State Bank Of India Education Loan

Eligibility

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

osperity.

Courses Covered

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

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. 30 lacs

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

SBI STUDENT LOAN SCHEME

• *(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

SBI SCHOLAR LOAN SCHEME

Education Loans for Students securing admission in IITs, IIMs, NITs, AIIMS and other reputed institutions.

Rate of Interest:

Documents Required

• 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

* Terms and conditions apply.