State Bank of Patiala

State Bank of Patiala offers Gyan Jyoti Education Loan Schemes to those, who dream to achieved higher success in their career by getting enrolled in different academic and professional courses in India and abroad:

The scheme is:
Purpose - To extend financial assistance to deserving/meritorious students for pursuing higher education in India and abroad.

Eligibility Criteria:
Student Eligibility
Secured admission to professional/technical courses through test/selection process
Secured admission to foreign university/institution

Courses Eligibility:
Studies in India
Graduation courses: B.A,B.Com,B.Sc etc
Post graduation courses: Masters and Phd.
Professional courses: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management and computer etc.
Computer certificate courses of reputed institutes accredited to dept of electronics or institutes affiliated to a university.
Courses like ICWA,CA,CFA etc
Courses conducted by IIM,IIT,IISc,XLRI,NIFT etc
Courses offered in India by reputed foreign universities
Evening courses of approved institutes
Other courses leading to diploma/degree etc conducted by college /universities approved by UGC/govt./AICTE/AIBMS/ICMR etc

Studies Abroad:
Graduation - For job oriented professional/technical courses offered by reputed universities
Post Graduation - MCA,MBA,MS etc.
Courses conducted by CIMA in London,CPA in USA etc.
Expenses considered for loan
Fee payable to college/school/hostel.
Examination/library/laboratory fee
Purchase of books/equipment/instruments/uniform
Caution deposit/building fund/refundable deposit supported by institution bills/receipts.
Travel expenses/passage money for studies abroad
Purchase of computers/two wheeler
Any other expenses required to complete the courses-like study tour, project work thesis etc.

Quantum of Finance:
Need based finance subjected to repaying capacity of the parents/students with margin and the following ceilings:
Studies in India-Max Rs 10 lacs
Studies in abroad-Max Rs 20 lacs

Margin:
Up to Rs 4 lacs: Nil and Above Rs 4 Lacs: Studies in India
Studies abroad:15%

Securities:
A. Studies in India:
Up to Rs 4 Lacs : No securities
Above Rs 4 Lacs & up to Rs 7. 5Lacs : Collateral in the form of asuitable third party guarantee.
Above Rs 7.5 Lacs and up to Rs 10 Lacs : tangible collateral securities for full value of loan.
B. Studies abroad:
Studies in India-Max Rs 10 lacs
Above Rs 4 Lacs & up to Rs 7. 5Lacs : Collateral in the form of suitable third party guarantee.
Above Rs 7.5 Lacs and up to  Rs 10 Lacs : Tangible collateral securities for suitable value or suitable third party gurantee alog with the assignment of future income of the student for payment installments
Above Rs 15 Lacs and up to Rs 20 Lacs : Tangible security for full value of loan

Rate of Interest:
Up to Rs 4 Lacs:0.75 % below BPLR
Above Rs 4 lacs: -1% above BPLR

Interest Concession:
1% concession in rate of interest be provided if full interest is paid during the moratorium period when any moratorium is specified

Repayment:
Repayment to be made after completion of moratorium pr\period i.e. course period+1 year or 6 month after getting job, whichever is earlier.
The loan to be repaid in a maximum of 5-10 years after commencement of Repayment.

Processing Charges:
Penal Interest - No penal interest to be charged on educational loan up to Rs 4 Lacs.
Above Rs 4 Lacs penal interest @ 2 % over and above the applicable rate ,on the entire loan outstanding for the period of such default will be charged if the EMIs remain unpaid for a period of 30 days from the due date, for any reason, including the bounced cheque.

Processing Charges:
No processing charges/upfront fee will be charged on education loan.
For loan to students going abroad, Rs 5000/- upfront for loan above Rs 4 Lacs will be recovered and dealt as under
If the applicant avails the loan the amount of Rs 5000 will be adjusted against the contribution of margin money/the interest payable on th loan
If the applicant does not avail the loan within a period of 4 months of sanction of the loan, the amount will be appropriated and credited to commission A/c.

Documents Required:
Completed application form.
Mark sheet of last qualifying examination, proof of admission schedule of expenses and duration of courses.
Passport size photographs, passport/ID card/Voter card/PAN card etc of student /parent/guardian and guarantor
Details regarding the guarantor
Proof of income of the borrower/guarantor
Title deed of the property or other securities and other related papers etc.

For processing fees, prepayment penalty, documentation charges, mortgage and other charges, please visit the bank website www.sbp.co.in