Image credit: www.sbi.co.in |
SBI Student Loan Scheme | SBI Education Loan
The country’s largest lender, State Bank of India (SBI) provides several
types of educational loans to students who are Indian Nationals to pursue
higher studies in India and abroad. SBI offers the following types of education
loans.
1. Student loan scheme
2. Scholar loan scheme
3. Skill loan scheme
4. Interest subsidy scheme
5. Takeover of education loan
6. Global Ed-Vantage scheme
In this article, I will tell you all details like eligibility, duration,
security, repayment that you need to know about SBI Student loan scheme.
SBI Student Loan Scheme
SBI student loan scheme is a term loan given to students who are Indian
Nationals for higher education in India or abroad where admission has been
secured. The repayment period of this education loan is up to 15 years after
the course period plus 12 months of repayment holiday. SBI will not charge any
processing or upfront charges on this education loan.
Also read: Things you should know about PPF account
Also read: Things you should know about PPF account
Eligibility for SBI Student Loan Scheme
SBI Student Loan is issued to Indian Nationals for pursuing higher
education in India or abroad where admission has been secured.
Documents required for SBI Student Loan Scheme
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 or guardian.
6. Aadhaar card of the student and parent or guardian.
7. Proof of identity: Any photo identity such as Driving Licence,
Passport, Aadhaar card etc.
8. Proof of residence (Driving Licence or Passport or Electricity bill
or Telephone bill).
9. Bank account statement for last six months of student/co-borrower/
guarantor's bank account.
10. Proof of income: Salary slips or Form 16 of parent or guardian or
other co-borrower.
11. A brief statement of assets and liabilities of parent or guardian or
other co-borrower.
12. IT return or IT assessment order of previous 2 years of parent or
guardian or other co-borrower (if IT Payee).
Loan Amount under SBI Student Loan Scheme
1. For studies in India - maximum Rs. 10 lacs. Higher loan limit for
studies in India are considered on case-to-case basis.
2. For studies abroad - maximum Rs. 20 lacs. Higher loan limit for
studies abroad are considered under SBI Global Ed-Vantage Scheme.
Rate of Interest for SBI Student Loan
SBI Student Loan Scheme
|
||||
Loan Limit
|
1 year MCLR
|
Spread
|
Effective Interest Rate
|
Reset Period
|
Loan amount upto Rs 7.5
Lacs
|
7.95%
|
2.00%
|
9.95%
|
1 year
|
Loan amount above Rs 7.5
Lacs
|
7.95%
|
2.75%
|
10.70%
|
1 year
|
Concession
|
0.50% concession for girl
students
|
|||
Further Concession
|
1% concession, if interest is serviced promptly as
and when applied during the moratorium period, including course duration
|
Courses covered under SBI Student Loan Scheme
Studies in India
1. Graduation, post-graduation, regular technical & professional diploma
or degree courses conducted by colleges or universities which are approved by
UGC/ AICTE/IMC/Govt. Etc.
2. Regular degree or diploma courses like pilot training, aeronautical, shipping
etc. approved by Director General of Civil Aviation/Shipping/ concerned
regulatory authority.
3. Regular degree or diploma courses conducted by autonomous
institutions like IIT, IIM etc.
4. Teacher training or nursing courses approved by central government or
the state government.
Studies abroad
1. Job oriented professional or technical graduation degree courses or post
graduation degree and diploma courses like MCA, MBA, MS, etc offered by reputed
universities.
2. Courses conducted by CIMA (Chartered Institute of Management
Accountants) - London, CPA (Certified Public Accountant) in USA etc.
Also read: How to invest in mutual funds online?
Also read: How to invest in mutual funds online?
Expenses covered under SBI Student Loan Scheme
1. Fees payable to college/school/hostel.
2. Examination/library/laboratory fees.
3. Purchase of books/equipment/instruments/uniforms/computers- essential
for completion of the course (maximum 20% of the total tuition fees payable for
completion of the course).
4. Caution deposit/building fund/refundable deposit (maximum 10% of
tuition fees for the entire course).
5. Travel expenses/passage money for studies abroad.
6. Cost of a Two-wheeler upto Rs. 50,000/-.
7. Any other expenses like study tours, project work etc.
Security for SBI Student Loan
Particular
|
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.
Repayment of SBI Student Loan
1. Repayment of SBI student loan will commence one year after completion
of course.
2. Loan to be repaid in 15 years after the commencement of repayment.
3. If a second loan is also taken for higher studies later, to repay the
combined loan amount in 15 years after completion of second course.
Also read: Different types of savings account in SBI
Also read: View SBI mPassbook on your mobile
If you liked this article, share it with your friends and colleagues through social media. Your opinion matters, please share your comments.
SBI Student Loan Scheme | SBI Education Loan
I have written a similar article regarding Informative Report Of Education Loans Given By Banks. If you are also an student and want to get educational loan then this is the best guide to follow. It will help you take best choice to apply for loan
ReplyDeleteThe great blog about Education loan for study in india.Thanks for sharing the blog, seems to be interesting and informative too.Could you help me to find more detail about Education loan for study in india
ReplyDeleteStudy in india is made easy with are - Education Loan For Study In India. This will help you remove the barrier and achieve you career goals sooner.
ReplyDeleteIts great to know about this blog, Appreciate your efforts with such a valuable information provided. Could you help me to find out details about Education Loan For Abroad
ReplyDeleteEducation Loans has really helped students to fulfill their educational goals in life. Also for more such Blog visit - Education Loan Interest Calculator
ReplyDeletevery informative and useful info.THANKS!!!
ReplyDeleteoverseas education