New Delhi, May 23, 2022
About SBI Student Loan:
SBI Student Loan is a term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured. This loan provides customized financing solution to the students – who are in-road to transform the future of India.
- 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/ concerned regulatory authority
- 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.
- Courses conducted by CIMA (Chartered Institute of Management Accountants) – London, CPA (Certified Public Accountant) in USA, etc.
Features and Benefits:
- Lower interest rates
- Concession in interest for girl students
- No Collateral Security for loans upto Rs. 7.5 lakh
- No processing charges for loans up to Rs. 20 lakh
- Repayment will commence one year after completion of course
- Repayment period of up to 15 years after Course Period + 12 months of repayment holiday
- In case second loan is availed for higher studies, students after completion of second course, can repay the combined loan amount in 15 years
- No margin for loans up to Rs. 4 lakh
Important Announcement – EasyShiksha has now started Online Internship Program “Ab India Sikhega Ghar Se”
Students can avail this loan of up to Rs. 50 lakh for studies in India and up to Rs. 1.50 crores for studying overseas
- Effective interest rate – 8.65%
- 0.50% concession in interest for girl students
- Loans up to Rs. 20 lacs – Nil
- Loans above Rs.20 lakh – Rs.10,000 (plus taxes)
- For loans up to Rs.7.5 lakh – None
- For loans above Rs.7.5 lakh – Tangible collateral security
Expenses covered in SBI Student Loan:
- 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 up to Rs. 50,000/-
- Any other expenses required to complete the course like study tours, project work etc.
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Website link for documents required and further details – https://bank.sbi/web/personal-banking/loans/education-loans/student-loan-scheme
Visit EasyShiksha for Education related enquiry