Student Education Loans by SBI Commercial and International Bank

Quantum
From Rs. 2 lacs to Rs. 15 lacs. Not exceeding Rs. 7.50 lacs for studies in India

Margin
20% of total cost.

Eligibility
Criteria First class in last qualifying exam
Self / Parent having independent source of income owning residential premises in Mumbai

Security
Collateral security by way of mortgage of immovable property / any other specified securities to cover 100% of loan amount

Charges
1% of loan amount

Repayment 
Interest to be serviced regularly during moratorium period (MP).
After MP entire outstanding in loan account will be treated as Principal for calculating future EMI's repayable in 10 years after date of first disbursement

Tenure
Maximum period 10 years including duration of course
Moratorium period not exceeding six months after completing the course or securing a job, whichever is earlier

Prepayment
No pre-payment penalty

Disbursement
In stages - as per requirement, directly to institution /university etc

Appraisal Docs 

1. Attested copy of latest salary slip of self / parent  and Form 16 for salaried employees
2. Income tax returns for the last 3 years for self-employed persons.
3. Pass book or bank statements for last six months
4. Proof of Age and Residence of Self / Parent.
5. Certificate / Mark Sheet of last qualifying exam.
6. Details of proposed course
7. Copy of sale agreement, share certificate, NOC from society/builder or documents pertaining to other collateral as applicable
 
Documentation

1. Promissory Note
2. D. P. Note Delivery Letter
3. Documents pertaining to collateral security
4. Authority letter in duplicate from borrower authorizing salary deduction or PDCs
5. No dues affidavit
6 All documents to be signed jointly by the student and parent / guardian