Personal BankingLoansEducation LoansSIB VITJNAN PRADHAN 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.
  • Eligible courses leading to graduate/PG/PG diploma with approval and university affiliation in India and job oriented professional/technical courses leading to degree/PG/PG diploma and other diploma courses for overseas study.
  • Admission Criteria Meritorious student (UG): A minimum cut-off marks of 80% in those subjects which are considered as qualifying subjects and 75% in aggregate in HSC (10 plus 2 or equivalent) for such higher education in states where no separate entrance test is required for admission.
  • Admission Criteria Meritorious student (PG): A minimum marks of 75% in UG or marks as prescribed by the Institution for Post Graduate or Research studies must have secured by the student along with clearing the entrance test and/ or GD and/ or interview processes as prescribed by the institution.
  • Finance available for funding tuition fees, exam, library, lab fees books, equipment, hostel, uniform, insurance premium.
  • Loan up to Rs.10 lacs for Domestic studies.
    • Up to Rs.20 lacs for overseas studies.
  • NIL margin up to Rs.4 lacs.
    • Above Rs.4 lacs-5% margin for domestic and 15% margin for foreign studies
  • Nil collateral security up to Rs.4 lacs
    • Third party guarantee for loan greater than Rs.4 lacs up to Rs.7.50lac.
    • 100% collateral for loan greater than Rs.10 lacs.
    • In case of NRI’s tangible collateral security having value equal to loan amount plus funded interest is required.
  • To view interest rate click here
    • Simple interest charged during moratorium.
    • 1% concession if interest is serviced during moratorium period or
    • 1% concession for prompt repayment of EMI if interest is funded during moratorium.
  • Moratorium period will be course period plus 1 year and loan repayment period is max at 15 years.
  • Mandatory Life insurance under SIB EDUGUARD scheme.
  • NIL proc fees/prepayment charges.
  • Top up loans allowed within the moratorium period of the first course.
  • Students under economically weaker sections pursuing domestic technical/professional courses are eligible under centralised scheme for interest subsidy if any.
  • Income Tax benefit under Section 80(E) in respect of interest paid.
  • 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.