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SBI Education Loan


Posted Date: 25-Jun-2010  Last Updated:   Category: Educational Loans    
Author: Member Level: Silver    Points: 20


SBI Education Loan Interest,Documentation requirements,application form and online application



SBI Education Loan
SBI(State Bank Of India) is the largest Bank in India.SBI provides education loan for Indian students to study in India and abroad also.The complete detail about the SBI education loan are below.I think this is helpful for the student who needs to apply education loan in State Bank Of India.Before applying education loan in SBI compare the interest rates of SBI to other bank then if you feel comfortable apply to SBI.

ELIGIBILITY FOR APPLY EDUCATION LOAN:-
*The Applicant should be an Indian.
*All job prospects courses are eligible.
*The student who joined Any Post Graduate,Graduate or Professional course from government approved College are eligible for apply education loan.

LOAN AMOUNT:-
The student can apply up to 10 lacs for their studies in India.For studies in abroad the student can apply up to 20 lacs.

EXPENSES APPLICABLE FOR LOAN:-
*Tuition fees
*Exam Fees
*Lab Fees
*Books
*equipments
*uniforms
*Traveling Cost(bus fees and flight ticket for abroad studies)
*Computer
*Two Wheeler loan (up to Rs.50,000)
*Project work

INTEREST DETAILS:-
(With Effect From 29.06.2009 (SBAR 11.75%))
Interest Up to 4 lacs:- 11.25% and .5% below SBAR(State Bank Advances rate)
Interest From 4 lacs to 7 lacs:- 12.75% and 1% Above(SBAR)
Interest Above 7 lacs:- 11.75% fixed.
The interest rate is reduced up to .5% for girl student availing scholar loan.

MARGIN:-
The student need not to pay margin amount up to 4 lacs.But above 4 lacs need to pay 5% of margin amount.For abroad studies need to pay 15 % of margin amount.

PROCESSING FEES:-
The student need not to pay processing fees for their education loan.For abroad studies the student should deposit 5000 for their account.This amount is reduced in the margin amount.

RE-PAYMENT OF LOAN:-
The student should start their re-payment one year after completing the course or 6 months after getting the job which comes first.But the candidate must repaid the loan from five to seven years after finishing their course.

GUARANTEE SIGN(SECURITY):-
Up to 4 lacs no guarantee sign is needed.Above 4 lacs to 7 lacs the parent or guardian or any third party is needed to give security for the loan and he/she is the joint borrower of the loan amount.above 7 lacs the student need to provide their family property details and their future income.

DOCUMENTATION REQUIRED FOR SBI EDUCATION LOAN:-
1.Education Loan Application Form. You can download it by clicking this link Application Cum Appraisal Form For SBI Education Loan.
2. Mark sheets of last examination
3. Proof of admission.
4.Schedule and expenses for the course.
5.your recent 2 passport size photographs.
6.Last six month borrower Bank account statement.
If you don't have a saving account from that bank first you need to open a student saving account.
7.your ID proof like driving license/college id/voter id/pass port or pan card,any one is required for proof of your sign.
8.Ration card is required to proof your permanent address.

APPLY ONLINE:-
The student can apply for their education loan in State Bank of India by Online. Just visit http://www.statebankofindia.com and fill the application for apply online.


ALL THE BEST


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