Choosing a right career path can be daunting and challenging, with financial constraints impacting the journey of an aspirant. State Bank of Bikaner and Jaipur has been catering to the needs of its clients since 1943 and offers a career loan designed to aid and benefit youngsters, providing them an opportunity to chase their dreams.
For what purpose can a SBBJ Career Loan be used?
A SBBJ (State Bank of Bikaner and Jaipur) Career Loan can be used to pay the fees for courses like pilot coaching, airhostess training and sports education. It can be used to develop a skill towards a particular course.
Students who wish to pursue a career in the sky can opt for this loan. It is open to those who have enrolled in a pilot training course or an airhostess training centre, either in India or abroad. Sportspersons who wish to pursue diploma courses recognized by SAI can also avail a SBBJ Career Loan.
Students/trainees can avail loans up to Rs 20 lakh under the SBBJ Career Loan scheme.
Individuals who wish to avail a SBBJ Career Loan need to satisfy the following eligibility criteria.
The student should be an Indian citizen
The institute in which one wishes to pursue a course should be recognized by the Ministry of Civil Aviation
Individuals taking the loan under sports quota should pursue courses recognised by Sports Authority of India only.
Yes, a collateral in the shape of a property (house/land/flat) or a government security/Bank bonds should be provided in order to avail a SBBJ Career Loan.
The interest rate charged by SBBJ on its Career Loan depends on the security offered by a borrower. Individuals who provide land or buildings as collateral can avail this loan at an interest of 12.25% per annum while those who provide government securities are required to pay 10.50% per annum. A rebate of 0.50% can be availed if the interest is paid during the course.
Note: Interest rates charged by SBBJ on its career loan are at their discretion and subject to change. The current rates mentioned are for November 2015.
Individuals can repay this loan through flexible EMIs with a repayment tenure of 36 months, with the tenure starting one year after the course is over.
There are no penal charges on prepayment of this loan.
Individuals who wish to apply for a SBBJ Career Loan can do so by visiting a SBBJ branch and filling in the necessary forms. One will have to provide their basic information like name, address, ID proof, etc. in order to avail this loan.