SBI SCHOLAR LOAN SCHEME

Loan for pursuing higher education in Select Premier Institutions of the country

  • 100% Financing

  • NO Processing Fee

  • Quick sanction at Designated Campus Branch or more than 5000 Selected Branches all over the country

  • Repayment period of upto 15 years after Course Period + 12 months of repayment holiday


Eligibility

Eligibility

  • Should be an Indian National

  • Secured admission to Professional/Technical courses in Select Premier Institutions through Entrance Test/Selection process

Courses Covered

Courses Covered

  • Regular full time Degree/ Diploma Courses through entrance test/ selection process.

  • Full time Executive Management Courses like PGPX

  • No Certificate/ Part time courses

Expenses Covered

Expenses Covered

  • Fees payable to College/School/Hostel

  • Examination/ Library/ Laboratory fees

  • Purchase of Books/Equipments/Instruments

  • Caution deposit / building fund/ refundable deposit supported by Institution bills/ receipts [not to exceed 10% of the tuition fees for the entire course].

  • Travel expenses/expenses on exchange programme ^

  • Purchase of computer/laptop ^

  • Any other expenses related to education ^

^

1. No voucher/ receipt required, purpose (end use) need to be self-certified.

2. Expenditure not to exceed 25% of the loan amount (upto a lumpsum amount of max Rs. 1 Lac).

3. Expenditure beyond 25% cap permitted subject to production of voucher/ receipt.

Loan Amount & Security

Loan Amount & Security

Category
Maximum Loan Limit

No Security, only Parent/ Guardian as co-borrower

With tangible collateral of full value and Parent/ Guardian as co-borrower

List AA 

Rs. 40 lacs

-

List A 

Rs. 20 lacs

Rs. 30 lacs

List B

Rs. 20 lacs

-

List C

Rs. 7.5 lacs

Rs. 30 lacs

  • In case of married person, co-obligator can either be spouse or parent/ parent-in-law. Parental co-obligation can also be substituted by a suitable third party guarantee.

Repayment

Repayment:

  • Repay in 15 years, after the course completion + 12 months

  • 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

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.

Rate of Interest
Documents Required

Checklist of Documents to be submitted along-with duly filled Loan Application Form

I) 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
II) 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
III) 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)
IV) 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.