Some Important points raised by Students

SN Query
1. TYPE OF EXPENSES COVERED
2 ANY CAP ON LAPTOP VALUE
3 Immediate Interest payment
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 and avail of TAX Benefit for the
parent
2. Don’t pay the interest
3. Pay the EMI

4 PHYSICAL PRESENCE OF BOTH At least once the co borrower needs to be here to

BORRW & CO-BORRW sign the papers. If he comes while applying,
then the whole process is done ion the same day.
so the parent would not have to stay for long for
completing the formalities.We complete the
whole process in 4-5 hours.
5 Loan Amount 100% finance. The maximum loan amount is Rs
20 lakhs
6 Rate of interest Base Rate (BR)+ 0.25 % (BR as of now is 10.00
%, so the effective ROI is 10.25 %.*
(*For those with work ex of 2 years.)
7 Repayment Period Max of 174 months
8 Any Security NO SECURITY
9 Co Borrower Parent / Guardin / Spouse
10 Documents Sheet attached
11 Time required we have done the loan in 5 hours too..actual
time depends on rush.
12 Contact Number Najib Mujtaba, BM (+91-82946 30361)
Nitesh RMPB (+91- 82946 30364)
Anand (0-99055 26837)
13 Moratorium Period Course period plus 6 months (max)
14 Who all can be co-borrowers Yes, for the married ones, the parent-in-law and
other than parents? Can parent- the spouse can also be the co borrower.
in-laws or other in-laws be co-
borrowers?

15 Can co-borrower be non-working Yes

wife?

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

17 How much time you will take to
process the loan in case co-
borrower is not present at SBI-
XLRI branch?
Depends on the time taken by the postal
department to move the documents..allow me to
suggest that let your co borrowers come to Jsr
for a day so that they completer the formalities
here and see the grand institution that their
wards are entering.

19
20 As of now we have received The fee structure would be provided by the
scanned copies of offer letter, college. Yes the mail copies would suffice.
schedule of expenses etc. via
email. Will print-out of those
scanned copies be valid for loan
application?

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

22 Is the Special incentive in the Yes.. to be applied and claimed by us from the
form of Interest Subsidy GOI and passed on to the customer.
available for a person whose
parental income is less than
Rupees Four Lac Fifty Thousand
a year
23
24 Does the co-borrower needs to Yes. If he can not come to Jamshedpur now,
come to the bank for loan then the papers have to be sent to your home
clearance. 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.
25 Is there any prepayment or A big NO
processing charges.
26
27 Suppose I pay the first YES, this will be reimbursed if you claim it
installment from my own within 6 months.. the first installment would be
sources, then can that be reimbursed if claimed.
reimbursed
28 GOI subsidy Yes available.. As per the GOI notification we
invite claims from eligible candidates and claim
 Some Important points raised by Students

the interest charged during the moratorium

period and once received from the GOI, then
pay it back to the candidates.

Query Reply
1. Relieving letter / We understand that producing the relieving letter or the resignation
Resignation at the time of the loan might be difficult, so to facilitate the
letter
process, we would take an undertaking from you that the relieving
letter would be submitted within a reasonable time.
2
3 Margin There is no margin.so we finance the full course fee plus laptop
and any other amount needed to complete the course. Besides this
we also finance the Foreign Exchange course amount.
4 Timings Official timing is 10 AM to 4 PM, but we work beyond that also.
5 Original Pls keep the originals, just in case we need to verify or take
documents additional Xerox.
6 Stay place Some of the hotel No. pls talk and make the bookings
4. Hotel Asian Inn : 0657-2222170, 2220291
5. Hotel Rajhans: 0-9279545844
7 Laptop If you want now, then we make a DD in fav of supplier. So I
suggest, buy it and then claim the reimbursement by submitting the
bill / invoice.