Some Important points raised by Students

SN Query
1. TYPE OF EXPENSES COVERED
2 ANY CAP ON LAPTOP VALUE
3 Immediate Interest payment
4 PHYSICAL PRESENCE OF BOTH
BORROWER & CO-BORROWER
Reply
All the fees, including boarding, lodging, Laptop amount. If
you go abroad for the summer placement and the college
adds that in the fee, that also is included in the loan
amount.
Laptop is covered and there is no cap, but has to be
reasonable amount. This is reimbursed on production of
receipt.
Choice is yours. There are 3 options:
1. Pay the interest during the moratorium period
2. Don’t pay the interest
3. Pay the EMI
At least once the co borrower need to be here to sign the
papers. If he comes while applying, then the whole
process is done in a day or two, so the parent would not
have to stay for long for completing the formalities. We
can complete the whole process in 4-5 hours.

We can also sanction the loan in the single name of the

student without co-borrower.
5 Loan Amount 100% finance. The maximum loan amount is Rs.40.00
lakhs or cost of the course whichever is lower.
6 Rate of interest With co-borrower : MCLR +0.10%, effective rate is 8.65%
Without co-borrower : MCLR +0.20%, effective rate is
8.75% as of now.

This interest rate is subject to revision and we would revert

with the current rate in a separate mail.
7 Repayment Period Max of 180 months, i.e. 15 years
8 Any Security NO SECURITY
9 Co Borrower Co-borrower is not mandatory.
10 Documents Sheet attached
11 Time required We have done the loan in 4-5 hours too. Actual time
depends on rush.
12 Contact Number Md Azim Ashraf, Chief Manager (+91-8294630361)
Ms Priyanka (+91- 8294630364)
Ms Roselima (+91-8294630363)
13 Moratorium Period Course period plus 12 months (max)
14 Who all can be co-borrowers other Yes, for the married ones, the parent-in-law and the
than parents? Can parent-in-laws or spouse can also be the co borrower.
other in-laws be co-borrowers?

15 Can co-borrower be non-working wife Yes

/ parent?

16 Is physical presence of co-borrower Its better. Otherwise the papers have to be sent to your co
mandatory at SBI-XLRI branch? If not borrower in your home town to be signed in one of the
what are the other ways? nearby branches and then sent back to us.

We can also sanction loan in the name of the student

17 How much time you will take to
process the loan in case co-borrower
is not present at SBI-XLRI branch?
without co-borrower.
Depends on the time taken by the postal department to
move the documents. Allow us to suggest that let your co
borrowers come to Jamshedpur for a day so that they
complete the formalities here and see the grand institution
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 Some Important points raised by Students
that their wards are entering.
18 When you say that whole loan process Yes. But we have done the entire loan process in 4-5
takes 1 or 2 days in case co-borrower hours also, including disbursement of the loan.
comes with the student, do you mean
from loan application till the handover
of initial draft payment will take 1-2
days?

19 Can co-borrower leave Jamshedpur You apply the loan by filling in an application form, then
after first day of application we process it, sanction and then take documents, which
formalities? Or S/he is required for both of you are to sign and if all goes well, I don’t see any
whole 2-3 days? reason why we won’t be able to keep our 2 days
commitment. We have processed loans in less than 4
hours too.

We can also sanction loan in the single name of the

student without co-borrower. In such cases, physical
presence of only the student would be required.
20 As of now we have received scanned The fee structure would be provided by the college. Yes
copies of offer letter, schedule of the mail copies would suffice.
expenses etc. via email. Will print-out
of those scanned copies be valid for
loan application?

21 Some of the applicants still haven't
started the process of resignation from
current organization. Can they apply
for loan without a resignation /
relieving letter?
Resignation letter is must. Or submitted later. You can
submit the resignation letter in next month also after
serving the notice period. In case of those who are being
granted study leave by the office, they would have to pro-
vide such a letter.

22 Is the Special incentive in the form of Yes. To be applied and claimed by us from the GOI and
Interest Subsidy available for a person passed on to the customer.
whose parental income is less than
Rupees Four Lac Fifty Thousand a
year
23 Does the co-borrower needs to come Yes. If he cannot come to Jamshedpur now, then the
to the bank for loan clearance. papers must be sent to your home town for your co
borrower to sign and then sent back to us. The best idea is
to get your co borrower here. Let them finish the loan
process and have a look at the grand institution his / her
ward is entering.
We can also sanction loan in the single name of the stu-
dent without co-borrower. In such cases, physical pres-
ence of only the student would be required.
24 Is there any prepayment or processing NO
charges.
25 Suppose I pay the first installment YES, the first installment would be reimbursed if claimed
from my own sources, then can that within six months.
be reimbursed
26 Existing loans There should be no default or adverse remarks in CIBIL
report (the loan history report). The same would be
obtained at our end while processing the loan.
27 Timings Official timing is 10 AM to 4 PM, but we work beyond that
also.
28 Original documents Pls keep the originals, just in case we need to verify or

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 Some Important points raised by Students
take additional photocopies.
29 GOI subsidy Yes available. As per the GOI notification we invite claims
from eligible candidates and claim the interest charged
during the moratorium period and once received from the
GOI, then pay it back to the candidates.
You’ll have to submit an Income Certificate from the
Competent Authority designated by the State Govt to
issue certificates for this scheme; stating that the gross
annual parental/family income is upto Rs. 4.5 Lacs.
30 Are our ROI best There may be some Banks offering finer ROI or taking
other measures to ‘sweeten the deal’ but please see our
long association with XLRI Jamshedpur and see what is
called after sales services. This loan would be running for
up to 15 years and you will need servicing for many years.
So please bank on someone who has been around for
some time and proven itself. Please listen to seniors and if
they say go with SBI, then there is some merit in this logic.
Further taking into consideration our long association with
XLRI, we have redesigned our Scholar Loan for XLRI
students to offer the most competitive terms and
conditions.

31 Stay place Some of the hotel nos. are given below. Please call them
to make the bookings:
1.Dayal International :0657-6450471/72/73, -
2235434/35/36/38
2. The Sonnet : 0657-6619000, 2226932
3. Ginger Hotels : 0657-6663333, 9204750113
4. Hotel Ganga Regency : 0657-6610500
5. Ramada : 0657-6605000
6. The Kanelite : 0657-2231999
7. A B Palace : 0657-6552552