SIB-Excellence

Student

• Only Indian Nationals (including NRIs) are eligible

Group Students getting admission through general merit in following premier educational institutions in the country

Courses & Institutions

• All IIMs for 2 year PG/PGDM programme
• All IITs for 4 year UG /2 year PG programmes
• National Institute of Design (NID)-Ahmedabad for 4 years UG/ 2 years PG course
• Indian School of Business (ISB), Hyderabad for 2 year PG programmes
• National Institute of Fashion Technology (NIFT) for 4 year UG/2 year PG course
• Indian Institute of Foreign Trade, Delhi & Kolkata for 2 year PG programmes
• Business schools ( other than those listed above ) appearing in the top 20 ranking of ‘NAAC’ ( National Assessment & Accreditation Council) / AIMA (All India Management Association) , the list of which will be circulated by Credit Department shortly.

Loan Details

Coverage of Expenses

• Fees payable to College including examination /library /laboratory fees
• Caution deposits and refundable deposits(not exceeding 10% of tuition fees for the entire course).
• Cost of study books / equipments / computers
• Cost of uniform
• Hostel Boarding and lodging
• One time premium of life insurance policy (without maturity return) covering the entire period of loan with sum assured equal to the loan amount

Quantum

Max.Rs.10.00 lakhs subject to actual requirement, whichever is lower.

Margin

• Up to Rs. 4 .00 lakhs - Nil.
• For loans above Rs. 4 .00 lakhs - 5%

Scholarships /assistantship can be included in margin . Margin may be brought in on year-to-year basis as and when disbursements are made

Mode of payment :

Payment, preferably through RTGS direct to the institution / supplier for college/hostel fees, books, uniform, computers etc as far as possible. RTGS charges may be waived. The paid bills / vouchers (not older than 3 months) may be reimbursed by credit to borrower’s account.

Borrower/ Guarantor :

In the case of (major) students – borrower to be the student him/herself along with atleast one of his/ her parents as guarantor. Networth of the guarantor/s should not be less than the loan amount.

If parents are not alive, close relative should be guarantor.

(Either one guarantor with net worth not less than the loan amount or more than one guarantor with total networth not less than the loan amount).

In the case of minor students- one of the parents to be the borrower along with other parent/ close relative as guarantor.

Security :

Guarantee by one of the parents/close relative .
Life Insurance policy (Single Premium) for equal amount of loan and tenure to be got assigned in bank’s name .

Fixed Rate @ 9 % without reset clause

Repayment

Repayment will start from 1 year after qualifying exam or six months after obtaining employment, whichever is earlier. Loan should be repaid in 60 equal monthly installments after the holiday/ moratorium as above. No prepayment penalty. Interest during holiday period may be funded /remitted as per option given by the borrower at the time of availment of loan.