The Education loan Scheme is provided by State Bank of India for Indian Students for pursuing Higher Education in India or abroad. It is granted for secured admission.
We are giving below main
features of the Education Loan Scheme provided by State Bank of India:
ELIGIBLE COURSES FOR SBI EDUCATION LOAN
A) State Bank of India
(SBI) Education Loan Scheme for 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.
Vocational Training and Skill Development Study
Courses will not be covered under the regular Education Loan Schemes. A
separate scheme for ‘Loans for Vocational Education and Training’ has been
launched which covers financing for such Vocational courses
b. State Bank of India (SBI) Education Loan Scheme for Studies abroad:
Job oriented
professional/ technical Graduation Degree courses/ Post Graduation Degree and
Diploma courses like MCA, MBA, MS, etc offered by reputed universities
Detail of Expenses which
are considered by State Bank of India for Education loan Scheme:
- 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% 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.
Amount of State Bank of
India (SBI) Education Loan
If you want to pursue studies
in India, maximum limit of Education Loan is Rs. 10 lacs
If you want to pursue studies
abroad, maximum limit of Education Loan is Rs. 30 lacs
Interest Rates of SBI Education Loan :
- Base Rate 10.00 % w.e.f. 07.11.2013.
- For loans upto Rs.4 lacs : 3.50% above Base Rate, currently 13.50% p.a.
- Above Rs.4 lacs and upto Rs.7.50 lacs : 3.75% above Base Rate, currently 13.75% p.a.
- Above Rs.7.50 lacs : 1.75% above Base Rate, currently 11.75% p.a.
*(0.50% concession in
interest for girl students)
* (1% concession for full tenure of the loan, if interest is
serviced promptly as and when applied during the moratorium period, including
course duration#)
Processing Fees of SBI
Education Loan
- No processing fee/ upfront charges
- Deposit
of Rs. 5000/- for education loan for studies abroad which will be adjusted
in the margin money
Repayment will commence
one year after completion of course or 6 months after securing a job,
whichever is earlier.
- Upto Rs. 4 Lacs : Upto 10 Years.
- Above Rs. 4 Lacs and upto Rs. 7.50 Lacs : Upto 10 years
- Above Rs. 7.50 Lacs : Upto 12 years
Security of SBI Education Loan
Upto Rs. 4 Lacs loan
amount : Only parent/guardian as co-borrower.
Above Rs. 4 lacs to Rs. 7.50 lacs loan amount : Parent/ Guardian
as co-borrower and Collateral security in the form of suitable third party
guarantee*.
*Third Party Guarantee can be replaced with Parent/Guardian as
co-borrower provided the Gross Annual Income of Parent/Guardian (co-borrower)
as given in latest Income Tax Return is 3 times of the loan amount.
Above Rs. 7.50 lacs loan amount : 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
SBI Scholar Loan Scheme
Rate of Interest :
List A :
100bps above base rate i.e., 11.00%
p.a. at present
Further concessions:
· 25
bps - work experience of more than 2 years
· 50
bps - with parent/ spouse/ guardian as co-borrowers
· 75
bps - collateral security >= the loan amount
(effective rate of interest with all 3 concessions above not
to be lower than 25 bps above base rate, presently 10.25 % p.a.)
List B :
175bps above Base rate i.e. 11.75%
p.a.
· 1%
concession for full tenure of the loan, if interest is serviced promptly as and
when applied during the moratorium period, including course duration#
Income Tax exemption under Section 80(E) in respect of interest
paid in all Education Loans
SBI
Loan Scheme for Vocational Education and
Training
3.50% above Base Rate,
currently 13.50% p.a.
· 1% concession for full tenure
of the loan, if interest is serviced promptly as and when applied during the
moratorium period, including course duration#
# Note: 1% interest
concession for servicing interest is available if interest is serviced promptly
soon after application but not later than the following month.
ALL INTEREST RATES ARE SUBJECT TO
CHANGE, WITHOUT NOTICE.
Margin for SBI Education Loan
- 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 for SBI
Education Loan
- 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
- PAN Card of the student and the Parent/ Guardian
- Borrower's Bank account statement for the last six
months
- Income tax Returns/ IT assessment order, of last 2 yrs
(If IT Payee)
- Brief statement of assets and liabilities, of the
Co-borrower
- Proof of Income (i.e. Salary slips/ Form 16 etc. if
applicable)
[Caution : Before
applying for SBI Education Loan, please do visit the State Bank of India website or contact the State Bank of India for latest
terms and conditions of Education Loans given by the State Bank of India.]
[Source: www.sbi.co.in]
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