SIB GLOBAL EDUCATION

Loan Amount & Repayment Tenor

Moratorium Period

Study Period + 6 months. Compound interest shall be charged during the moratorium period.

Collateral Security

·         Minimum 125 % collateral security covering the loan amount and interest funded by the bank during the holiday period when property is Residential or Commercial Built ups.

·         Minimum 150 % collateral coverage covering the loan amount and interest funded by the bank during the holiday period when property is vacant land. The total extent of the vacant land as security under the scheme is restricted upto 20 cents.  

      i.            Reimbursement of course fee and accommodation is subject to a maximum of one-year expense provided proper proof for payment of such fee to the institution/ college/ university is submitted.

      ii.            Branch should ensure the margin norms in case of reimbursement also.

·         15 % of the total cost of the course (only eligible components after excluding scholarship/ sponsorship if any).

Minimum Age

18 Years

The deviation in the Minimum age limit up to age of 17 years may be allowed

Maximum Age

·         30 Years (at the time of commencement of course)

·         Relaxation in age up to 40 years may be allowed with maximum repayment period of 7 years.

Co-Borrowers/ Guarantors

·         Parent/ guardian whose income is considered for loan assessment, should join the documents as co-borrower and whose income has not considered for loan assessment may join as guarantor. In exceptional cases like divorce of parents etc; any one of the parent/ guardian should join the documents as co-borrower.

·         In case of married applicants, spouse should join the documents as co-borrower except in cases like divorce, separated, etc.

·         Co-borrower in India is mandatory for availing the loan under this scheme.

Life Insurance is mandatory on the students availing Education Loan, under SIB EDUGUARD scheme.

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.

The minimum combined gross income of co-borrowers shall be complied as below,

Total Cost of Course includes the following:

• Tuition fee payable to the college/ university
• Hostel/ Accommodation/ Other Living Expenses
• Travel Expenses to abroad
• Insurance Premium (Life and / or Health)
• Fees for Examination/ Library/ Lab/ Laptop
• Any refundable deposit demanded by the institution subject to a maximum of 10% of the tuition fees
• Expenses towards Project/ Thesis/ Study Tours, etc subject to a maximum of 20% of the tuition fees

Maximum ROI

·         REPO + Operating Cost + Spread – Presently 12.54%.

For floating rate loans above 7 years (excluding moratorium) additional 0.25% to be charged.

Upfront Fee

1.00% of the loan amount + GST

·         Concession in upfront fee can be allowed as per the extant guidelines.

Documentation  Charges

CERSAI Fee

LSR Fee

Property Valuation Charges

Inspection Charges

Penal Charges

Pre-closure/ Pre-payment Penalty

As per the policy norms of the bank.