Education loans - State Bank of India
A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.
All courses having employment prospects are eligible.
- Graduation courses/ Post graduation courses/ Professional courses
- Other courses approved by UGC/Government/AICTE etc.
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% tuition 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/-
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. 20 lacs
SBI Student Loan Scheme
Rate of Interest
For loans upto Rs.7.5 lacs
2% above MCLR, currently 11.10% p.a.
Above Rs.7.50 lacs
1.85% above MCLR, currently 10.75% p.a.
*(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#
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|
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".|
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.
- 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
- Borrower's Bank account statement for the last six months
- Income tax assessment order, of last 2 years
- Brief statement of assets and liabilities, of the Co-borrower
- Proof of Income (i.e. Salary slips/ Form 16 etc)
* Conditions Apply
For details on Education Loans, click here.