in the form of institution receipts.
Cost of books, equipment’s, instruments as well as uniforms.
Amount required to purchase computer/laptop at a reasonable cost, if it is required as a part of completion of the course.
Other expenses required as part of the course such as study tours, project work, etc.