STATE BANK OF BIKANER AND JAIPUR EDUCATION LOAN INTEREST RATE
The genesis of State Bank of Bikaner and Jaipur dates back to the year 1943-44, when the Bank of Jaipur Ltd. and the Bank of Bikaner Ltd. came into existence. In 1960, both banks were incorporated as subsidiaries of State Bank of India and named as State Bank of Bikaner and State Bank of Jaipur. On January 1, 1963, both banks were merged into one entity viz. State Bank of Bikaner and Jaipur. The constitution, capital, management and other matters pertaining to the Bank are governed by the provisions of SBI (Subsidiary Banks) Act, 1959.
75% of the shares of SBBJ are held by SBI and the remaining by institutions and general public. The Bank took over the business of the Govind Bank Pvt. Ltd, Mathura on 25th April, 1966. SBBJ went public in the year 1997-98 with an issue of
12.21 lakh shares of 100 each at a premium of 440/-. SBBJ is the only public sector bank with headquarter in Rajasthan.
At the time of incorporation, the Bank had a business of 45 crore, net profit of 7.5 lakh and a network of 124 branches (96 in Rajasthan). By March 2013 the business of the Bank increased to 1,30,590 crore, net profit stood at 730.24 crore.
The number of branches increased to 1037 ( 855 in Rajasthan) as on 31.03.2013. SBBJ had sponsored three Regional Rural Banks viz. Marwar Gramin Bank (set up in 1976), Sriganganagar Kshetriya Gramin Bank (1984) and Bikaner Kshetriya Gramin bank (1985). These were merged into single RRB viz. MGB Gramin Bank in June 2006. On 25.02.2013 the MGB Gramin Bank (RRB sponsored by SBBJ) and Jaipur Thar Gramin Bank (RRB sponsored by UCO Bank) were amalgamated into a single Regional Rural Bank named ‘Marudhara Gramin Bank’ sponsored by SBBJ with Head office at Jodhpur. The Bank shoulders Lead Bank responsibility in 9 districts of the State.
EDUCATION LOAN:
Key features of the scheme are furnished below:
Name of the scheme | SBBJ Education Loan |
Purpose | The Educational Loan Scheme outlined below aims at providing financial support from the banking system to meritorious students for pursuing higher education in India and abroad. The main emphasis is that a meritorious student, though poor, is provided with an opportunity to pursue education with financial support from the system with affordable terms and conditions |
Eligibility |
|
Loan Amount | • 10.00 lacs for education in India • 20.00 lacs for education abroad |
Margin | For Loans upto 4 lacs – NIL For Loans above 4 lacs For studies in India – 5% For studies Abroad – 15% |
Repayment | • Course period + 1year or 6 months after getting job, whichever is earlier. • Repayment of the loan will be in equated monthly instalments (EMI) for periods as under:- • For loans upto 7.5lakhs. – up to 10 years. • For loans above 7.5 lakhs – upto 15.years. |
Security | Upto 4.00 lacs: NIL Above 4.00 lacs – 7.50 lacs: Third party guarantee Above 7.50 lacs: Equitable mortgage of landed property or other tangible security . |
Processing Fee | NIL |
Rate of interest | As applicable from time to time • For girl student –Rate will be 0.50% lower. • Study in prime institutions – Rate will be upto1.00% lower. • 1% Interest concession may be provided by the bank, if interest is serviced during the study period. |
Expenses considered for loan |
While computing loan required scholarships, fee waiver etc, if any available to the student borrower may be taken into account |