SBI (State Bank of India) : All students applying for their higher studies eligible to be funded by the SBI Education Loans. The bank has no upfront charges. Current interest rate is 11 to 13.75% per annum. SBI also provided special loans for girl candidates.
The financial support provided by SBI is been very helpful for the needy candidates. For studies in India the maximum loan amount is Rs. 10 lakhs, while it is Rs. 20 lakhs for studies in abroad. The repayment period is up-to seven years. No security is needed for amount less than Rs. 4 lakhs.
Student speak : A student named Karthick Mathew a B.A English student at Oxford University says "My friends approached private banks but I decided to take a loan from SBI because there are many concessions you can avail of only at Public banks".
Procedure to apply : Applicants must be an Indian nationals and have already been granted admission to an institute of higher education. Students seeking vocational training and diplomas in India and Job oriented professional courses abroad are also eligible for loans in SVI.
Besides from academic documents and a completed application form, all loans taken must be secured by parents, guardians or spouse. The bank is extremely stringent when it comes to the format of documents submitted. Please be sure to check ahead before submitting your final loan application. For more details please click here on State Bank Of India .
HSBC Bank : This bank is in partnership with Global Student Loan Corporation, which aims to provide loans for Indian students. The present interest rate is around 12% per annum with respect to the total amount applied for.
Loans up-to Rs. 1 crore are provided against residential property. The property must be in cities like Ahmedabad, Bangalore, Chandigarh, Chennai, Mumbai, NCR Region, Jaipur or Pune. Rs 5 lkahs is the minimum amount offered y HSBC.
Students speak : Prashant Singh, who is a B.A Physics stduent at Melbourne University says "The service is what blew me away. I went to 2 other banks prior to HSBC but their loan representatives were so unenthusiastic. HSBC was quite different, with good knowledge and offers.
How To Apply : The minimum age for primary and co-applicants is 18 years, while the maximum age is 60years. Eligible candidates need to provide relevant documentation, collateral and application forms in order for the loan amount to be granted. Co-applicants can only be parents or spouses for Indian nationals. It is vital to provide official documentation from the university stating expected tuition, lodging, food, books and transport costs.
The loan amount granted will be in Indian rupees over the course of applicant's academic career. For more details please click on HSBC Bank.