If you want to pursue higher education in India or abroad, you can avail of the Student Loan scheme or Saraswati Yojana of State Bank of Indore.
- An applicant of a loan under Saraswati Yojana will be considered eligible, if he is an Indian National.
- He should also get admission to a professional or technical course through a selection procedure or an entrance test.
- You can also apply if you get admission to a foreign institute.
- Studies Abroad : Maximum Rs. 20.00 Lac.
- Studies in India : Maximum Rs. 10.00 Lac
Mark Sheet and admission approval
- If you are studying in India or abroad, you need to submit the guarantee of a 3rd party for a loan amount above Rs 4 lacs. For an amount exceeding 7.5 lacs and upto Rs 10 lacs, you can deposit a material collateral security in keeping with the full amount of loan in case you study in India.
- For studies in abroad and on a loan amount exceeding Rs 7.5 lacs and upto Rs 15 lacs, you need to submit a collateral security or guarantee of a 3rd party and assign the future income of the student for paying installments.
- If you take a loan of above Rs 15 lacs and upto Rs 20 lacs from Indore Bank, you need to submit a collateral security matching the full amount of the loan.
- Upto Rs.4 lacs - 1.50% below BPLR i.e. 12.00% p.a.
- Above Rs.4 lacs and unto Rs. 7.50 lacs - At par with BPLR i.e. 13.50% p.a.
- Above Rs. 7.50 lacs - 1.00% below BPLR i.e. 12.50% p.a.
A student loan amount upto 7.5 lacss and Rs 15 lacss for studying in India and abroad respectively should be repaid in 5 to 7 years after repayment is begun. When the loan amount exceeds Rs 7.5 lacss and Rs 15 lacss in the respective cases, it can be repaid in 5 to 10 years after the repayment is begun. The moratorium extends one year over the course period or 6 months after getting employment, whichever happens earlier.