STATE BANK OF TRAVANCORE EDUCATION LOAN INTEREST RATE
State Bank of Travancore (SBT) was originally established as Travancore
Bank Ltd. in 1945 sponsored by the erstwhile Princely State of Travancore.
Under a special statute of the Indian Parliament (SBI subsidiary Banks Act
1959) it has been made an Associate of the State Bank of India and a
member of the State Bank Group, the largest banking group in India.
Regd. office/Head Office at: Poojapura, Trivandrum 695 012, Kerala state,
Gyan Jyothi Education Loan
The scheme provides financial assistance to deserving meritorious students to pursue higher education in India and abroad
To meet the tuition and other feesExaminationLibraryLaboratory fee, cost of bookspurchase of Computersequipmentsinstrumentsuniforms and the cost of passage for studies abroad. Caution Deposit, Building Fund, Refundable deposit subject to 10% of the Tuition Fee. Any other expenses required to complete the course like study, tours, project work, thesis etc. also be financed.
Studies in India
- Approved courses leading to graduate/post graduate degree and PG diplomas conducted by
recognized colleges/universities recognized by UGC/Govt./AICTE/AIBMS/ICMR etc.
- Courses like ICWA,CA,CFA etc.
- Courses conducted by IIMs, IITs, IISc, XLRI, NIFT,NID etc.
- Regular Degree/Diploma courses like Aeronautical, pilot training, shipping, degree/diploma in
nursing or any other discipline approved by Director General of Civil Aviation/Shipping /
Indian Nursing Council or any other regulatory body as the case may be, if the course is
pursued in India.
- Approved courses offered in India by reputed foreign universities.
- Graduation : For job oriented professional/technical courses offered by reputed universities.
- Post graduation: MCA, MBA, MS, etc.
- Courses conducted by CIMA-London, CPA in USA etc.
- Degree/diploma courses like aeronautical, shipping etc provided these are recognized by
competent regulatory bodies in India/abroad for the purpose of employment in India/abroad.
The student should be an Indian National (NRIs not eligible)
i) have secured admission to professionaltechnical courses through entrance test merit based selection process conducted by a Govt Agency / University
ii) have secured admission to foreign university institution.
List of accredited institutes for :-
Hotel Management, Catering Technology, Food Craft, Tourism & Travel Management
BORROWER : Student and parent/guardian/spouse/parent-in-law/grand parents jointly.
In the case of employed studentsprofessionals, loans can be granted in individual names, with suitable guarantee.
For studies in India Rs. 10 lacs
For studies abroad Rs. 20 lacs
Upto Rs. 4 lacs – Nil
Above Rs.4 lacs – i) Studies in India – 5%
ii) Studies abroad -15%
INTEREST click here for interest rates
Educational Loans (Gyan Jyothi)
| Loan Amount
||Existing loans linked to PLR
New loans sanctioned from 01.07.10 linked to SBT Base Rate
|1. Upto Rs.4 lacs
||0.75% below PLR
3.75% above Base Rate
|2. Above Rs.4 lacs
4.50% above Base Rate
· · 0.5 % concession for Girl student
· · All Loans sanctioned on or after 01.07.2010 are linked to SBT Base Rate. Existing loans Sanctioned prior to 01.07.2010 are linked to SBT PLR
(Interest Rebate : 1 % Interest concession if interest debited during a financial year is remitted within one month of its debit in account)
0.5% concession for Girl Students.
PENAL INTEREST : 2% FOR LOAN ABOVE RS.2 LAKHS
To commence 1 year after completion of course or 6 months after getting job, whichever is earlier. The loan is to be repaid in 10-15 years after commencement of repayment.
Loans upto Rs.4 lacs : Co-obligation of parent/guardian/spouse/parent-in-law/grand parents as the case may be. No security
Above Rs.4 lacs and upto Rs.7.5 lacs Co-obligation of parent/guardian/spouse/parent-in-law/grand parents as the case may be along with collateral in the form of a satisfactory third party guarantee required.
For loans above Rs7.5 lacs Co-obligation of parent/guardian/spouse/parent-in-law/grand parents along together with tangible collateral security of suitable value preferably not less than 200% of the loan limit, along with assignment of future income of the student for payment of instalments and tangible security of suitable value
Security can be in the form of landbuilding Govt. securitiespublic sector bondsunits of UTI, KVP, LIC Policy, gold, sharesdebentures, bank deposit in the name of studentparentguardian or any other third party with suitable margin.
No processing fee for studies in India.
For studies Abroad
Upto Rs.4 lacs – 0.5%
Above Rs.4 lacs – 0.4%
(Refundable on availment of 1st instalment)
PAPERS TO BE SUBMITTED TO THE BANK
Two copies of passport size photographs.
Testimonials in original form from the head of the institution where the student studied last and from one or two other respectable persons not related to the student.
Proof of admission to the course.
Proof of selection in an approved merit based selection process.
Schedule of expenses for the course.
Documents required for KYC Compliance (ID and address proof)
Copies of foreign exchange permit (if applicable)
Copy of salary slip statement of income of parent guardian.
FOR MORTGAGE OF PROPERTY
Original and prior title deeds.
Latest tax receipts.
Encumbrance certificate for the last 15 years from the Sub Registrar.
Title clear certificate from the banks approved advocate.
Valuation report from the banks approved valuator.