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Educational Loans
State Bank Of India
Category : Educational Loans
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A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.

Eligible Courses :

All courses having employment prospects are eligible.

a . Graduation courses/ Post graduation courses/ Professional courses

b . Other courses approved by UGC/Government/AICTE etc.

Expenses considered for loan :

  1. Fees payable to college/school/hostel.
  2. Examination/Library/Laboratory fees.
  3. Purchase of Books/Equipment/Instruments/Uniforms.
  4. Caution Deposit/Building Fund/Refundable Deposit.
  5. Travel Expenses/Passage money for studies abroad.
  6. Purchase of computers considered necessary for completion of course.
  7. 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. 20 lacs

Interest Rate :

For loans up to Rs 4 lakh 10.50% p.a.

For loans above Rs. 4 lakh 11.50% p.a.

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.

Place of Study Loan Amount Repayment Period in Years :

In India Up to Rs. 7.5 lacs 5-7

Above Rs. 7.5 lacs 5-10

Abroad Up to Rs. 15 lacs 5-7

Above Rs. 15 lacs 5-10

Security :

Amount

Studies In India

Studies Abroad

Upto Rs. 4 lacs

No Security

No Security

Above Rs. 4 lacs to Rs. 7.50 lacs

Third Party Guarantee

Third Party Guarantee

Above Rs. 7.50 lacs to Rs. 10 lacs( India )/ Rs. 15 lacs(Abroad)

Tangible Collateral security for full value of loan

Tangible Collateral security of suitable value of loan or third party guarantee

Rs 15 lacs to Rs. 20 lacs

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Tangible Collateral security for full value of loan

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
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)

Website:www.statebankofindia.com