State Bank of Travancore Education Loan

SALIENT FEATURES:

1. Purpose: to meet tuition, admission and other fees, maintenance cost, cost of books and equipment for higher studies. Caution deposits and other refundable deposits can also be financed under the scheme.

2. Amount of Loan:  For studies in India : Rs.10 lakhs
                             For studies abroad  : Rs.20 lakhs

3. Persons Eligible: 

a) Indian National
b) students who have passed the entrance test and have secured admission for technical/professional courses.

3. Eligible Courses : a) All technical /professional courses including certificate courses, diplomas; graduate/ Post graduate and/ or doctorate degree studies in recognised schools / colleges / Institutions. (Courses in Medicine, Surgery, Dental Science, Architecture, Veterinary Science,  Agri Sciences and in various branches of Engineering , Technology, Computer Science, Industrial Management, Business Administration and other Management Sciences)

b) Computer Courses which are conducted by institutes given due accreditation by
the Department of electronics, Govt of India.

c) Any other specialised course in Computer Science.

4. Borrower : Student and Parent or Guardian jointly. This means if an NRI wishes to educate his/her nephew /niece any other such relative the student and the supporting NRI as guardian
may avail the loan jointly.

5. Margin : Upto Rs.4 lakhs    : Nil
                Above Rs.4 lakhs  : (i) Studies in India   : 5%
                                          (ii) Studies in Abroad:15%

6. Interest

7. Repayment : a) 12 months after completion of course or 6 months after getting job whichever is earlier.
  To be repayed iIn  60 monthly installments

8. Security : Collateral security equal to Loan amount plus interest payable up to one year after completion of course. When the loan amount exceeds Rs 4 lakhs, such Collateral security may be any one or more of : Govt Securities, UNITS of UTI, Surrender value of a LIC policy, National Savings Certificates, KVPs, IVPs, Bank Deposit Receipts after effecting necessary lien /assignment in favour of
our bank and / or mortgage of immovable properties or other tangible assets acceptable to the bank.

9. Processing Fee: Nil

10. Application : Application is available at all our branches and should be submitted to one of them.

11. Documents to be submitted:
a) Application (Student and Parent or Guardian jointly)
b) Two Copies of Passport Size Photos.
c) Testimonials in original from head of institution and from one or two other respectable persons not related to the student.
d) Proof of Admission to Course.
e) Schedule of Expenses for the course.
f) Copy of Salary certificate / statement (other proof) of Income of parent / Guardian
g) Copy of Passport of parent / guardian and student (if applicable)

Where Mortgage of Property is to be made the following documents will need to be submitted:

a) Original and prior title deeds
b) Latest tax receipt
c) Possession certificate
d) Encumbrance certificate for last 15 years from sub registrar
e) Title Clear Certificate from bank's approved advocate
f) Valuation Certificate from Bank's approved Valuator

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