SBI provides best education loans for all courses like graduation, post-graduation, and other professional courses. If admission is secured, SBI offers term loan to a person with Indian nationality for higher education in India as well as abroad.
How to apply?
For the education loan in SBI, you need to apply through an Education Loan application form. After completing the form you need to attach required documents.
Documents include mark sheets up to required qualification for the course, proof of studentship or scholarship, expense schedule for the course, 2 photos (passport size), income tax assessment order of last 2 years, bank account statement of borrower for the last 6 months, co-borrowers brief statement of assets and liabilities, income proof (salary slips).
Student loan scheme Interest rates:
- For loans up to Rs. 7.5 Lacs rate of interest is 10.55% p.a.
- Above Rs. 7.50 Lacs rate of interest is 10.80% p.a.
Note: *Bank gives a concession of 0.50% in interest for girl student. If the interest is paid time to time then there is 1% concession for the full tenure of the loan.
Expenses to be considered for the loan
- College/ school/ hostel fees
- Laboratory/ Library/ Examination fees
- Building fund/ Caution deposit/ refundable deposit supported by institution receipts/ bills
- Purchase of Laptop/computer
- Travel expenses
- Any other expenses related to education*
Repayment is to be done after completion of the course or 6 months after getting a job whichever comes earlier. Repayment period is 5-7 years of a student studying in India having a loan amount of Rs.10 Lacs. And for the student studying in abroad is 5-7 years for the loan amount of Rs.30 lacs.
SBI Skill Loan Scheme
For this loan rate of interest will be 10.05% p.a. (There will be 0.50% concession for girl candidate). 1% concession for the full tenure of the loan, if interest is paid promptly.
SBI Loan scheme for training and vocational education
The rate of interest for training and vocational education is 10.00% p.a.
(1% concession for the full tenure of the loan, if interest is paid promptly)
These data Can be changed at any time. Confirm it from official website link given below: