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SBI LOAN SCHEME


Posted Date: 06-Sep-2008  Last Updated:   Category: Educational Loans    
Author: Member Level: Gold    Points: 2



STATE BANK OF INDIA
Purpose
You can take a loan for pursuing studies in recognised schools/colleges/ institutions to meet:
Tuition and other fees
Maintenance costs, books & equipments,etc.
Cost of passage (for studies abroad)
Caution fund/building fund/refundable deposit

Eligibility

* Should be an India National
* Secured admission to professional/ technical courses through Entrance Test/ Selection process
* Secured admission to foreign university/ Institution

Loan Amount

Need based finance subject to the repaying capacity of the parents/ students with margin and the following ceilings.
* studies in India - Maximum Rs.7.50 lacs
* studies Abroad - Maximum Rs.15 lacs

Margin

Upto Rs.4 lacs: No margin

Above Rs.4 lacs
* Studies in India: 5%
* Studies Abroad: 15%

Interest

Lowest interest rates
Loan Amount
Interest Rate
Loans upto Rs.4 lacs
SBMTLR presently 12.00 %p.a.
Loans over Rs.4 lacs
1% above SBMTLR presently 13.00 % p.a

* While interest is not required to be paid during moratorium period, payment of the same before start of repayment would entitle you to concession in interest rate applied during the repayment holiday
Repayment of loan

Repayment Holiday - Course period + 1 year or 6 months after getting job, whichever is earlier.
The loan to be repaid in 5-7 years after commencement of repayment

Prepayments permitted without any penalt


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