SBI Online Education Loans | State Bank Of India Online Education Loan

SBI Online Education Loans | State Bank Of India Online Education Loan

State Bank of India (SBI)


Bank Type :
StateBankGroup

Provided study loan amount in India
Upto 10 Lakhs

Provided study loan amount in Abroad
Upto 20 Lakhs

Eligibility :

(a) School/College
(i) Minimum Second Division (Pass marks for SC/ST).
(ii) Parents/guardians having independent source of income. Self-employed/ professionals and those engaged in agriculture and allied activities are eligible. Income should be sufficient enough to bear interest & installment besides normal subsistence and family requirements.

(b) Technical/professional/higher studies in India or abroad.
(i) Minimum First division (Second Division for SC/ST). OR Passing the entrance test for the technical/professional course and securing an admission for the course.
(ii) Parents/guardian having independent regular source of income, including self-employed/ professionals and those engaged in agriculture and allied activities with sufficient income.

Coverage :

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

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%

Interest Rate :

* For loans up to Rs.4 lacs – 0.50% below SBAR i.e.12.25% p.a. Floating.
* For loans above Rs. 4 lacs and upto Rs.7.50 lacs – 1.00% above SBAR 13.75 % Floating.
* For loans above Rs.7.50 lacs – SBAR – 12.75% p.a. Floating.

Processing Fee :

No processing fee/ upfront charges.Deposit of Rs. 5000/- for education loan for studies abroad which will be adjusted in the margin money
Re-Payment :

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 .Studies in India Rs. 10.0 lacs 5-7 .Studies Abroad Rs. 20.0 lacs 5-7

Security :

Amount For loans up to Rs. 10.00 lacs for Studies in India and up to Rs. 20.00 lacs for studies abroad.Up to Rs. 4 lacs No Security.Above Rs. 4 lacs to Rs. 7.50 lacs Collateral security in the form of suitable third party guarantee. The bank may, at its discretion, in exceptional cases, weive third party guarantee if satisfied with the net-worth/means of parent/s who would be executing the documents as “joint borrower”. Above Rs. 7.50 lacs. Tangible collateral security of suitable value, along with the assignment of future income of the student for payment of installments. All loans should be secured by parent(s)/guardian of the student borrower. In case of married person, co-obligator can be either spouse or the parent(s)/ parents-in-law

Documents :

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).

Click Here To Online Application Forms

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If you have questions, please ask below

8 thoughts on “SBI Online Education Loans | State Bank Of India Online Education Loan

  1. K.D.Mohan

    i’m pursuing my B.ed in regular basis, but i couldn’t manage my expenses for projects and other necessasities. so please help me to get education loans in tamilnadu state. i’m doing in university of madras.

    Reply
  2. SOUMYA RANJAN BEHERA

    SIR I AM CONTINUE MY PGDM IN CENTRE FOR MANAGEMENT TECHNOLOGY,GREATER NOIDA,U.P.I WANT A STUDY LOAN BUT BANK OF SBI OF BRANCH OF KAPTIPADA HAD DENIED ME MANY TIMES.MY FATHER ALSO DO A GOVT.SERVICE.SO PLEASE GRANT MY LOAN.FOR ANY DETAIL YOU CAN CALL ME 08802938301

    Reply
  3. ponnusamy

    sir i am intrested in b.e (mechanical).my family was poor .pls grant give me a loan for sbi palakurichy branch

    Reply
  4. Sindhu

    Hi sir,
    I have done my B.Pharm in 2011. Now I want to do MS in the states. I want to apply for loan. Please let me know the details of how much will be granted and how much should I pay monthly.
    Kind Regards,
    Sindhu.

    Reply

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