CBSE Guess > Indian Education > Educational Loans > State Bank of India (SBI)
A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.
Eligible Courses
All courses having employment prospects are eligible.
- Graduation courses/ Post graduation courses/ Professional courses
- Other courses approved by UGC/Government/AICTE etc.
Expenses considered for loan
- Fees payable to college/school/hostel
- Examination/Library/Laboratory fees
- Purchase of Books/Equipment/Instruments/Uniforms
- Caution Deposit/Building Fund/Refundable Deposit
- Travel Expenses/Passage money for studies abroad
- Purchase of computers considered necessary for completion of course
- Cost of a Two-wheeler upto Rs. 50,000/-
Any other expenses required to complete the course like study tours, project work etc
Amount of Loan
- For studies in India, maximum Rs. 10 lacs
- Studies abroad, maximum Rs. 20 lacs
Interest Rate
For loans upto Rs.4 lacs - 12.75% p.a. Floating
For loans above Rs.4 lacs - 13.75% p.a. Floating
Processing Fees
- No processing fee/ upfront charges
- Deposit of Rs. 5000/- for education loan for studies abroad which will be adjusted in the margin money
Repayment Tenure
Repayment will commence one year after completion of course or 6 months after securing a job, whichever is earlier.
| Place of Study |
Loan Amount< |
Repayment Period |
| in Years |
In India Up to Rs. 7.5 lacs
Above Rs. 7.5 lacs |
5-7
5-10 |
| Abroad |
Up to Rs. 15 lacs
Above Rs. 15 lacs |
5-7
-10 |
Security
| Amount |
Studies In India |
Studies Abroad |
| Upto Rs. 4 lacs |
No Security |
No Security |
| Above Rs. 4 lacs to Rs. 7.50 lacs |
Suitable third Party Guarantee |
Suitable third Party Guarantee |
| Above Rs. 7.50 lacs to Rs. 10 lacs(India)/ Rs. 15 lacs(Abroad) |
Tangible Collateral security for full value of loan |
Tangible Collateral security of suitable value of loan or suitable third party guarantee. |
| Rs 15 lacs to Rs. 20 lacs |
|
Tangible Collateral security for full value of loan |
Margin
- For loans up to Rs.4.0 lacs : No Margin
- For loans above Rs.4.0 lacs:
- Studies in India: 5%
- Studies Abroad: 15%
Documentation Required
- Completed Education Loan Application Form.
- Mark sheets of last qualifying examination
- Proof of admission scholarship, studentship etc
- Schedule of expenses for the specified course
- 2 passport size photographs
- Borrower's Bank account statement for the last six months
- Income tax assessment order, of last 2 years
- Brief statement of assets and liabilities, of the Co-borrower
- Proof of Income (i.e. Salary slips/ Form 16 etc)
* Conditions Apply
Download Form
Online Loan Application Form
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