Why For/Purpose /Objective:
State bank of India education loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured. Know more details.
Eligibility Criteria
Courses Eligible
- All courses having employment prospects are eligible.
- Graduation courses/ Post graduation courses/ Professional courses
- Other courses approved by UGC/Government/AICTE etc.
Quantum/ Amount of Loan
Studies in India: Rs.10.00lakhs
Studies Abroad: Rs.20.00 lakhs.
Expenses Considered for Loan:
- Fees payable to college/school/hostel
- Examination/Library/Laboratory fees
- Purchase of Books/Equipment/Instruments/Uniforms
- Caution Deposit/Building Fund/Refundable Deposit (maximum 10% tution fees for the entire course)
- Travel Expenses/Passage money for studies abroad
- Purchase of computers considered necessary for completion of course
- Cost of a Two-wheeler upto Rs. 50,000/-
Margin/ Allowance:
- For loans up to Rs.4.0 lacs : No Margin
- For loans above Rs.4.0 lacs:
- Studies in India: 5%
- Studies Abroad: 15%
Rate of Interest :
w.e.f. 29.06.2009 (SBAR 11.75%)
SBI Student Loan Scheme
Loan Amount |
Rate of Interest |
Loans upto Rs. 4.00 Lacs |
0.50% below SBAR i.e. 11.25% p.a. |
Loans above Rs. 4.00 Lacs and
upto Rs. 7.50 Lacs |
1.00% above SBAR i.e. 12.75% p.a. |
Loans above Rs. 7.50 Lacs |
At SBAR i.e. 11.75% p.a. |
An Interest Rate concession of 0.50% to Girl Student availing Student Loans
Repayment/ Tenures:
Repayment will commence one year after completion of course or 6 months after securing a job, whichever is earlier.
Place of Study |
Loan Amount |
Repayment Period
in Years |
Studies in India |
Rs. 10.0 lacs |
5-7 |
Studies Abroad |
Rs. 20.0 lacs |
5-7 |
Security
Amount |
For loans upto Rs. 10.00 lacs for Studies in India and upto Rs. 20.00 lacs for studies abroad |
Upto Rs. 4 lacs |
No Security |
Above Rs. 4 lacs to Rs. 7.50 lacs |
Collateral security in the form of suitable third party guarantee. The bank may, at its discretion, in exceptional cases, weive third party guarantee if satisfied with the net-worth/means of parent/s who would be executing the documents as "joint borrower". |
Above Rs. 7.50 lacs. |
Tangible collateral security of suitable value, along with the assignment of future income of the student for payment of installments. |
All loans should be secured by parent(s)/guardian of the student borrower. In case of married person, co-obligator can be either spouse or the parent(s)/ parents-in-law
Contact
Delhi Tel: 011-23365124
Bangalore Tel: 080- 22213582,
Chennai Tel: 044- 28521849,28522638,
Hyderabad Tel: 040- 23235202,23242772,
Kolkata Tel: 03451253249,
Mumbai Tel: 022- 22075409, 22000868
Website
www.statebankofindia.com
