SBBJ Education Loan
The State Bank of Bikaner and Jaipur was established in 1944 when State Bank of Bikaner and State Bank of Jaipur were merged together. The management of the bank and other issues are as per the rules of State Bank of India according to SBI (subsidiary bank) act 1959. State Bank of Bikaner and Jaipur is the only public sector bank which has its headquarters in Rajasthan. This bank as strong reach in Rajasthan and nearby places, it also has sponsored 3 RRBs (regional rural banks) – Marwar Gramin Bank, Shriganganagar kshetriya gramin bank, Bikaner kshetriya gramin bank. These RRBs were later merged into one bank – Marudhara Gramin Bank.
Purpose of Loan
The Educational Loan plan defined objectives of offering financial aid from the banking arrangement to meritable scholars for trailing more eminent education in India or abroad. The major vehemence is that a bright student even though poor is given an opportunity to study further with support from the bank in terms of funding.
• Should be an Indian National.
• Student who have insured admission to a higher education course in distinguished institutions in India and Abroad through relevant Entrance Test or selection based on merit process after completion of HSC (10 plus 2 or equivalent).
Coverage of expenses are as follows:
• To pay fee to college / hostel
• To pay the exam/Lab / Library fee
• To bear the cost of Travel / passage money for study in foreign country.
• To pay for the Insurance premium of the student applicant.
• To bear the cost of Caution deposit / refundable deposit backed by relevant receipts.
• To pay for books, instruments, code dress etc.
• For the purchase of computer if required for the study course.
When calculating loan needed scholarships or waiver in fee etc., will be taken into consideration if in case any of it is available to the student applicant.
Quantum of Loan
Need based finance with the following ceilings:
• For studies in India up to. Rs.10 lacs
• For studies abroad up to Rs.20 lacs
• Upto to Rs.4.00 lacs – Nil
• Above Rs.4.00 lacs
• For studies in India : 5%
• Studies in foreign countries : 15%
• Upto Rs.4 Lakhs – No security .Only to take co-obligation of either or both parents/guardian
• From Rs.4 Lakhs to Rs 7.50 Lakhs: Collateral in the form of satisfactory third party guarantee
• Above Rs.7.50 Lakhs: Mortgage security of suitable value
• Please refer the bank website for current rates as they vary from time to time
For female applicant –Relaxation of 0.50% on PLR.
• For loan to study in premier institutions – Relaxation of 1.00% on PLR.
• Concession of 1% on Interest if it is completely paid during the study period of time.
• It starts a year after completion of the course or six months after getting employment, whichever is earlier. Repayment of the education loan to be distributed in equated monthly instalments (EMI).
• Loans up to 7.5 lacs – up to 10 years
• Loans up more than 7.5 lakhs – up to 15 years
Processing Fee: Nil
State Bank of Bikaner and Jaipur Official website: www.sbbjbank.com