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Special education loan packages from banks

Special packages for study loan from institutes like IIM, IIT from SBI

Apnaloan.com Research Bureau

10 Aug 2007

Many banks have special education loan schemes for meritorious and needy students.  Some banks have tie-ups with educational institutes to offer comprehensive student loan packages to save students the procedural hassles in getting the loan sanctioned.  

  • SBI has tie-ups with the Indian Institutes of Technology (IITs) and the Indian Institutes of Management (IIMs) while HSBC has tied up with the Indian School of Business.   
  • Allahabad Bank offers loans at interest rates that are 200 basis points lower than the PLR for students of IIMs, IITs and professional courses.   
  • For those looking to study abroad, SBI has an interesting education loan package. It has a tie-up with Thomas Cook and offers instant wire transfers, foreign currency drafts, travellers cheques, pre-paid cards and insurance along with the student loan.   
Scheduled Caste/ Scheduled Tribe students get privileges, in terms of eligibility and margin money, for educational loans. For example, the eligibility criteria for them may be a pass class instead of a first/ second class. And sometimes, the margin money is nil, or lower than the normal amount. However, only nationalised banks offer these privileges. Even in the case of nationalised banks, it's a good idea to check with them beforehand.