State bank of India
The bank offers many loans to students who want to pursue higher education. Students for school and graduate courses in India can take up to six times the net (take home) monthly income of parent, guardian, student. The loan can be minimum of 4000 extending to a maximum of rupees one lakh. Students for specialized / technical /professional post graduate studies can take 90 percent cost of he study, subject to a maximum of rupees five lakh with the margin being 10 per cent.
The courses for which the bank offers loans are ,courses conducted and approved by universities and autonomous institutions affiliated to them. It includes the courses in computer, management, engineering, medicine and architecture.
The loan is to be repaid in the period of 6 months commencing a month after disbursal by the parent /guardian of his her income. For technical /professional /specialize studies in India, the loan is to be repaid in the maximum period of 60 months after completion of course or securing job, whichever is earlier.
the security includes collateral security from the borrower/guarantor equal to 100 percent of the loan amount consisting of any one or more of the following.
1. Government securities, public sector bonds, units of UTI, NSC, surrender value of LIC policy, bank deposits of equivalent value after effecting necessary assignment.
2. Gold share hypothecation of motor vehicles, equitable mortgage of immovable property, after retaining 50 percent margin of their market value.