NRI BankingLoansEducation LoansSIB GLOBAL EDUCATION

SIB GLOBAL EDUCATION SCHEME

The main features of the scheme are as follows:
  • Applicable to Indian Nationals or NRI with Indian passport
  • If student is major, parents to join as co applicants else parent will be principle borrower.
  • All full time UG/PG/PhD courses and diploma, skill development courses with duration of more than 1 year.
  • Min age of 18 years and max age of 50 years.
  • Finance available for funding tuition fees, exam, library, lab fees, travel expense, books, equipment, hostel, uniform, insurance premium.
  • Loan amount above Rs.20 lacs to Rs.150 lacs.
  • Margin-25%.
  • 100% collateral covering loan amount and funded interest.
  • ROI ranges from MCLR + 2%  to MCLR +2.5% , 0.5% concession for women borrowers
  • Moratorium period will be course period plus 6 month and loan repayment period ranges from 7 years to 15 years.
  • Mandatory Life insurance under SIB EDUGUARD scheme.
  • Upfront fee of 1% of loan amount.
  • Reimbursement of course fee and accommodation within 1year with proof.
  • 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.