State Bank of Patiala was Founded in the Year 1917 .

The Purpose of the Education Loan Offered by State Bank of Patiala is to Provide Financial help to Students who are laborious and well deserving and who wish to pursue higher education

Eligibility of State Bank of Patiala Education Loan

The applicant/borrower must be an Indian National.

He/she must have ensured admission in a college which is recognized in India.

The applicant must be capable to show proof of admission, score card of entrance test etc.

The applicant must have a brilliant academic record.

Eligible Courses

To Study in India

Graduation programs like B.A, B.Sc., etc.Post-Graduation programs like M.A., M.com., Ph.D.
Professional degrees like Engineering, Medical, Law, Management, Computer, etc
Certificate courses of Computer from prestigious institutes
CA, ICWA, CFA, etc
Study programs by IIM, IIT etc.
Degree/ Diploma in Nursing, B.Ed
Evening or part time courses are not eligible to avail this loan.

To Study Abroad

Graduation and Post-graduation courses like B.tech, MBA, MCA etc. conducted by approved institutes.
Courses by CIMA– London, CPA USA etc
Courses in fields like Aeronautical, shipping etc. by approved universities are eligible.

Loan Coverage
Fees for college, school, hostel, exam, library, lab etc

Cost of books, instruments, uniforms, computers, deposits, travel, two wheeler, study tours or project

Quantum of finance

Finance from the bank is based on need of it with the following limits:
India –10 lacs maximum
Abroad – 20 lacs maximum

Margin

Loans up to Rs 4 lacs – nil
Loans more than Rs 4 lacs – in India – 5%
Abroad- 15%

Interest Rates

Loan up to 7.5 lacs – 13%

Loan more than 7.5 lacs – 12%

Relaxation of .5% for a female applicant

The rate of interest of the education loan changes from time to time.

Repayment of Loan

Loan will be repaid after holiday period of one year or 6 months after getting a job, whichever falls beforehand.

Loans up to 7.5 lacs – up to 10 years

Loans more than 7.5 lacs –up to 15 years