SBI Education Loan

EDUCATION LOAN

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.
Graduation courses/ Post graduation courses/ Professional courses
Other courses approved by UGC/Government/AICTE etc.

Expenses considered for loan :

Fees payable to college/school/hostel
Examination/Library/Laboratory fees
Purchase of Books/Equipment/Instruments/Uniforms
Caution Deposit/Building Fund/Refundable Deposit
Travel Expenses/Passage money for studies abroad
Purchase of computers considered necessary for completion of course
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 upto Rs.4 lacs - 12.75% p.a. Floating

For loans above Rs.4 lacs - 13.75% p.a. Floating

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 :

In India Up to Rs. 7.5 lacs
Above Rs. 7.5 lacs

Abroad Up to Rs. 15 lacs
Above Rs. 15 lacs

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%

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