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Education Loan |
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Q.1
Where can I avail of a SBBJ educational loan?
A. The loan is available from all our branches of SBBJ. |
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Q.2
What are the important documents that I need to provide?
A. You will need to furnish the following documents along with
the completed application form. Relevant information would
relate to the guardian and the student both, as the loan is
sanctioned jointly
- 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.
- 2 passport size
photographs
- Statement of Bank
account for the last six months of borrower (s)
- Income tax
assessment order not more than 2 years old
- Brief statement
of assets and liabilities of borrower.
- Documents related
to property is being offered as security.
- Copies of foreign
exchange permit, if applicable
If you are not an existing bank customer you would also need
to establish your identity and give proof of residence.
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Q.3
Is income of parent/guardian a criteria for education loan ?
A. No, education loan is considered based on quality of course/
institution funds, requirement for studies, future income
prospects only. |
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Q.4
Are there any charges or processing fee?
A. There is no additional charge or processing fee on education
loans. |
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Q.5
Am I required to pay interest during the study period?
A. Payment of interest during the study period is not mandatory.
However, if you pay interest as and when applied, you are
eligible for 1% rebate in interest rate, which will be reduced
from the loan amount, when repayment of principal commences. |
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Q.6
Since there is a moratorium period, how will my repayments be
determined?
A. If you opt not to pay interest during moratorium period,
the outstanding interest for the moratorium period will be added
to the loan amount at the time of commencement of the repayment.
The EMI will be determined on this amount at the time the
repayment is to commence. |
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Q.7
What is the repayment schedule for SBBJ Education?
A. The repayment would begin one year after the course period or
six months after you get a job, whichever is earlier. You are
expected to pay a minimum amount equivalent to the EMI on a
monthly basis. However, you can choose to pay more than the EMI,
and we do not charge any prepayment penalty. |
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Q.8 Can I avail
second education loan for further studies?
A. Yes, you can apply for second education loan after completing the earlier
course, at the same branch from which you availed your first education loan. |
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Q.9 What is EMI? How
is it calculated?
A. EMI stands for Equated Monthly Instalments. This instalment comprises both
principal and interest components. Your EMI would be calculated depending on the
tenor you choose, to repay your loan. The EMI would be higher if you choose to
repay within a shorter period as against a longer-term loan. A shorter repayment
period, however, reduces your interest cost over the term of the loan. |
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