Some Important points raised by Students

 SN Query Reply

1. TYPE OF EXPENSES COVERED 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.
2 ANY CAP ON LAPTOP VALUE Laptop is covered and there is no cap, but has to be
reasonable amount. This is reimbursed on production
of receipt.
3 Immediate Interest payment 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

4 PHYSICAL PRESENCE OF BOTH At least once the co borrower need to be here to sign
BORROWER & CO-BORROWER 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 0.05% above 1 Month MCLR, effective rate 7.00%
wef 10.05.2020

7 Repayment Period Max of 180 months, i.e. 15 years

8 Any Security NO SECURITY
9 Co Borrower Co-borrower is optional.
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 Mrs. Lakshmi TV, 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 than Yes, for the married ones, the parent-in-law and the
parents? Can parent-in-laws or other in- spouse can also be the co borrower.
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
mandatory at SBI-XLRI branch? If not your co borrower in your home town to be signed in
what are the other ways? one of the nearby branches and then sent back to us.
We can also sanction loan in the name of the student
without co-borrower.
17 How much time you will take to process Depends on the time taken by the postal department
the loan in case co-borrower is not to move the documents. Allow us to suggest that let
present at SBI-XLRI branch? your co borrowers come to Jamshedpur for a day so
that they complete the formalities here and see the
grand institution 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,
after first day of application formalities? then we process it, sanction and then take
Or S/he is required for whole 2-3 days? documents, which both of you are to sign and if all
goes well, I don’t see any 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 Yes the mail copies would suffice.
copies of offer letter, schedule of
expenses etc. via email. Will print-out of
those scanned copies be valid for loan
application?
21 Some of the applicants still haven't Resignation letter is must. Or submitted later. You
started the process of resignation from can submit the resignation letter in next month also
current organization. Can they apply for after serving the notice period. In case of those who
loan without a resignation / relieving are being granted study leave by the office, they
letter? would have to pro-vide such a letter.
22 Does the co-borrower needs to come to Yes. If he cannot come to Jamshedpur now, then the
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.
23 Is there any prepayment or processing NO
charges.
24 Suppose I pay the first installment from YES, the first installment would be reimbursed if
my own sources, then can that be claimed within six months.
reimbursed
25 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.
26 Timings Official timing is 10 AM to 4 PM, but we work beyond
that also.
27 Original documents Pls keep the originals, just in case we need to verify
or take additional photocopies.
28 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.
29 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.
30 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