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SBI Student Loan

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.

Also Read more information about  SBI Educational Loan | SBI Personal Loan | SBI Business Loan

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)

Comments

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