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SBI Educational Loan |
SBI Educational Loan is a term loan made available to the students of India who are pursuing higher education in the country or abroad. If you are looking to pursue higher studies and if you need some financial aid then a low rate SBI educational loan policy is all that you need. The educational loan amount can be used to meet almost any expenses related to your higher education. It is totally upto you to decide either to pay the tuition fees, hostel charges, buy books or meet many other expenses with the loan amount.
SBI Bank Educational Loan
It is very essential for the students to have a full understanding of all the terms and conditions of SBI educational loans before making any application. Those students pursuing educational courses that have employment opportunities are eligible to obtain SBI educational loan scheme. Some eligible courses for educational loan are;
- Graduation Courses, Post Graduation Courses, Professional Courses
- Various other UGC, Government or AICTE approved courses.
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State Bank of India allows an eligible student to borrow upto a maximum for Rs. 10 lacs for studies in India and a maximum of Rs. 20 lacs for studies in abroad. This loan amount can be used to pay examination, library, laboratory fees, buy equipment, instruments and uniforms, make caution deposit, refundable deposit and building fund, buy computers or cover other expenses to complete project work and study tours.
SBI Educational Loan Interest
State Bank of India education loan will have different interest rates depending on the loan amount. For educational loans of upto Rs. 4 lacs, an interest rate of 11.25% p.a will be applicable. An annual interest rate of 12.75% p.a is offered for loan amount above Rs. 4.00 Lacs and up to Rs. 7.50 lacs. For educational loans above Rs. 7.50 lacs, an interest rate of 11.75% is charged by the bank. SBI offers a concession of 0.50% on interest rate for girl student obtaining student loans. There is no processing fee or upfront charges however; a deposit a Rs. 5000 is applicable for educational loans for studies in abroad. This deposit money will be adjusted later in the margin money.
SBI Educational Loan Details
SBI educational loan repayment tenure will start after one year of completion of the course or six months after getting a job. The repayment period will be in terms of years. SBI requires no security for loan amounts upto Rs. 4 lacs. Collateral security in terms of a third party guarantee will be required for loans above Rs. 4 lacs to 7.50 lacs. Applicants are required to submit the following documents while making their application.
- Duly filled educational loan application form
- Mark sheets for last qualifying exam
- Two passport size photographs
- Proof of studentship
- Income tax assessment order (for last 2 years)
- Scheduled expenses for specified course
- Bank account statement (for last 6 months)
- Statement of assets and liabilities of the co-borrower
SBI educational loan form is available on the website of the bank and it is completely easy to download. Borrowers can also use educational loan calculator, check loan status, find loan application procedure and get online loan application form from the official website of the bank.
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