About us | Affiliates | Corporate Governance | Investor Relations |  Contact Us | Customer Care 
   
Specialised Branches

HOME »
PERSONAL BANKING »
PERSONAL FINANCE »
HOME LOANS
CAR LOAN
EDUCATION LOANS(SBI STUDENT LOAN SCHEME)
CENTRAL SCHEME FOR INTEREST SUBSIDY ON EDUCATION LOANS
SCHOLAR LOANS
LOANS AGAINST PROPERTY
LOAN FOR EARNEST MONEY DEPOSIT
TRIBAL-PLUS SCHEME
CREDIT KHAZANA
SBI CAREER LOAN
LOAN SCHEME FOR VOCATIONAL EDUCATION AND TRAINING
LOANS AGAINST SECURITIES
PERSONAL LOANS
GOLD LOANS



EDUCATION LOANS(SBI STUDENT LOAN SCHEME)

A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.

Eligible Courses

a. 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. Studies abroad:

 

·        Job oriented professional/ technical Graduation Degree courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc offered by reputed universities


 

Expenses considered for 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% 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 Loan

  • For studies in India, maximum Rs. 10 lacs
  • Studies abroad, maximum Rs. 30 lacs

 

Interest Rates           Click Here For Interest Rates


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.

Maximum Loan Limit

Repayment Period

Upto Rs. 4 Lacs

Upto 10 years

Above Rs. 4 Lacs and upto Rs. 7.5 Lacs

Upto 10 years

Above Rs. 7.5 Lacs

Upto 12 years

 


Security

Particular

Security

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

 



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
  • 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)

Click here to download Most Important Terms and Conditions


Click here to download the application form




KEY POINTS ›
 
Repayment Tenure
Security
Margin
Documentation Required
RELATED LINKS ›
INTEREST RATES
EMI CALCULATOR
MATURITY VALUE CALCULATOR
(FORMS) PERSONAL BANKING
(FAQ) EDUCATIONAL LOAN
LIST OF PBB BRANCHES
Home | Sitemap | FAQs | Right to Information Act 2005 | Disclaimer
This site best viewed on resolution 800 x 600   © 2008 Copyright State Bank of India