Private College Student Loan

what are condtion for appling education loan in SBI?

i want details of education loan offerd by banks and their eligibility

Public Comments

1. Earlier loans up to Rs 4 lakh required collateral security. Now, however, only loans above Rs 4 lakh require tangible collateral, security for full value of the loan or third party guarantee, depending on the amount. However, the co-borrower, who in most of cases is the parent or guardian of the student, is required to furnish his bank account statement, tax returns of the last two years, statement of assets and liabilities and proof of income. The margin requirements on education loans are not very rigid. It is 5 per cent for inland studies and 15 per cent for studies abroad for amounts exceeding Rs 4 lakh. The margin money is calculated from time-to-time on the outstanding balance of the loan. You will be required to bring in this margin money on a year-to-year basis, as and when the disbursements are made on a pro-rata basis. Terms of the loan The repayment period is normally five to seven years and it commences one year after the completion of the course or six months after securing a job, which ever happens earlier. This is the moratorium period. The interest rates on these loans are usually on a floating basis. They are linked to the lending rates of the bank and are called PLR or Prime Lending Rate. Normally, interest on loans up to Rs 4 lakh is the same as the PLR; some banks offer half or quarter percentage points lower than the PLR. Loans above Rs 4 lakh attract interest rates that are 50 or 100 basis points above the bank's PLR. During the moratorium period, simple interest is computed. On commencement of the repayment, compound interest is charged on the total outstanding balance (principal plus accrued interest) in the loan account.Accrued interest gets added to the principal amount and Equated Monthly Instalments (EMIs) are fixed on the total outstanding amount. I found interesting information about your answer, college loans, scholarships, college grants & partime works here.http://all-student-loan-consolidation.blogspot.com/2007/07/college-loan-consolidation.htmlGood luck!
2. YOU WOULD BE A STUDENT THERE IS NO GUARANTEE IS REQUIRED THE LOAN UP TO RS FOUR LACS. ABOVE FOUR LACS YOU WILL HAVE PROVIDED COLLATERAL SECURITY OR PERSONAL GUARANTEE. I THINK UPPER LIMIT OF THE LOAN IS 15 LACS FOR THE STUDENT WHO WANT TO STUDY AT ABROAD.
3. http://www.gettarget.com/education_loan/education_loan.asp