IIM Bangalore Education Loan

Hi I am the student of Indian Institute of Management Bangalore and I want to apply for educational loan in Central Bank of India so tell me the eligibility criteria and the conditions required to apply for educational loan in this bank?

I have completed B.Tech Degree recently from top Engineering College in Bangalore and now want to do MBA from IIM Bangalore. So I have to apply for Education Loan at State Bank of India. So can anyone tell me from where I can get information about Education Loan offering by State Bank of India for admission at IIM Bangalore?

[shikha]

The IIM Bangalore is one of top Business Schools in India.

The IIM Bangalore was established in 1973.

The State Bank of India offers Education Loan for students who want to do MBA from IIM Bangalore.

Education Loan Scheme Name: SBI SCHOLAR

The following expenses are covered:

Examination/ Library/ Laboratory fees

Caution Deposit/ Building Fund/ Refundable deposit supported by institution bills/ Receipts (not to exceed 10% of Tuition fees for the entire course)Travel Expenses

Fee payable to college/ School/ Hostel

Purchase of books/ Equipments/ Instruments/ Uniforms

Purchase of Computers, if essential for completion of course

Any other expenses required to complete the course like study tours, visits to foreign universities in exchange programes, project work etc.

Loan Amount:
Maximum of Rs.20.00 lacs depending on the fees structure advised by IIM, Bangalore.

Contribution (Margin):
Just 5% margin

Rate of Interest:
Attractive Rate of interest @1.00% above BASE RATE, which is at present 10.00% (effective rate 11.00% p.a.)

Simple interest to be charged during Moratorium/ Repayment Holiday

0.50% concession in interest whose Spouse / Parents / Guardian as a Co - Borrower(mandatory)

0.25% concession in interest rate whose work experience is more than 2 years (satisfactory documents to be produced)

Penal interest @ 2% is to be charged for loans above Rs.4.00 lacs for the overdue amount and overdue period.

Repayment Period:
12 years

Processing Fees:
NIL

Other Requirements:
Please fill up the following enclosed forms:
Loan application form - by Applicant & Parent / Guardian
Assets & Liabilities form - by Applicant & Parent / Guardian, individually.
Savings Bank A/c opening form - by Applicant.