SBI Student Loan All you need to know
About SBI Student Loan:
SBI Student Loan is a term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured. This loan provides customized financing solution to the students – who are in-road to transform the future of India.
- For 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/ concerned regulatory authority
- For studies abroad:
- Job oriented professional/ technical Graduation Degree courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc. offered by reputed universities.
- Courses conducted by CIMA (Chartered Institute of Management Accountants) – London, CPA (Certified Public Accountant) in USA, etc.
Features and Benefits:
- Lower interest rates
- Concession in interest for girl students
- No Collateral Security for loans uptoRs. 7.5 lakh
- No processing charges for loans up to Rs. 20 lakh
- Repayment will commence one year after completion of course
- Repayment period of up to 15 years after Course Period + 12 months of repayment holiday
- In case second loan is availed for higher studies, studentsafter completion of second course, can repay the combined loan amount in 15 years
- No margin for loans up to Rs. 4 lakh
Students can avail this loan ofupto Rs. 50 lakh for studies in India and up to Rs.1.50 crores for studying overseas
- Effective interest rate – 8.65%
- 0.50% concession in interest for girl students
- Loans up to Rs. 20 lacs –Nil
- Loans above Rs.20 lakh – Rs.10,000 (plus taxes)
- For loans up to Rs.7.5 lakh – None
- For loans above Rs.7.5 lakh – Tangible collateral security
Expenses covered in SBI Student 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% of 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.
Website link for documents required and further details – https://bank.sbi/web/personal-banking/loans/education-loans/student-loan-scheme