State Bank of India (SBI) Education Loan
State Bank of India Education Loan Scheme
A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.
Features
- Repayment period of upto 15 years after Course Period + 12 months of repayment holiday*
- Processing Charges
- Loans upto Rs. 20 lacs : NIL
- Loans above Rs. 20 lacs: Rs. 10,000 (plus taxes)
- 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
- Margin
- Up to Rs 4 Lacs - Nil
- Above Rs 4 Lacs - 5% for studies in India, 15% for studies in abroad
- 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
- EMI Generation
- The accrued interest during the moratorium period and course period is added to the principle and repayment is fixed in Equated Monthly Installments (EMI).
- If full interest is serviced before the commencement of repayment; EMI is fixed based on principle amount only.
Eligibility
- A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.
Courses Covered
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.
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 consider on case-to-case basis
- Higher loan limit for studies in abroad are consider under our SBI-Global Ed-Vantage Scheme
Document Required
Student-applicant
- Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
- Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card
- Passport to be mandatorily submitted
- Academic Records :
- 10th Result
- 12th Result
- Graduation Result- Semester-wise (if applicable)
- Entrance Exam Result through which admission is being taken (e.g. CAT, CMAT, JEE, NEET, CET, GMAT, GRE, TOEFL, etc.)
- Proof of admission: Offer Letter or Admission Letter from the Institution. Conditional admission letter may be considered.
- Statement of cost of study/ Schedule of expenses
- 2 passport-size photographs
- If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year
Co-applicant
- Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
- Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card
- 2 passport-size photographs
- If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year
Income Proof for Salaried Co-applicant/ Guarantor
- Salary Slip or Salary Certificate of last 3 months
- Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.
- Bank account statement for last 6 months (of Salary Account)
Income Proof for Self-employed Co-applicant/ Guarantor
- Business address proof (If applicable)
- IT returns for last 2 years (if IT payee)
- TDS Certificate (Form 16A, if applicable)
- Certificate of qualification (for C.A./ Doctor and other professionals)
- Bank account statement for last 6 months
- Note: All documents should be self-attested.
- # Terms and conditions apply.
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