Rules For Education Loan In State Bank Of India

I want to apply for Student Education Loan in State Bank Of India SBI so can you please tell me the rules for the loan?

[shikha]

The State Bank Of India SBI offer SBI Student Loan Scheme for pursuing higher education in India or abroad where admission has been secured.

SBI Student Loan Scheme

A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.

Repayment period of upto 15 years after Course Period + 12 months of repayment holiday

No processing / upfront charges will be levied on Education loans.

Eligibility

A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured

Courses Covered

Courses Covered

a. Studies in India:

Graduation, Post-graduation including regular technical and professional Degree/Diploma courses conducted by colleges/universities approved by UGC/ AICTE/IMC/Govt. etc

Regular Degree/ Diploma Courses conducted by autonomous institutions like IIT, IIM etc

Teacher training/ Nursing courses approved by Central government or the State Government

Regular Degree/Diploma Courses like Aeronautical, pilot training, shipping etc. approved by Director General of Civil Aviation/Shipping/ concerned regulatory authority

b. Studies abroad:

Job oriented professional/ technical Graduation Degree courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc offered by reputed universities

Courses conducted by CIMA (Chartered Institute of Management Accountants) - London, CPA (Certified Public Accountant) in USA etc.

Expenses Covered

Fees payable to college/school/hostel

Examination/Library/Laboratory fees

Purchase of Books/Equipment/Instruments/Uniforms, Purchase of computers- essential for completion of the course (maximum 20% of the total tuition fees payable for completion of the course)

Caution Deposit/Building Fund/Refundable Deposit (maximum 10% of tuition fees for the entire course)

Travel Expenses/Passage money for studies abroad

Cost of a Two-wheeler upto Rs. 50,000/-

Any other expenses required to complete the course like study tours, project work etc

Loan Amount

For studies in India - maximum Rs. 10 lacs

Studies abroad - maximum Rs. 20 lacs

Higher loan limit for studies in India are considered on case-to-case basis

Higher loan limit for studies abroad are considered under our SBI Global Ed-Vantage Scheme

Security-

Upto Rs. 7.5 Lacs:
Only Parent/ Guardian as co-borrower. No Collateral Security or third party guarantee

Above Rs. 7.5 Lacs:
Parent/ Guardian as co-borrower and tangible collateral security

In case of married person, co-obligator can be either spouse or the parent(s)/ parents-in-law

Margin-

Upto Rs.4 Lacs: Nil
Above Rs. 4 Lacs : 5% for studies in India, 15% for studies abroad

Repayment-

Repayment will commence one year after completion of course.

Loan to be repaid in 15 years after the commencement of repayment

In case second loan is availed for higher studies later, to repay the combined loan amount in 15 years after completion of second course

Contact-

Toll free number: 1800 11 2211
Toll free number: 1800 425 3800
Toll number: 080-26599990