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.
A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured
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.
- 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
- For studies in India - maximum Rs. 10 lacs
- Studies abroad - maximum Rs. 20 lacs
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
- Upto Rs.7.5 Lacs: Nil
- Above Rs. 7.5 Lacs : 5% for studies in India, 15% for studies abroad
- 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
- 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) SBI STUDENT LOAN SCHEME
|Loan Amount||Rate of Interest*|
2) SBI SCHOLAR LOAN SCHEME
3) SBI GLOBAL ED-VANTAGE SCHEME
4) SBI SKILL LOAN SCHEME
- Letter of admission
- Completely filled in Loan Application Form
- 2 passport size photographs
- Statement of cost of study
- PAN Card of the student and Parent/ Guardian
- AADHAR Card of the student and Parent/ Guardian
- Proof of identity (Driving Licence/Passport/Aadhar/ any photo identity)
- Proof of residence (Driving Licence/Passport/Electricity bill/Telephone bill)
- Student/Co-borrower/ guarantor's bank account statement for last 6 months
- IT return/ IT assessment order, of previous 2 years of Parent/ Guardian/ other co-borrower (if IT Payee)
- Brief statement of assets & liabilities of Parent/ Guardian/ other co-borrower
- 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