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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

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