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October 09, 2016

SBI EDUCATION LOAN for Students securing admission in IITs, IIMs, NITs, AIIMS and other reputed institutions.

SBI EDUCATION LOAN


  • Education Loans for Students securing admission in IITs, IIMs, NITs, AIIMS and other reputed institutions.
  • To extend financial assistance to deserving/meritorious students for pursuing full time regular courses in foreign colleges/ universities
  • A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.
  • A term loan to Indian Nationals for pursuing Vocational Education and Training in India where admission has been secured.


A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.
Repayment period of upto 15 years after Course Period + 12 months of repayment holiday*
No processing / upfront charges will be levied on Education loans.
Eligibility
Eligibility
A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured

Courses Covered
Courses Covered
a. Studies in India:

  • Graduation, Post-graduation including regular technical and professional Degree/Diploma courses conducted by colleges/universities approved by UGC/ AICTE/IMC/Govt. etc
  • Regular Degree/ Diploma Courses conducted by autonomous institutions like IIT, IIM etc
  • Teacher training/ Nursing courses approved by Central government or the State Government


  • Regular Degree/Diploma Courses like Aeronautical, pilot training, shipping etc. approved by Director General of Civil Aviation/Shipping/ concerned regulatory authority

b. Studies abroad:

  • Job oriented professional/ technical Graduation Degree courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc offered by reputed universities
  • Courses conducted by CIMA (Chartered Institute of Management Accountants) - London, CPA (Certified Public Accountant) in USA etc.


Expenses Covered

  • Fees payable to college/school/hostel
  • Examination/Library/Laboratory fees
  • Purchase of Books/Equipment/Instruments/Uniforms, Purchase of computers- essential for completion of the course (maximum 20% of the total tuition fees payable for completion of the course)
  • Caution Deposit/Building Fund/Refundable Deposit (maximum 10% of tuition fees for the entire course)
  • Travel Expenses/Passage money for studies abroad
  • Cost of a Two-wheeler upto Rs. 50,000/-
  • Any other expenses required to complete the course like study tours, project work etc


Loan Amount

  • For studies in India - maximum Rs. 10 lacs
  • Studies abroad - maximum Rs. 20 lacs


Security
Upto Rs. 7.5 Lacs:

  • Only Parent/ Guardian as co-borrower. No Collateral Security or third party guarantee

Above Rs. 7.5 Lacs:

  • Parent/ Guardian as co-borrower and tangible collateral security
  • In case of married person, co-obligator can be either spouse or the parent(s)/ parents-in-law


Margin


  • Upto Rs.7.5 Lacs: Nil
  • Above Rs. 7.5 Lacs : 5% for studies in India, 15% for studies abroad


Repayment

  • Repayment will commence one year after completion of course.
  • Loan to be repaid in 15 years after the commencement of repayment
  • In case second loan is availed for higher studies later, to repay the combined loan amount in 15 years after completion of second course


EMI Generation

  • The accrued interest during the moratorium period and course period is added to the principle and repayment is fixed in Equated Monthly Installments (EMI).
  • If full interest is serviced before the commencement of repayment; EMI is fixed based on principle amount only.


Rate of Interest
1 year MCLR 9.10% w.e.f. 01.08.2016
EDUCATION LOANS
1) SBI STUDENT LOAN SCHEME
Loan AmountRate of Interest*
For loans upto Rs.7.5 lacs
2% above MCLR, currently 11.10% p.a.
Above Rs.7.50 lacs
1.70% above MCLR, currently 10.80% p.a.
  • *(0.50% concession in interest for girl students)

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

IT exemption under Section 80(E) in respect of interest paid in all Education Loans

2) SBI SCHOLAR LOAN SCHEME
ListROI
List AA
0.30% above MCLR i.e., 9.40% p.a. at present (UptoRs. 30 Lacs without collateral)
List A
  • For IIMs: 0.30% above MCLR i.e., 9.40% p.a. at preset

  • Other Institutions: 0.50%above MCLR i.e., 9.60% p.a. at present (Upto Rs. 20 Lacs without collateral, upto Rs. 30 with collateral)

List B
0.80% above MCLR i.e., 9.90% p.a. at present (UptoRs. 20 Lacs without collateral)
Further concessions:
  • 0.25% – if collateral security >= the loan amount

  • 0.25% – work experience of more than 2 years

(effective rate of interest with both concessions not to be lower than 0.40% above MCLR presently, 9.50% p.a.)
List C
1.90% above MCLR i.e. 11.00% p.a.(UptoRs. 7.5 Lacs without collateral, upto Rs. 30 with collateral)
  • 1% concession for full tenure of the loan, if interest is serviced promptly as and when applied during the moratorium period, including course duration#

IT exemption under Section 80(E) in respect of interest paid in all Education Loans

3) SBI GLOBAL ED-VANTAGE SCHEME
1.70% above MCLR, currently 10.80% p.a.
  • 0.50% concession for students availing of SBI Rinn Raksha

  • 0.50% concession for girl students

IT exemption under Section 80(E) in respect of interest paid in all Education Loans

4) SBI SKILL LOAN SCHEME
1.50% above MCLR, currently 10.60% p.a.
  • 1% concession for full tenure of the loan, if interest is serviced promptly as and when applied during the moratorium period, including course duration#

Note:1% interest concession for servicing interest is available if interest is serviced promptly soon after application but not later than the following month.
IT exemption under Section 80(E) in respect of interest paid in all Education Loans
ALL INTEREST RATES ARE SUBJECT TO CHANGE, WITHOUT NOTICE.

Documents Required

  1. Letter of admission
  2. Completely filled in Loan Application Form
  3. 2 passport size photographs
  4. Statement of cost of study
  5. PAN Card of the student and Parent/ Guardian
  6. AADHAR Card of the student and Parent/ Guardian
  7. Proof of identity (Driving Licence/Passport/Aadhar/ any photo identity)
  8. Proof of residence (Driving Licence/Passport/Electricity bill/Telephone bill)
  9. Student/Co-borrower/ guarantor's bank account statement for last 6 months
  10. IT return/ IT assessment order, of previous 2 years of Parent/ Guardian/ other co-borrower (if IT Payee)
  11. Brief statement of assets & liabilities of Parent/ Guardian/ other co-borrower
  12. Proof of income (i.e. salary slips/ Form 16) Parent/ Guardian/ other co-borrower
Visit https://www.sbi.co.in/portal/web/student-platform/student-loan for more information and Apply online
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