Shaurya Education Loan - Personal Banking

ELIGIBILITY:

Students

• Only the spouse & ward(s) of Defense, Indian Coast Guard & Central Armed Police Force Personnel will be eligible.

Parents

• Parents/ spouse (Co-borrower) must be Defense Salary Package/Indian Coast Guard Salary Package/ Central Armed Police Force Salary Package account holder in our Bank.
• The Salary/Pension account of the co-borrower should be with SBI throughout the loan tenure.

COURSES ELIGIBLE:

Studies in India

• Graduation, Post-graduation including regular technical and professional Degree/Diploma courses conducted by colleges/universities approved by UGC/ AICTE/IMC/Govt. etc Regular Degree/ Diploma Courses conducted by autonomous institutions like IIT, IIM etc
• Teacher training/ Nursing courses approved by Central government or the State Government
• Regular Degree/Diploma Courses like Aeronautical, pilot training, shipping etc. approved by Director General of Civil Aviation/Shipping/ concerned regulatory authority b. Studies abroad:
• Job oriented professional/ technical Graduation Degree courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc offered by reputed universities Courses conducted by CIMA (Chartered Institute of Management Accountants) - London, CPA (Certified Public Accountant) in USA etc.

Studies abroad

• Job oriented professional/ technical Graduation Degree courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc offered by reputed universities.
• Courses conducted by CIMA (Chartered Institute of Management Accountants) - London, CPA (Certified Public Accountant) in USA etc.

EXPENSES CONSIDERED FOR LOAN:

• Fee payable to college/school/hostel
• Hoarding & lodging/ Examination/Library/Laboratory fee
• Travel expenses/passage money for studies abroad.
• Purchase of books/equipments/instruments/uniforms/ computer at reasonable cost, if required for course completion and any other expense required to complete the course– like study tours, project work, thesis, etc. considered for loan should be capped at 20% of the full amount of total tuition fee payable by the students who do not get any concessions/ remissions.
• Caution deposit /building fund/refundable deposit supported by Institution bills/receipts the amount considered for loan should not exceed 10% of the tuition fees for the entire course.
• In case of Doctorate Programmes (Ph.D.) courses in India/ Abroad, the quantum of finance for such courses should be arrived at after factoring in the Scholarship/ Fellowship/ Honorarium etc., available to the student.
• Amount of insurance premium would be part of the Loan amount if the borrowers opt for it.
• For courses under Management Quota seats considered under the scheme, fees as approved by the State Government/Government approved regulatory body for payment seats will be taken

  SECURITY:

In case of secured loans:

• Liquid collateral security- 100% of Loan amount, or
• Property as collateral security- 110% of loan amount
•  6 months grace period provided to create mortgage of property offered as security with Bank.

MORATORIOUM:

• Studies In India- Course period + 1 year
• Studies Abroad- Course period + 6 months

Checklist of Documents to be submitted along-with duly filled Loan Application Form

• Mark sheet of 10th, 12th, Graduation (if applicable), Entrance Exam Result
• Proof of admission to course [ Offer Letter/ Admission Letter/ ID card if available]
• Schedule of expenses for course
• Copies of letter conferring scholarship, free-ship, etc.
• Gap certificate, if applicable (self-declaration from student for gap in studies)
• Passport size photographs of Student / Parent / Co-borrower / Guarantor (1copy each)
• Asset-Liability Statement of Co-applicant / Guarantor (Applicable for loans above Rs 7.50 lacs)
• For Salaried Persons
  • (a) Latest Salary Slip
  • (b) Form 16 OR latest IT Return (ITR V)
• For other than Salaried Person:
  • (a) Business address proof (if applicable)
  • (b) Latest IT Returns (if applicable)
• Bank Account Statement for the last six months of Parent / Guardian/ Guarantor
• Copy of Sale Deed and other documents of title to property in respect of immovable property offered as collateral security / Photocopy of Liquid Security offered as collateral
• Permanent Account Number (PAN) of Student / Parent / Co-borrower / Guarantor
• AADHAAR (mandatory, if eligible under various interest subsidy schemes of GOI)
• Passport (mandatory for Studies Abroad)
• Submission of OVD (refer to table below)

At least one self-attested copy of the Officially Valid Documents (OVD) mentioned below to be submitted, as proof of identity and address:

• Passport
• Driving license,
• Proof of possession of Aadhaar Number,
• Voter's Identity Card issued by Election Commission of India,
• Job card issued by NREGA duly signed by an officer of the State Government,
• Letter issued by the National Population Register containing details of name and address

If the OVD furnished by the customer does not contain updated address, the following documents shall be deemed to be OVDs for the limited purpose of proof of address:

• Utility bill which is not more than two months old of any service provider (electricity, telephone, post-paid mobile phone, piped gas, water bill);
• Property or Municipal tax receipt;
• Pension or family pension payment orders (PPOs) issued to retired employees by Government Departments or Public-Sector Undertakings, if they contain the address;
• Letter of allotment of accommodation from employer issued by State Government or Central Government Departments, statutory or regulatory bodies, public sector undertakings, scheduled commercial banks, financial Institutions, listed companies and lease and licence agreements with such employers allotting official accommodation.

[Provided that the customer shall submit OVD updated with current address within a period of three months of submitting the above documents]