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SBI EDUCATION LOAN

A term loan granted to Indian Nationals for pursuing higher education in India or abroad
where admission has been secured.

Eligible Courses

All courses having employment prospects are eligible.

 Graduation courses/ Post graduation courses/ Professional courses


 Other courses approved by UGC/Government/AICTE etc.

Expenses considered for loan

 Fees payable to college/school/hostel


 Examination/Library/Laboratory fees
 Purchase of Books/Equipment/Instruments/Uniforms
 Caution Deposit/Building Fund/Refundable Deposit (maximum 10% tution fees for
the entire course) 
 Travel Expenses/Passage money for studies abroad
 Purchase of computers considered necessary for completion of course
 Cost of a Two-wheeler upto Rs. 50,000/-

Any other expenses required to complete the course like study tours, project work etc.

Amount of Loan

 For studies in India, maximum Rs. 10 lacs


 Studies abroad, maximum Rs. 20 lacs
 
 
Interest Rates
w.e.f. 29.06.2009 (SBAR 11.75%)
 
SBI Student Loan Scheme
Loan Amount Rate of Interest
Loans upto Rs. 4.00 Lacs 0.50% below SBAR i.e. 11.25% p.a.
Loans above Rs. 4.00 Lacs and
1.00% above SBAR i.e. 12.75% p.a.
upto Rs. 7.50 Lacs
Loans above Rs. 7.50 Lacs At SBAR i.e. 11.75% p.a.
 
An Interest Rate concession of 0.50% to Girl Student availing Student Loans
 
Processing Fees

 No processing fee/ upfront charges


 Deposit of Rs. 5000/- for education loan for studies abroad which will be adjusted in
the margin money

 
Repayment Tenure

Repayment will commence one year after completion of course or  6 months after securing
a job, whichever is earlier.

Repayment Period
Place of Study Loan Amount
in Years
Studies in India Rs. 10.0 lacs 5-7 
Studies Abroad Rs. 20.0 lacs 5-7 
 

Security

For loans upto Rs. 10.00 lacs for Studies


Amount in India and upto Rs. 20.00 lacs for
studies abroad
Upto Rs. 4
No Security
lacs
Collateral security in the form of suitable third
party guarantee. The bank may, at its
Above Rs. 4
discretion, in exceptional cases, weive third
lacs to Rs.
party guarantee if satisfied with the net-
7.50 lacs
worth/means of parent/s who would be
executing the documents as "joint borrower".
Tangible collateral security of suitable value,
Above Rs.
along with the assignment of future income of
7.50 lacs.
the student for payment of installments.
All loans should be secured by parent(s)/guardian of the student borrower. In
case of married person, co-obligator can be either spouse or the parent(s)/
parents-in-law
 

 
Margin
 For loans up to Rs.4.0 lacs : No Margin
 For loans above Rs.4.0 lacs:
o Studies in India: 5%
o Studies Abroad: 15%
 

Documentation Required

 Completed Education Loan Application Form.


 Mark sheets of last qualifying examination
 Proof of admission scholarship, studentship etc
 Schedule of expenses for the specified course
 2 passport size photographs
 Borrower's Bank account statement for the last six months
 Income tax assessment order, of last 2 years
 Brief statement of assets and liabilities, of the Co-borrower
 Proof of Income (i.e. Salary slips/ Form 16 etc)

* Conditions Apply

CAR LOAN

Move ahead in life with SBI Car Loans! If you have been putting off purchasing that Car, we
invite you to go through our Car Loan Scheme.

Low interest rates, easy repayment options, total transparency.

Finance to include vehicle registration charges, insurance, one-time road tax and
accessories (subject to conditions).

Well, what are you waiting for? Just contact any of our branches (more than 6000) that
offer Car Loans or our Personal Banking Branches and give wheels to your desire!

You can apply for an SBI Car Loan to purchase :

 A new car, jeep, Multi Utility Vehicle (MUV) or SUV (any make or model)
 A used car / jeep / MUV /SUV (not more than 5 years old). (any make or model)

Enjoy the SBI Advantage :

Excellent service and lower costs. A quick survey of similar schemes available elsewhere
and you will find that SBI Car Loans for new and old vehicles offer you :

 Lowest interest rates


 Longer repayment period of upto 84 months.
 No hidden costs or administrative charges.
 Finance for one-time road tax, registration fee, insurance premium and
accessories
 No advance EMIs.(Some Banks/companies ask you to pay one or more EMIs at the
time of disbursement of loan, thereby effectively reducing your loan amount.)
 Complete transparency : We levy interest on daily reducing balance method.
When you pay one instalment, the interest is automatically calculated on the reduced
balance thereafter. When you pay interest on an annual reducing balance, as
charged by many other companies/banks, the interest amount for the coming year is
determined on the amount outstanding at the beginning of the year. You continue to
pay interest even on the amounts you repay during the year.

Always compare the Equated Monthly Instalments (EMIs) and the total payments
you would be required to make and not the rates of interest.

The Scheme 
 
Purpose

You can take finance for :

A new car, jeep or Multi Utility Vehicles (MUVs)

A used car / jeep (not more than 5 years old). (Any make or model).

Take over of existing loan from other Bank/Financial institution (Conditions apply)

Eligibility

To avail an SBI Car Loan, you should be :

 Individual between the age of 21-65 years of age.


 A Permanent employee of State / Central Government, Public Sector Undertaking,
Private company or a reputed establishment or
 A Professionals or self-employed individual who is an income tax assessee or
 A Person engaged in agriculture and allied activities.
 Net Annual Income Rs. 100,000/- and above.

Salient Features 

Loan Amount

There is no upper limit for the amount of a car loan. A maximum loan amount of 2.5 times
the net annual income can be sanctioned. If married, your spouse's income could also be
considered provided the spouse becomes a co-borrower in the loan. The loan amount
includes finance for one-time road tax, registration and insurance!

No ceiling on the loan amount for new cars.

Loan amount for used car is subject to a maximum limit of Rs. 15 lacs.

Type of Loan

1. Term Loan 
2. Overdraft  - a) For New vehicles only
                     b) Minimum loan amount: Rs. 3 lacs.
 
Documents Required

You would need to submit the following documents along with the completed application
form if you are an existing SBI account holder:

1. Statement of Bank account of the borrower for last 12 months.


2. 2 passport size photographs of borrower(s).
3. Signature identification from bankers of borrower(s).
4. A copy of passport /voters ID card/PAN card.
5. Proof of residence.
6. Latest salary-slip showing all deductions
7. I.T. Returns/Form 16: 2 years for salaried employees and 3 years for
professional/self-employed/businessmen duly accepted by the ITO wherever
applicable to be submitted.
8. Proof of official address for non-salaried individuals.
If you are not an account holder with SBI you would also need to furnish documents that
establish your identity and give proof of residence.
Margin

New / Used vehicles : 15% of the on the road price.

Repayment

You enjoy the longest repayment period in the industry with us.
Repayment period:
For Salaried:                               Maximum of 84 months
For Self-employed & Professionals:  Maximum 60 months

Repayment period for used vehicles :Up to 84 months from the date of original purchase of
the vehicle (subject to maximum tenure as above).

Prepayment Penalty:

Prepayment fee of 2% of the amount of the loan prepaid will be levied subject to certain
conditions.

Processing Fee

0.50% of Loan amount and to be paid upfront.


Minimum: Rs. 500/-
Maximum Rs. 10,000
25% of Processing fee will be ratained if application is rejected after pre-sanction survey.

Security

As per bank's extant instructions.


Interest rates.

SBI EZEE CAR LOAN SCHEME


SL. PARAMETER
DETAILS
No SCHEME
1 Applicable to All New Car Loans to Public
2 Scheme Period From July 1, 2009 to June 30, 2010
Term
Period Overdraft
Loan
First year 8% Fixed 8.5% fixed
For 2nd & 3rd
10% fixed 10.5% fixed
year
From 4th Year Onwards: The floating interest rate will be
reset
to applicable card rate contracted on the date of
sanction. Currently the rates are:
Period Term Loan Overdraft
3 Interest Rate 0.50% below
For 4th & 5th At SBAR
SBAR
year i.e.11.75%
i.e.11.25%
0.25% below 0.25% above
For 6th & 7th
SBAR SBAR
year
11.50% 12.00%
SBAR is 11.75%

No other interest concession will be given under


any tie-up arrangement or otherwise below the
offer rate.
Interest Rate will be reset on the anniversary
date of the loan to the applicable card rate
contracted as on the date of sanction under the
4 Reset Period
respective new car loan schemes i.e. Spreads
below/above SBAR as applicable on the date of
Sanction as per the agreement.
5 Processing fee 0.50% of loan amount

SBI ADVANTAGE CAR LOAN SCHEME


SL. PARAMETER
DETAILS
No SCHEME
1 Applicable to All New Car Loans to Public
2 Scheme Period From July 1, 2009 to June 30, 2010
3 Interest Rate Term
Period Overdraft
Loan
First year 8% Fixed 8.5% fixed
For 2nd & 3rd
10% fixed 10.5% fixed
year
From 4th Year Onwards: The floating interest rate will be
reset
to applicable card rate contracted on the date of
sanction. Currently the rates are:
Period Term Loan Overdraft
0.75% below 0.25% below
For 4th & 5th
SBAR SBAR
year
11.00% 11.50%
0.50% below
For 6th & 7th
SBAR At SBAR 11.75%
year
11.25%
SBAR 11.75%

No other interest concession will be given under


any tie-up arrangement or otherwise below the
offer rate.
Interest Rate will be reset on the anniversary
date of the loan to the applicable card rate
contracted as on the date of sanction under the
4 Reset Period
respective new car loan schemes i.e. Spreads
below/above SBAR as applicable on the date of
Sanction as per the agreement.
5 Processing fee 0.50% of loan amount
NRI Car Loan
Tenure Rate of Interest
Up to 3 years (for loans Rs. 7.5 lac & above) 0.75% below SBAR i.e. 11.00% p.a.
Up to 3 years (for loansbelow Rs. 7.5 lac) 0.50% below SBAR i.e. 11.25% p.a.
Above 3 yrs up to 5 yrs (for all loans) 0.50% below SBAR i.e. 11.25% p.a.

Used Vehicles
Tenure Rate of Interest
Up to 3 years 3.00% above SBAR i.e. 14.75% p.a.
Above 3 yrs up to 7 yrs 3.25% above SBAR i.e. 15.00% p.a.
NOTE: ALL INTEREST RATES ARE SUBJECT TO CHANGE, WITHOUT NOTICE.

IDBI BANK

Education loan:

IDBI bank offers financial support to the aspiring and meritorious students who aim to pursue
higher education in India and abroad. Bank offers loan for graduation courses, post graduation,
technical and professional courses with an easy repayment options.
Highlights
  Study Abroad Study India
Course Graduation Graduation
Loan Type Term Loan Term Loan
Loan Purpose Fee payable to Fee payable to
college/hostel, college/hostel,
Examination/Lib Examination/ Library/
rary/Laboratory Laboratory, Purchase of
, Purchase of books/equipment
books/equipment /instruments, Purchase of
/instruments, Purchase of computer
computer, Passage fare
for travel
Loan Amount Min. - Rs 50000 Min. - Rs 50000
Max. - Rs 400000 Max. - Rs 400000
Interest Rate 13.5 % 13.5 %

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