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