SBI Education Loan | Interest Rates | Documents | SBI Schemes

SBI Education Loans 2014: (SBI STUDENT LOAN SCHEME) SBI offers education loan for all eligible courses like graduation courses, PG courses, Professional courses and other courses approved by UGC/ Government/ AICTE etc. All the necessary information about Interest Rates, Documents required and expenses considered for loan along with repayments options of Education Loan is shared below.

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

SBI Education Loan Amount of Loan

  • For studies in India, maximum Rs. 10 lacs
  • Studies abroad, maximum Rs. 30 lacs


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Full Name :
Country of Study :
Mobile No :
+91
DOB :
Course of Study :
Email ID :
Co-borrower’s* Income:
Residence City :
Loan Amount :
Collateral Security :
Yes   No
Other City :
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Documents & Interest Rates of SBI Education loans in India

Documents Required

SBI Education loan Interest Rates -Base Rate 10.00 % w.e.f. 07.11.2013

  • 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)
SBI Student Loan Scheme

Loan Amount Rate of Interest*
For loans upto Rs.4 lacs 3.50% above Base Rate, currently 13.50% p.a.
Above Rs.4 lacs and upto Rs.7.50 lacs 3.75% above Base Rate, currently 13.75% p.a.
Above Rs.7.50 lacs 1.75% above Base Rate, currently 11.75% p.a.

*(0.50% concession in interest for girl student)

(1% concession for full tenure of the loan, if interest is serviced promptly as and when applied during the moratorium period, including course duration)

Repayment Tenure

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

Place of Study Loan Amount Repayment Period
in Years
Studies in India Rs. 10.0 lacs 5-7 Years
Studies Abroad Rs. 30.0 lacs 5-7 Years

Expenses considered for loan

  • Fees payable to college/school/hostel
  • Examination/ Library/ Laboratory fees
  • Purchase of books/equipments/instruments
  • Caution deposit / building fund/ refundable deposit supported by Institution bills/ receipts [not to exceed 10% of the tuition fees for the entire course].
  • Travel expenses/expenses on exchange programme*
  • Purchase of computer/laptop*
  • Any other expenses related to education*

* No voucher/ receipt insisted upon. Purpose (end use) need to be self-certified for these expenses. Such expenditure (without voucher/ receipt) will not exceed 25% of the loan amount(upto a lumpsum amount of max Rs. 1 lac). If any expenditure for these purposes is required to be made beyond the 25% cap, it can be permitted subject to production of voucher/ receipt.

SBI Loan Scheme for Vocational Education And Training – 13.50% p.a (Interest Rates)

(1% concession for full tenure of the loan, if interest is serviced promptly as and when applied during the moratorium period, including course duration)

SBI Scholar Loan Scheme – 11.75% p.a (Interest Rates) (0.50% concession in interest for girl student)

(1% concession for full tenure of the loan, if interest is serviced promptly as and when applied during the moratorium period, including course duration)

ALL INTEREST RATES ARE SUBJECT TO CHANGE, WITHOUT NOTICE.

Other Avilable Loan Products of SBI:

Source: State Bank of India Website.

Note: All the Above mention Information collected from various sources. In future, Deal4loans.com is not responsible for any changes in SBI Education Loan Process.

 

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