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Harvard, Yale, watch out! SBI rolls out education loan of up to Rs 1.50 crore to study abroad; check interest rate, benefits and features

This loan has been named SBI Global Ed-vantage loan. The SBI statement mentioned that this loan will be the helping hand of students who want to study at foreign colleges and universities. SBI said that this loan will start from Rs 7.50 lakh to Rs 1.50 crore.

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SBI education loan

State Bank of India has now rolled out a new education loan for students who want to pursue full-time regular courses at abroad universities. This loan has been named SBI Global Ed-vantage loan. The SBI statement mentioned that this loan will be the helping hand of students who want to study at foreign colleges and universities. SBI said that this loan will start from Rs 7.50 lakh to Rs 1.50 crore.

Who all can avail this loan?

This loan will be available for students who are pursuing regular graduate degrees, post-graduate degrees, doctorate, diploma and certificate courses in foreign universities.

What are the countries covered in this loan?

The countries that are covered in this loan are UK, Europe, US, Australia, Canada, Japan, Hong Kong, Singapore and New Zealand.

What is the interest rate on this loan?

SBI will provide an interest rate of 8.65 per cent and in this, a special 0.50 per cent concession for female applicants will be provided.

What are the documents required for the application process?

The documents required for this loan are as follows:

Marksheet of class 10th and 12th, graduation if applying for masters and Entrance Exam Result

The admission letter from the university as proof of admission.

Downloaded schedule of the expenses of the course

Passport size photo of student/ parent/ co-borrower/ guardian (copy of 1 each)

For salaried people, they need to carry the latest salary slip

Aadhaar card

Passport

What will be required for the security or collateral?

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The person who is applying for the loan will be required to provide tangible collateral security.

The collateral security offered by parents will also be accepted.

How to apply for this loan?

You need to visit the official website of SBI, and you will be able to see the option of this loan. In the next step, you need to click on Apply Now and then fill in the required details and submit the application process.

In other India news, Petrol, diesel prices reduced for the second time; check fuel rates in Delhi, Noida, Mumbai, and other cities here

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Ola Electric shares fall 6% amid insolvency proceedings against subsidiary

Ola Electric shares plunged 6% as Rosmerta Digital filed an insolvency plea against its subsidiary. The company faces legal challenges amid growing financial losses.

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Ola Electric’s share price fell nearly 6% on Monday after Rosmerta Digital Services Ltd announced plans to file an insolvency petition against its wholly-owned subsidiary, Ola Electric Technologies Pvt Ltd. The petition, citing unpaid dues, was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) and submitted to the Bengaluru Bench of the National Company Law Tribunal (NCLT).

Ola Electric’s response

Ola Electric Mobility has contested the claims, stating that it has sought legal counsel and will take all necessary actions to challenge the petition. The company mentioned that it had been renegotiating its agreements with Rosmerta Digital Services Pvt Ltd and Shimnit India Pvt Ltd to reduce costs and enhance efficiency in vehicle registration services.

Stock performance and market impact

Opening Price (BSE): Rs 50 per share

Intraday High: Rs 50.16

Intraday Low: Rs 48.61

Market analysts remain bearish on Ola Electric’s stock. Anshul Jain, Head of Research at Lakshmishree Investment and Securities, noted that the stock has been on a steady decline post-IPO, breaking below its base price of ₹76.

“After peaking at ₹157 post-IPO, the stock has been in a firm downtrend. The break below ₹76 suggests that the next key support level is ₹34. Unless a strong reversal occurs, further selling pressure is likely,” Jain stated.

Ola Electric’s Q3 2024 financial results

Ola Electric Mobility reported a widening consolidated net loss of ₹564 crore for Q3 2024, compared to ₹376 crore in the same quarter last year.

Revenue from operations: ₹1,045 crore (down from ₹1,296 crore year-on-year)

Increased expenses: Due to rising competition and one-time costs for service-related improvements

Despite financial struggles, the company noted that it achieved its highest-ever e-scooter registrations of 3.33 lakh units in Q3, marking a 37.5% increase from last year.

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Jio partners with SpaceX to bring Starlink broadband to India

Reliance Jio and SpaceX have partnered to bring Starlink broadband services to India, enhancing digital connectivity in remote areas.

