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Interest

Loan Amount & Interest Rate (w.e.f. 01/07/03)
Loans upto Rs.4 lacs Around 10.75 %p.a.
Loans over Rs.4 lacs Around 11.75 % p.a

Repayment of loan

Repayment Holiday - Course period + 1 year or 6 months after getting job, whichever is earlier.
The loan to be repaid in 5-7 years after commencement of repayment.
Prepayments permitted without any penalty.

Documentation

• Mark sheet of last qualifying examination for school and graduate studies in India

• Proof of admission to the course

• Schedule of expenses for the course

• Copies of letter confirming scholarship, etc.

• Copies of foreign exchange permit, if applicable.

• 2 passport size photographs

• Statement of Bank account for the last six months of borrower

• Income tax assessment order not more than 2 years old

• Brief statement of assets and liabilities of borrower

If you are not an existing bank customer you would also need to establish your identity and give proof of residence.

For Further information visit:
http://www.statebankofindia.com/personalbanking/eduloans.asp

Concluded.

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