SBI Scholar Loan Scheme | SBI Education Loan

SBI Scholar Loan Scheme | SBI Education Loan

State Bank of India (SBI), the country’s biggest public sector bank provides various types of educational loans to students who are Indian national to pursue higher studies in India or at a foreign institution. SBI offers the following education loan schemes

1. Student loan scheme

2. Scholar loan scheme

3. Skill loan scheme

4. Global Ed-Vantage scheme

5. Takeover of education loan

In this article, let us take a look at all details like eligibility, loan amount, security, repayment that you need to know about SBI scholar loan scheme.

SBI Scholar Loan Scheme

SBI scholar loan scheme is offered to students who are Indian National and have secured admissions in select premier institutions (IIT, NIT, IIM, AIIMS etc.) of the country for pursuing higher education. 

SBI scholar loan scheme provides 100 percent financing without any processing fee. The repayment period of SBI scholar loan is up to 15 years after course period plus 12 months of repayment holiday. 

Quick sanction of a loan under this scheme, at designated campus branch or more than 5000 selected branches of SBI all over the country.

Eligibility for SBI Scholar Loan Scheme

1. The applicant should be an Indian national.

2. He/she should have secured admission to professional/technical courses in select premier institutions (IIT, NIT, IIM, AIIMS etc.) of the country through entrance test/selection process.

Courses covered under SBI Scholar Loan Scheme

1. Regular full-time degree or diploma courses through merit-based entrance test or selection process.

2. Full-time executive management courses like PGPX.

3. Certificate or part-time courses are not covered under this loan.

Expenses covered under SBI Scholar Loan Scheme

1. Fees payable to college/school/hostel.

2. Examination, library or laboratory fees.

3. Purchase of books, equipments or instruments.

4. Caution deposit, building fund or refundable deposit (maximum 10% of tuition fees for the entire course).

5. Travel expenses or expenses on exchange programme.

6. Purchase of computer or laptop.

7. Other expenses related to education.

Loan Amount & Security for SBI Scholar Loan Scheme

In case of a married person, co-obligator can either be husband/wife or parent or parent-in-law. Parental co-obligation can also be substituted by a suitable third party guarantee.

Repayment of SBI Scholar Loan Scheme

1. The repayment period of SBI scholar loan is up to 15 years after course completion period plus 12 months.

2. If the second loan is availed for higher studies later the repayment period for the combined loan amount is 15 years after completion of the second course.

Rate of Interest for SBI Scholar Loan Scheme

Click here for rate of interest

Documents Required for SBI Scholar Loan Scheme

1. Loan application form

2. Letter of admission

3. Two 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 (Aadhaar, driving licence,  passport, or any photo identity).

8. Passport, driving licence, telephone bill or electricity bill as proof of residence.

9. Bank account statement of student/co-borrower/ guarantor's for last 6 months.

10. IT return of previous 2 years of parent or guardian or other co-borrower (if IT Payee).

11. A brief statement of assets and liabilities of parent or guardian or other co-borrower.

12. Proof of income of parent or guardian or other co-borrower.

SBI scholar loan scheme is offered to students who are Indian national and have secured admissions at select leading institutions of the country like IITs, IIMs, NITs, AIIMS and other premier institutions. Loan amount under SBI scholar loan scheme is up to Rs. 30 lakhs.

Also read: SBI Student Loan Scheme | SBI Education Loan

Also read: SBI Global Ed-Vantage Scheme | SBI Overseas Education Loan

Also read: View SBI mPassbook on your mobile offline

Also read: SBI Anywhere Personal App | Manage your banking on the move

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SBI Scholar Loan Scheme | SBI Education Loan