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SBI EDUCATION LOAN

https://www.sbi.co.in/user.htm?action=viewsection&id=0,1,20,118&lang=0

 term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.
Eligible Courses
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
·       Vocational Training and Skill Development Study Courses will not be covered under the regular Education Loan Schemes. A separate scheme for ‘Loans for Vocational Education and Training’ has been launched which covers financing for such Vocational courses

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
Expenses considered for loan
  • 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% 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.

Amount of Loan
  • For studies in India, maximum Rs. 10 lacs
  • Studies abroad, maximum Rs. 30 lacs

Interest Rates           Click Here For Interest Rates

Processing Fees
  • No processing fee/ upfront charges
  • Deposit of Rs. 5000/- for education loan for studies abroad which will be adjusted in the margin money

Repayment will commence one year after completion of course or 6 months after securing a job, whichever is earlier.
Maximum Loan Limit
Repayment Period
Upto Rs. 4 Lacs
Upto 10 years
Above Rs. 4 Lacs and upto Rs. 7.5 Lacs
Upto 10 years
Above Rs. 7.5 Lacs
Upto 12 years

Particular
Security
Upto Rs. 4 lacs loan amount
Only Parent/ Guardian as co-borrower
Above Rs. 4 lacs to Rs. 7.50 lacs loan amount
Parent/ Guardian as co-borrower and Collateral security in the form of suitable third party guarantee*.

*Third Party Guarantee can be replaced with Parent/Guardian as co-borrower provided the Gross Annual Income of Parent/Guardian (co-borrower) as given in latest Income Tax Return is 3 times of the loan amount. 
Above Rs. 7.50 lacs loan amount
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

  • For loans up to Rs.4.0 lacs : No Margin
  • For loans above Rs.4.0 lacs:
    • Studies in India: 5%
    • Studies Abroad: 15%

  • Completed Education Loan Application Form.
  • Mark sheets of last qualifying examination
  • Proof of admission scholarship, studentship etc
  • Schedule of expenses for the specified course
  • 2 passport size photographs
  • PAN Card of the student and the Parent/ Guardian
  • Borrower's Bank account statement for the last six months
  • Income tax Returns/ IT assessment order, of last 2 yrs (If IT Payee)
  • Brief statement of assets and liabilities, of the Co-borrower
  • Proof of Income (i.e. Salary slips/ Form 16 etc. if applicable)
SBI EDUCATION LOAN Reviewed by sambasivan srinivasan on 6:16:00 AM Rating: 5

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