Education Loan for NITIE

I am thinking to do MBA Degree from NITIE. I don’t have money to pay fee. So I am thinking to apply for Education Loan from State Bank of India. Someone is here who will tell me about Education Loan from State Bank of India for admission in MBA Program at NITIE?

State Bank of India offers SBI-Scholar Loan Scheme for many Colleges in India for admission in Regular Full Time and Executive Programs.

Here I am telling you about SBI-Scholar Loan Scheme:

SBI-SCHOLAR LOAN SCHEME

Purpose:
Pursuinghigher education in India in the Select Premier Institutions

Courses Eligible:
Regular full time Degree /Diploma Courses through entrance test/selection process. Full time Executive Management Courses likePGPX are also covered. No Certificate/ Part time courses arecovered under this scheme.

Eligibility:
Should be an Indian

Secured admission to Professional/Technical courses throughEntrance Test/Selection process

No minimum qualifying marks stipulated in the last qualifyingexamination

Expenses Considered for Loan:
Fees payable to college/school/hostel
Examination/ Library/ Laboratory fees
Purchase of books/equipment/instruments
Caution deposit / building fund/ refundable deposit supported byInstitution bills/ receipts
Travel expenses/expenses on exchange programme*
Purchase of computer/laptop*
Any other expenses related to education*

Maximum Loan Amount & Security:
Category Maximum Loan Limit
No Security, only With tangiblecollateral of full value
Parent/ Guardian as and Parent/ Guardian
co-borrower as co-borrower
List ‘A’ (53 institutions) Rs. 20 lacs Rs. 30 lacs
List ‘B’ (61 institutions) Rs. 7.5 lacs Above Rs. 7.5 Lacs & upto Rs. 30 Lacs


Margin:
Nil

Processing Charges:
Nil

Interest Charges:
List A
100bps above base rate i.e., 10.70% p.a. at presentFurther concessions:
25 bps - work experience of more than 2 years
50 bps – with parent/ spouse/ guardian as coborrowers
75 bps - collateral security >= the loan amount

List B
175bps above Base rate i.e. 11.45% p.a. at present

Repayment
Repayment to commence after Course period + 6 monthsrepayment holiday.
Maximum 12 years after commencement of repayment.

Timeline for Disposal of Loan Application
Maximum 15 days

Help Centre
Deputy General Manager (Customer Service),
Customer Service Dept, State Bank of India;
State Bank Bhawan, 4th floor;
Madame Cama Road,
Mumbai-400 021,
Telephone No: (022) 22029456, 22740431, 22740432, 22740433
Fax no. (022) 22742431
E-mail address - dgm.customer@sbi.co.in

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Answered By StudyChaCha Member