Educational Loan in Banks : Education Loan in State Bank of India ( SBI )

Education Loan in State Bank of India ( SBI )

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Education Loan in State Bank of India ( SBI )

State Bank of India Education Loan

A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.

Eligible Courses : All courses having employment prospects are eligible.

  • Graduation courses / Post graduation courses / Professional courses.
  • Other courses approved by UGC / Government / AICTE etc.

Expenses considered for SBI Education loans :

  • Fees payable to college / school / hostel.
  • Examination / Library / Laboratory fees.
  • Purchase of Books / Equipment / Instruments / Uniforms.
  • Caution Deposit / Building Fund / Refundable Deposit ( maximum 10% tution fees for the entire course ).
  • Travel Expenses / Passage money for studies abroad.
  • Purchase of computers considered necessary for completion of course.
  • Cost of a Two wheeler upto Rupee 50,000/-.
  • Any other expenses required to complete the course like study tours, project work etc.

Amount of SBI Bank Education Loan :

  • For studies in India, maximum Rupee 10 lacs.
  • Studies abroad, maximum Rupee 20 lacs.

State Bank of India Interest Rates : w.e.f. 29.06.2009 ( SBAR 11.75% )

SBI Student Loan Scheme

State Bank of India Education Loan Amount SBI Rate of Interest
Loans upto Rupee 4.00 Lacs0.50% below SBAR i.e. 11.25% p.a.
Loans above Rupee 4.00 Lacs and upto Rupee 7.50 Lacs1.00% above SBAR i.e. 12.75% p.a.
Loans above Rupee 7.50 LacsAt SBAR i.e. 11.75% p.a.

An Interest Rate concession of 0.50% to Girl Student availing SBI Student Loans.

SBI Educational Loan Processing Fees :

  • No processing fee / upfront charges.
  • Deposit of Rupee 5000/- for education loan for studies abroad which will be adjusted in the margin money.

SBI Repayment Tenure : Repayment will commence one year after completion of course or 6 months after securing a job, whichever is earlier.

Place of StudySBI Education Loan AmountRepayment Period in Years
Studies in India Rupee 10.0 lacs5 - 7
Studies Abroad Rupee 20.0 lacs5 - 7

SBI Security for Educational Loan

Amount For loans upto Rupee 10.00 lacs for Studies in India and upto Rupee 20.00 lacs for studies abroad
Upto Rupee 4 lacsNo Security
Above Rupee 4 lacs to Rupee 7.50 lacsCollateral security in the form of suitable third party guarantee. The bank may, at its discretion, in exceptional cases, weive third party guarantee if satisfied with the net - worth / means of parent / s who would be executing the documents as "joint borrower".
Above Rupee 7.50 lacs.Tangible collateral security of suitable value, along with the assignment of future income of the student for payment of installments.

All SBI loans should be secured by parent ( s ) / guardian of the student borrower. In case of married person, co – obligator can be either spouse or the parent ( s ) / parents – in – law.

State Bank of India Education Loan Margin

  • For loans up to Rupee 4.0 lacs : No Margin
  • For loans above Rupee 4.0 lacs :
    1. Studies in India : 5%
    2. Studies Abroad : 15%

SBI Documentation Required for Educational Loan

  • Completed Education Loan Application Form.
  • Mark sheets of last qualifying examination.
  • Proof of admission scholarship, studentship etc.
  • Schedule of expenses for the specified course.
  • 2 passport size photographs.
  • Borrower’s Bank account statement for the last six months.
  • Income tax assessment order, of last 2 years.
  • Brief statement of assets and liabilities, of the Co – borrower.
  • Proof of Income ( i.e. Salary slips / Form 16 etc ).

*Conditions Apply

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Education Loan in State Bank of India | SBI Education Loan Interest Rate | State Bank of India Loan Eligibility

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One Response to “Education Loan in State Bank of India ( SBI )”

  • I am Alkesh shah. I am looking for education loan for my daughter who gets admisssion in Nursing in Surat. Please call me on 9974032509.
    By Alkesh Shah on September 1, 2012 at 10:29 pm