State Bank Of India Education Loan
SBI (state bank of India) offer education loan to the Indian students for studying in India as well as in abroad for many courses.
Eligible Courses
To study in India :
- Graduation and post-graduation courses. It does also include all professional & technical degree / diploma courses which are usually conducted by various colleges and universities affiliated by AICTE / UGC / Govt. / IMC etc.
- Regular diploma / degree courses that are organized under any of the autonomous institutes like IIM, IIT etc.
- Nursing / teacher training courses under either state or central government.
- The specific regular diploma / degree courses like pilot training, shipping and aeronautical etc. that are approved by the director of shipping / civil aviation.
- There are various skill development and vocational training courses. They would not be entertained under SBI education loan because this scheme is supposed to provide higher education to Indian nationals.
To study abroad :
- Job oriented technical or professional graduation level / post-graduation level / diploma courses such as MBA, MCA, MS etc. which are offered under some reputed universities like Courses conducted by CIMA (Chartered Institute of Management Accountants) - London, CPA (Certified Public Accountant) in USA etc,
Expenses that can be considered for granting loan
- Fee that is payable to school / college / hostel
- Fee for the purpose of examination / laboratory / library /tours / project
- Purchasing of books / equipment / computer that are considered must
- Passage money / travel expense or expenses to purchase two wheeler vehicle
Amount of loan Granted
- Rs. 10 Lac maximum for studying in India
- Rs. 20 Lac maximum for studying abroad
Interest rates
Student scheme
- upto Rs.7.5 lacs :2% above MCLR, currently 11.20% p.a.
- Above Rs.7.50 lacs : 1.70% above MCLR, currently 10.90% p.a.
- 0.50 % concession for the female students
Scholar scheme
- Ranges from 9.60 % to 11.10 % depending upon the grade of institution falls in.
- 0.50 % concession for the female students
Processing fee
Nil
Repayment tenure
15 years
Security
- No security needed for loans up to 4 Lac
- UptoRs. 7.5 Lacs:Only Parent/ Guardian as co-borrower. Any Collateral Security or third party guarantee is not required.
- Above Rs. 7.5 Lacs:Parent/ Guardian as co-borrower and tangible collateral securityis required.
Margin
Margin is granted for above Rs. 4 Lac amount of loan which is 5 % for India and 15 % for abroad study.
Required Documents
- Complete and duly filled application form for loan
- Proof of studentship
- 2 photographs
- Expense schedule
- PAN and AADHAR Card of the student and Parent/ Guardian
- Statement of liabilities, assets and income of borrower or co-borrower
- Identity and Residence proof are required.
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