- What is SBI Education Loan ?
- What are the main criteria for applying to SBI education loan
- Expenses considered for SBI Education Loan
- What is the total Amount of Education Loan you can avail from SBI
- What is the Repayment Tenure for SBI education Loan
- Documentation Required for getting SBI Educational Loan
- Rate of interest in SBI Educational Loan
- Security required to get SBI Education Loan
- SBI educational loan interest rates
What is SBI Education Loan ?
SBI offers educational loan upto 10 lakh to students to avail higher education either in India or in foreign countries.
What are the main criteria for applying to SBI education loan
Eligible Courses for which SBI gives loan All courses having employment prospects are eligible.
- Any graduation, or post graduation courses should be approved by AICTE OR UGC.
- Any professional course by a recogised institution, and should be under the approval or UGC or AICTE.
Expenses considered for SBI Education Loan
- A copy of the fees pay slip to college or hostel.
- lab, library, tuition and exam fees slip.
- Payment slip of Course books, lab equipments and college uniforms.
- A proof of college's caution deposit and a refundable deposit.
- You can give a payment slip of your computer only if, it is believed to be mandatory or relevant for the course taken.
- Payment slip of the two wheeler, this can be max of 50,000.
what is the total Amount of Education Loan you can avail from SBI
- Max of Rs.10 lac can be issued,if the study will be pursued in India.
- Max of Rs.20 lac can be issued for the studies at overseas.
- There will be no processing fees charged for you.
What is the Repayment Tenure for SBI education Loan
- You start the repayment within one year of your education completion or it can be repaid within 6 months of securing a job.
Also read about SBI Personal Loan
Documentation Required for getting SBI Educational Loan
- You should submit all your course qualifying exam's marksheets.
- Valid proof should be submitted as admission proof.
- Passport size photographs.
- A bank account statement of past six months should be submitted.
- Income proof for example salary slip.
Rate of interest in SBI Educational Loan
If you have lend loan for studies then the rate of interest of your educational loan is 11.25% for loan up to 4 lacs. The rate of interest for above 4 lacs is 12.25%.
Security required to get SBI Education Loan
- For loans upto Rs 4 lacs theres is no security needed.
- For loans above Rs 4 lacs and up to 7.50 lacs you need, 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 7.50 lacs you need Tangible collateral security of suitable value, along with the assignment of future income of the student for payment of installments.
SBI educational loan interest rates
The interest rates for SBI Educational loan can be checked here SBI Education Loan
. For more information SBI can be contacted through 24/7 phone line number 1800112211 (toll-free number from BSNL/MTNL)