Gudia

ATM / Branch Locator

Education Loan Eligibility Calculator

                                                    

S

SBP - Gyan Jyoti (Education loan scheme)

Loan amount

Minimum : No Limit

 

Maximum : Studies In India - Rs. 10.00 lacs

                    Studies Abroad - Rs. 20.00 lacs

 

However, higher quantum of loan may be considered on course to course basis.

2

Loan Term

For Loans upto Rs.7.50 lacs     : Upto 10 years

For Loans above Rs.7.50 Lacs : Upto 15 years

 

3

Interest Type (Floating or Fixed)

Floating

4

a) Interest Chargeable (In case of Floating Rate Loans)

 

 

 

 

 

b) Interest Chargeable (In case of Fixed Rate Loans)

a) Loans upto Rs.7.50 Lacs   : 11.70% (2.75% above   

    MCLR i.e. 8.95%)

 

    Loans above Rs.7.50 Lacs : 10.70% (1.75% above

    MCLR i.e. 8.95%) 

 

 

 

b) N.A

5

Date of Reset of Interest

Not Applicable

6

Mode of Communication of Changes in Interest Rates

Bank's Website -www.sbp.co.in & Entry in Statement of loan account

7

Fee Payable as under:

a

On Application

NIL

b

During the Term of the Loan

NIL

 

c

On Foreclosure

NIL

d

Fee refundable if loan is not sanctioned

N.A

e

Conversion Charges for Switching from Floating to Fixed Interest and Vice-Versa

N.A

F

Penalty for delayed payment

Penal interest @ 2% is charged for loans above Rs.4 lacs for the overdue amount and overdue period

8

EMI Payable

 In Equated Monthly Installments

9

Details of Security Collateral Obtained

A.   For Loan upto Rs.4.00 lacs : NIL

 

B.   For loans above RS 4.00 lacs and upto Rs 7.50 lacs : Suitable Third Party Guarantee

 

C.   For Loans above Rs 7.50 lacs : Tangible Collateral 

     Security of Suitable Value

 

10

Date on Which the Annual outstanding balance statement will be issued

As on 31st March every Year.