Courses Eligible
For availing the State Bank of Saurashtra Study Loans, one need to pursue Graduate, Post Graduate and Research courses offered by recognized educational institutions in India and abroad.
Eligibility
There are no criteria for minimum marks.
Expenses considered for loans
Every fees payable to College/ school/ hostel required for the completion of the course is considered within the expenses of the State Bank of Saurahtra Education Loans.
Amount of Loan
State Bank of Saurahtra Student Loan is given on the basis of the course requirements and the repayment capacity of the candidates. Loans are paid with a Ceiling of 10 lacs for studies in India and 20 Lacs for studies abroad.
Margin
For loans up to Rs. 4 Lacs there is no margin or security. For loans above Rs.4 Lacs to 7.5 Lacs security is required only in the terms of suitable third party guarantee. For loans above Rs.7.50 Lacs security equal to 100% of the total amount along with a margin of 5% for studies in India, and 15% for studies abroad is applied.
Rate of Interest
During the course period interest is charged on the basis of simple rate. If the interest is serviced during the course period then 1% of the rate is remitted.
Repayment of Loan
Repayment of the education loan from State Bank of Saurashtra must be completed within 5-7 years of getting a job or 1 year after the completion of course.
The benefits of availing the Gyan Bharati Educational Loan of the State Bank of Saurashtra are many. As there are no margins upto the amount of Rs.4 Lacs, it is easy to repay. Even for amounts greater than 4 lacs and less than 7.5 lacs, the security criterion is nominal. These facilities offered by the bank of Saurashtra makes it easy for candidates with very moderate family incomes to avail this facility.