The State Bank of Travancore (SBT) was a major associate of State Bank of India. SBT was a subsidiary of the State Bank Group, established on 12 September 1945 in Thiruvananthapuram, Kerala. State Bank of Travancore Provides education loan schemes to students helping them realize their dream of higher education in India and abroad. If you want Education Loan to complete your education or pursue higher studies from Abroad, You are at the right place to collect every aspect of information related to Education Loan in India.
Read this full post on State Bank of Travancore Education Loan for information Like Eligibility, How to apply, Interest Rates, Documents Needed, Different aspects of Education Loan, Interest Rates, Return Policy, General Instructions etc. Throughout the article, we will share information regarding State Bank of Travancore Educational Loan it’s Process to Apply and full detailed Information.
State Bank of Travancore Education Loan
The major aim of the bank is to ensure anywhere and any time banking for the customer with the latest state-of-the-art technology. The Bank is very serious about its Education Loan Facility and by developing an effective customer-centric relationship it promises to emerge as a world-class education Loan provider. Before we share further, let us first have a brief review of the Bank.
|Name of Bank||State Bank of Travancore|
|Founded on||12 September 1945|
|Type of Bank||Nationalised Bank|
|Number of Employees||14,069 (2015)|
|Maximum Loan Amount||Rs 20.0 Lakh|
|Timeline for Loan Disposal||Maximum 15 Working days|
|Category||Education Loan in India|
Types of State Bank of Travancore Student Loan
|1.||Education Loan||This loan is for pursuing higher education in India or abroad. One can avail a loan amount up to Rs. 10 lakh for studies in India and Rs. 20 lakh for studies abroad.|
How to Apply
- Visit official Web Site of State Bank of Travancore (Click Here)
- Find the Educational Loan Section Apply Now Button
- Fill online Application Form
- Visit the nearest branch of State Bank of Travancore Bank to get offline Education Loan form.
- You may also download the form from official web handle.
- Submit the Application Form to Nearest Branch along with document needed.
- The applicant should be an Indian national. NRIs are not eligible.
- Applicant must have secured admission in a recognized educational institution.
- A minimum mark of 60% in aggregate is required and this is applicable to subjects in the last qualifying examination for students who have passed the entrance test or secured admission under management quota.
- The Applicant should have secured admission through merit in any foreign university institution.
- Photocopy Mark sheet of last qualifying examination for school and graduate studies in India.
- Proof of admission: Offer Letter or Admission Letter from the Institution.
- Schedule of expenses for the course.
- Copies of the letter confirming scholarship, etc.
- passport size photographs.
- Statement of Bank accounts for the last six months of the borrower.
- ID and Address proof.
- Proof of Income of Parents or Guardians.
- Tuition and course fee.
- Hostel Fee.
- Examination, library and laboratory fees
- Caution deposit, Building Fund or Refundable Deposit.
- Cost of books, Uniforms, Equipment and other instruments.
- Travel Expenses for studies abroad.
- Other expenses required to complete the course like trips, projects and thesis.
- Purchase of computers required for completion of the course.
- In the case of State Bank of Travancore Education loan, repayment will start after the completion, of course, period+1 Year and moratorium period.
- 6 Months after securing a job. (Whichever is earlier)
- Repayment can be done up to a Maximum of 15 years
EMI Calculator is used for calculating the periodic payment amount due on a loan. For calculating EMI one must input data like Amount, Interest Rate, tenure, Processing Fee etc.
- If you want to calculate EMI for SBT Educational Loan: Click Here
- Up to Rs. 4 Lacs:
• Co-obligation of parents
• No security
- Above Rs. 4 lacs and up to Rs. 7.50 Lacs:
•Co-obligation of parents together with collateral security
in the form of suitable third party guarantee.
- Above Rs. 7.5 lacs:
• Co-obligation of parent/ guardian/ spouse/ parent-in-law/ grandparents along with the tangible collateral security of suitable value preferably not less than 200% of the loan limit, along with the assignment of future income of the student for payment of instalments and tangible security of suitable value.
|Head office||4th Floor, North Wing, LIC Jeevan Seva Extention Building, S V Road, Santacruz(W), Mumbai 400054.|
|Apply for Loan||Click Here|
|Contact Number||022-26103145, 022-26103146,|
SBT Student Loan FAQs
We hope that the information furnished above will guide you to get the best educational loan for your studies. In case of any doubt regarding the loan procedure and other related terms, read our FAQ’s session.
Q1. Who can be my co-borrowers?
Ans. Your parents/guardian can be a co-borrower as well as the spouse in case of a married applicant. The co-borrower should have a steady source of income and a good credit history in order to improve the applicant’s chances of a successful loan application.
Q2. How long does it take to process Educational Loan?
Ans. Generally, the time taken for the education loan to process is somewhat between 7-10 working days. Often, the whole process can be easily completed within 3 to 5 Working days, once the student fulfils all documentation.
Q3. What all expenses will be covered by education loans?
Ans. Apart from the tuition fees, other aspects of expenses such as hostel charges, equipment purchases and other course-related expenses may also be covered by the education loan.
Q4. What are the courses for which an education loan can be availed?
Ans. An education loan can be availed for all courses recognized by the UGC in case of India and all regular courses abroad. Each lender has its own list of educational institutions and courses that they would provide a loan for whether overseas or within India.
Q5. Can a student avail another loan for further studies?
Ans. Yes, this is possible. You can borrow a loan for a bachelor’s degree followed by one for master’s without repaying the first loan. This loan can be taken as a top-up loan against the already existing loan; however, it is subject to the lending bank’s discretion and the internal rules and regulations of the lender.
Q6. Do education loans have any Income Tax benefits?
Ans. Loan borrowers can avail tax benefits on interest paid on education loan under Sec 80E of the Income Tax Act. This benefit is available over and above the Rs. 150,000 deduction allowed under Section 80C. Tax benefits can be availed once the borrower starts paying the interest on the education loan. Further, the deduction is available until the borrower pays off the full interest amount on the loan or for a maximum period of 8 years, whichever is earlier.
Q7. Why do banks require an insurance policy?
Ans. Banks usually prefer that students avail a life insurance policy equivalent to, or more than, the loan amount. The policy acts as a security feature and forms a part of the collateral. In case of the untimely demise of the borrower, the bank recovers the outstanding loan amount from the student’s life insurance policy and the remaining amount, if any, is paid out to the beneficiary of the policy.
Q8. Is any incentive available for a girl student applying for education loan?
Ans. Banks generally provide a 0.5% concession on the applicable education loan interest rate to girl students pursuing higher education in India and abroad.
Q9. Are there any special privileges for students of SC/ST category who avail education loans?
Ans. Yes, eligibility criteria and loan margins on education loan are relaxed for Scheduled Caste/Scheduled Tribe students availing education loans in India. The eligibility criteria are lowered from first/second class to pass class for SC/ST category students seeking education loan for graduate and postgraduate studies, while, margin money is sometimes lowered than the regular percentage or nil.
Q10. Where can I avail on a State Bank of Travancore education loan?
Ans. The loan is available from all branches in metro/urban areas as well as those having personal banking divisions.
Best of Luck..!!