Saraswati Education Loan

Eligibility:

1. Individual who has secured admission in any of the graduate/post-graduate courses offered by college/institute/university approved by IBA.
2. Students applying for vocational courses will also be covered under this scheme with a maximum loan amount of Rs.10 lakh.
3. Student should be applicant and parent/sponsors or relative should be co-applicant
4. In case of minor student, parent will be applicant.
   Undertaking required from parent that minor (on attaining majority /before retirement of parent) will be added as guarantor.

Loan Amount:

1. For Studies in India

1. For Studies Abroad – 500.00 Lakh

Basis of Advance:

Repayment Period:

1.  Maximum 15 years including moratorium period.
2.  Moratorium: Duration of Course plus one year (Total should not exceed 15 Years)

Security: 

1. Upto Rs. 5.00 lakhs - without security and without third party guarantee
2. Above Rs. 5.00 lacs: Pledge of any other tangible security acceptable to the bank or Equitable mortgage of Property.
3. Equitable mortgage of Property, NSC/LIP pledged/assigned in favour of Bank  Fixed Deposit, Bonds.

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Rate of Interest (Floating):

Present PLR @15.90% p.a  w.e.f 08th Aug, 2024

1. *0.50% concession for all girl students and Divyang.
2. *0.25% concession in rate for IIM, IIT, XLRI & ISB, Govt Recognized Medical College.
3. Total discount in ROI should not exceed 0.50%.

Processing Fees:

1. Studies in India - 0.50% of sanctioned amount, max Rs.5,000/-
2. Studies in Abroad- 0.50% of sanctioned amount, max Rs.10,000/-

Legal Fees:

1. For loans upto Rs. 1.50 Cr. - At actuals + 10% additional as Banks service charge (applicable only in case where Search and Title report is recommended by our legal department from approved panel advocate )
2. For loans above Rs. 1.50 Cr. –0.20% of the loan amount or at actuals + (10% additional as Banks service charge)  whichever is higher

Shareholding:

1. Upto 1 Cr - Rs. 1000/-
2. Above 1 Cr - Rs.25000/-

Documents Required:

1. Prescribed loan application form
2. Latest Photograph, Photo Identity Proof, Residence proof of the Applicant and Guarantors
3. Proof of confirmed admission & Estimate of course fees & other expenses (traveling/lodging/boarding)
4. Fee receipts or proof of payments made.
5. Copy of Passport & Visa and related documents, if the student is going abroad for higher education.
6. Income proof of the applicant in the form of
   1. Salaried: last 3 months’ salary slip/certificate or copy of the last three years IT returns or form 16 of last two years, 3 month bank statement.
   2. Businessman: last 3 years’ profit & loss and balance sheet, ITR copies of last three years, 3 month bank statement.