Education Loan in State Bank of India ( SBI )
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
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 10 lacs.
- Studies abroad, maximum 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 4.00 Lacs | 0.50% below SBAR i.e. 11.25% p.a. |
| Loans above 4.00 Lacs and upto 7.50 Lacs | 1.00% above SBAR i.e. 12.75% p.a. |
| Loans above 7.50 Lacs | At 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 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 Study | SBI Education Loan Amount | Repayment Period in Years |
|---|---|---|
| Studies in India | 10.0 lacs | 5 - 7 |
| Studies Abroad | 20.0 lacs | 5 - 7 |
SBI Security for Educational Loan
| Amount | For loans upto 10.00 lacs for Studies in India and upto 20.00 lacs for studies abroad |
|---|---|
| Upto 4 lacs | No Security |
| Above 4 lacs to 7.50 lacs | Collateral 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 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 4.0 lacs : No Margin
- For loans above 4.0 lacs :
- Studies in India : 5%
- 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
Education Loan in State Bank of India | SBI Education Loan Interest Rate | State Bank of India Loan Eligibility
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