In india the State Bank of Patiala is providing the educational loan for the students under the scheme SBP Gyan Jyoyi at attractive interest rates in a speedy process to extend financial assistance to deserving and meritious students for pursuing higher education in india and abroad.
The indian national students who secured admission to professional/technical cources through entrance test/selection process are eligible to get education loans from State Bank of Patiala. The State Bank of Patiala educational loan amount depends upon the repayment capacity of the parents/students.
- Studies in india – Max Rs.10 lacs
- Studies in abroad – Max Rs.20 lacs
State Bank of Patiala Education Loan Margin:
- Margin: Upto Rs.4 lacs: Nill
- Above Rs.4 lacs: Studies in India: 5% and Studies Abroad: 15%
Documents Required:
- Completed application form
- Marksheet of last qualifing examination, Proof of admission, Shedule of expenses and duration of course.
- 2 Passport size photographs, Passport/ID Card/Voter Card/PAN Card etc., of student/parent/guardian and guarantator (wherever applicable)
- Details regarding the guarantator (where loan amount is more than Rs.4 lacs)
- Proof of income of the borrower/guarantator.
- Title deed of property or other securities and other related papers etc. (in case loan amount is more than Rs.7.50 lacs)
State Bank of Patiala Education Loan Repayment:
Repayment to be made after completion of moratorium period i.e. Course period +1 year or 6 moths after getting job, Whicever is earlier. The loan to be repaid in a maximum of 5-10 years after commencement of repayment.
please tell me how bank applies interest on the education loan amount.
I mean should it start adding when I”ll take my first installment of the loan or should it start when I”ll start repaying it after moratorium period