A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.
Repayment period of upto 15 years after Course Period + 12 months of repayment holiday*
No processing / upfront charges will be levied on Education loans.
Eligibility
A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured
Courses Covered:
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
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.
Expenses Covered
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 upto Rs. 50,000/-
Any other expenses required to complete the course like study tours, project work etc
Loan Amount
For studies in India - maximum Rs. 10 lacs
Studies abroad - maximum Rs. 20 lacs
* Higher loan limit for studies in India are considered on case-to-case basis
* Higher loan limit for studies abroad are considered under our SBI Global Ed-Vantage Scheme
Security
Particular
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Security
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Upto Rs. 7.5 Lacs:
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Only Parent/ Guardian as co-borrower. No Collateral Security or third party guarantee
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Above Rs. 7.5 Lacs:
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Parent/ Guardian as co-borrower and tangible collateral security
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In case of married person, co-obligator can be either spouse or the parent(s)/ parents-in-law
Margin
Upto Rs.4 Lacs: Nil
Above Rs. 4 Lacs : 5% for studies in India, 15% for studies abroad
Repayment:
Repayment will commence one year after completion of course.
Loan to be repaid in 15 years after the commencement of repayment
In case second loan is availed for higher studies later, to repay the combined loan amount in 15 years after completion of second course