State Bank of India provides student loans under certain terms and conditions which are mentioned below:
Courses which are eligible for SBI Student Loan
- Any course with employment prospect.
- Graduation/post graduation and professional courses.
- Courses approved by UGC/AICTE/Government etc.
The SBI Student Loan covers up the following expenses:
- School, college and hostel fees.
- Laboratory,Library and Examination fee.
- Instruments, books, equipments and uniforms purchase.
- Caution deposit, building fund, refundable deposit (max 10% of tuition fees of the entire course.)
- Passage money and travel expenses for studies abroad.
- A two-wheeler cost up to Rs 50,000.
- Other expenses which are required for completing the course such as project work, study tour etc.
Loan amount of SBI Student Loan
The loan amount which is sanctioned for studies in India is a maximum of Rs 10 lacs and for studies in abroad, it is Rs 20 lacs.
Applicable interest rates:
- For loans up to 4 lakhs, the rate of interest is 12.25% per annum (floating)
- For loans less than 7.5 lakhs but above 4 lakhs, the rate of interest is 13.75 floating.
- For loans above 7.5 lakhs, the rate of interest is 12.75% per annum.
Processing Fee to get SBI Student Loan
SBI Student Loan has a very low processing fee for studies in abroad but for the loans for studies in India, there is no processing fee at all. SBI takes a deposit of Rs 5000/- for loans provided for studies in abroad but is later adjusted from the margin.
Documentation required for SBI Student Loan
- Completed Education Loan Application Form.
- Last qualifying examination's mark sheets
- Schedule of expenses for the specified course
- Proof of admission scholarship, studentship etc
- 2 passport size photographs
- Income tax assessment order, of last 2 years
- Borrower's Bank account statement for the last six months
- Brief statement of assets and liabilities, of the Co-borrower
- Proof of Income (i.e. Salary slips/ Form 16 etc)