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Elon Musk

Reliance Jio has announced a strategic partnership with SpaceX to introduce Starlink broadband services in India, a move aimed at improving internet accessibility, especially in remote and rural regions. The deal will enable Jio to leverage SpaceX’s low-Earth orbit (LEO) satellites, enhancing its existing broadband services like JioAirFiber and JioFiber.

Under this collaboration, Starlink equipment will be available at Reliance Jio stores across the country, subject to regulatory approvals. Customers will also have access to installation, activation, and support services provided by Jio.

Boosting India’s digital connectivity

The partnership aligns with Jio’s goal of ensuring high-speed internet access for enterprises, small and medium businesses (SMBs), and communities across the country. By utilizing Starlink’s extensive satellite network, the initiative is expected to bridge connectivity gaps in difficult-to-reach locations.

Gwynne Shotwell, President and COO of SpaceX, welcomed the partnership, stating, “We are looking forward to working with Jio and receiving authorization from the Government of India to provide more people, organizations, and businesses with access to Starlink’s high-speed internet services.”

Regulatory approvals and future collaborations

While the partnership is a significant step, Starlink’s services in India still require clearance from regulatory authorities. Once approved, Starlink broadband services will be available for purchase and activation through Jio’s distribution network.

Additionally, Jio and SpaceX plan to explore other complementary areas of cooperation, utilizing their infrastructure to further strengthen India’s digital ecosystem.

This development follows SpaceX’s recent agreement with Bharti Airtel, which also intends to sell Starlink equipment and provide connectivity solutions to business customers, schools, health centers, and remote communities.

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Ashok Hinduja reassures shareholders amid IndusInd Bank’s market turbulence

IndusInd Bank’s promoter, Ashok Hinduja, has assured investors of the bank’s stability, despite a sharp decline in its stock. He confirmed readiness to inject capital if required while emphasizing the strength of the bank’s financial position.

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IndusInd Bank promoter Ashok Hinduja addressing financial concerns

IndusInd Bank’s promoter, Ashok Hinduja, has assured investors that the bank remains financially strong despite recent turbulence in its stock performance. He confirmed that the promoters are prepared to inject capital if needed, reiterating confidence in the institution’s ability to handle its ongoing challenges.

The reassurance follows a sharp decline in IndusInd Bank’s stock, which plummeted 26% on March 11, wiping out nearly Rs 18,000 crore from its market capitalization. The drop was triggered by concerns over discrepancies in the bank’s derivatives portfolio, which is expected to have a 2.35% impact on its net worth.

“Shareholders need not panic”

Speaking to the media, Hinduja emphasized that the bank remains in a strong financial position.

“Shareholders need not panic. These are routine issues. I understand the concern regarding the delay in communication, but banking is built on trust and integrity,” he stated.

Hinduja also reaffirmed confidence in the bank’s leadership, noting that IndusInd Bank has successfully navigated various challenges over its 30-year history.

“We’ve seen IndusInd Bank through various challenges, and they have been handled effectively. This issue, too, will be resolved,” he added.

Capital adequacy remains strong

Despite the market reaction, Hinduja reiterated that the bank remains well-capitalized. He clarified that while the promoters are willing to inject fresh capital if necessary, the bank’s capital adequacy ratio stands above 15%, and there is currently no immediate concern.

“If there’s a need for capital raise, the promoter is ready to inject funds. We are awaiting approval from the regulator. However, as of now, the bank’s capital adequacy ratio is above 15%, and there are no concerns.”

Market reaction and leadership concerns

The decline in stock value was further exacerbated by brokerages downgrading IndusInd Bank following the Reserve Bank of India’s (RBI) decision to approve a one-year extension for MD & CEO Sumant Kathpalia—shorter than expected.

On March 10, IndusInd Bank disclosed that an internal review had revealed discrepancies in its derivatives portfolio, which could impact its net worth by approximately Rs 1,500 crore. However, the final impact is still subject to an external review.

Hinduja assured that the bank’s board and management are fully equipped to manage the situation, adding that similar challenges have been faced by banks worldwide.

“The board and management are capable of resolving these issues,” he stated.

As IndusInd Bank navigates the current volatility, investors are closely monitoring further developments regarding its derivatives portfolio review and capital injection plans.

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