State Bank Of India

Educational Loans for Higher Studies in India and Abroad.

Student Eligibility :

• The student should be an Indian National.
• 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
• 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
• If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year
• Academic Records:
  • 10th Result
  • 12th Result
  • Graduation Result- Semester-wise (if applicable)
  • Entrance Exam Result through which admission is being taken (e.g. GMAT, GRE, TOEFL, etc.)

Expenses considered for loan :

• Fee payable to college/ school/ hostel
• Examination/ Library/ Laboratory fee
• Travel expenses/ passage money for studies abroad
• Caution deposit, Building fund/refundable deposit supported by Institution bills/receipts the amount considered for loan should not exceed 10% of the tuition fees for the entire course.
• Purchase of books/ equipments/ instruments/ uniforms
• Purchase of computer at reasonable cost, if required for completion of the course
• Any other expense required to complete the course - like study tours, project work, thesis, etc

Quantum of Finance:

• Minimum Loan Amount: Rs. 20 Lacs
• Maximum Loan Amount: Rs. 1.5 Cr

Margin :

• Scholarship/ assistantship to be included in margin.
• Margin may be brought-in on year-to-year basis as and when disbursements are made on a pro-rata basis.

Security:

• Collateral security offered by Third Party (other than parents) can also be accepted
• Accrued interest during the moratorium to be added to the principal and repayment in EMI fixed.
• Repayment will commence 6 months after completion of course
• Repayment upto maximum of 15 years

Rate of Interest :

• Interest to be charged at rates linked to the Base rate as decided by the Bank from time to time.
• Simple interest to be charged during the study period and up to commencement of repayment.
• 0.50% concession in spread for Girl Students.
• Servicing of interest during study period and the moratorium period till Commencement of repayment is optional for students. Accrued interest will be compounded at the time of commencement of repayment & EMI will be fixed accordingly.

Interest rates on Educational loans:

• 0.50% concession for students availing of SBI Rinn Raksha or any other existing life insurance policy assigned in favour of our Bank

Concession in Interest Rates :

• 0.50% concession for girl students

Processing Fee:

• Rs. 10,000/- per application.
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Other Terms and Conditions:

• Other terms and conditions as applicable to the Model Educational Loan Scheme for Pursuing Higher Education in India and Abroad are applicable to this scheme also.

Contact:

• Toll free telephone number 18004253800 & 1800112211.

Website: www.sbi.co.in/Education Loan