The SBBJ Educational Loan Scheme outlined below aims at providing financial support from the banking system to meritorious students for pursuing higher education in India and abroad.

The main emphasis is that a meritorious student, though poor, is provided with an opportunity to pursue education with financial support from the system with affordable terms and conditions.

Rate of interest for applying for SBBJ Education Loan

• For girl student –Rate will be 0.50% lower.

• Study in prime institutions - Rate will be upto1.00% lower.

• 1% Interest concession may be provided by the bank, if interest is serviced during the study period.


Other Details related to SBBJ Education Loan are:

Eligibility
-The student should be an Indian National.
-Should have secured admission to a higher education course in recognized institutions in India or abroad through Entrance Test / Merit Based Selection process after completion of HSC (10+2 pr equivalent) .

Loan Amount
• 10.00 lacs for education in India
• 20.00 lacs for education abroad

Margin
For Loans upto 4 lacs - NIL
For Loans above 4 lacs
-For studies in India - 5%
-For studies Abroad - 15%

Repayment
• Course period + 1year or 6 months after getting job, whichever is earlier.
• Repayment of the loan will be in equated monthly instalments (EMI) for periods as under:-
-For loans upto 7.5lakhs. - up to 10 years.
-For loans above 7.5 lakhs - upto 15.years.

Security
Upto 4.00 lacs: NIL
Above 4.00 lacs - 7.50 lacs: Third party guarantee
Above 7.50 lacs: Equitable mortgage of landed property or other tangible security .

Expenses considered for loan
-Fee payable to college / school / hostel
-Examination / Library / Laboratory fee
-Travel expenses / passage money for studies abroad
-Insurance premium for student borrower, if applicable
-Caution deposit, Building fund / refundable deposit supported by Institution bills / receipts.
-Purchase of books / equipments / instruments / uniforms.
-Purchase of computer at reasonable cost, if required for completion of the course
-Any other expense required to complete the course - like study tours, project work, thesis, etc.