SIB EXCELLENCE SCHEME
The main features of the scheme are as follows:
- Indian Nationals or NRI with Indian passport.
- If student is major, parents to join as co applicants else parent will be principle borrower.
- Eligible courses offered in India by premier educational institutes like IIT, IIM, and NIT etc.
- Admission through merit channel only.
- Finance available for funding tuition fees, exam, library, lab fees, books, equipment, hostel, uniform, insurance premium.
- Loan up to Rs.25 lakhs.
- NIL margin up to Rs.4 lacs.
- Above Rs.4 lacs-5% margin.
- Nil collateral only guarantee of parents/close relative.
- ROI at MCLR (1 Year) +0.50%.
- Moratorium period will be 1 year after qualifying exam or 6 months after getting job, whichever is earlier and loan repayment period is max at 5 years
- Mandatory Life insurance under SIB EDUGUARD scheme.
- NIL proc fees/prepayment charges.
- Documents required- Proof of Identity and Address , PAN of student as well as Parents, Offer/Admission letter/Basic qualification & mark list, qualifying exam score card/Fee structure/Affiliations and approval of course/Property related documents.