How to apply for SBI Scholar loans for higher education in India
This article gives information about State Bank of India (SBI) education loan and complete procedure and documents required for applying for it.
In addition to the option for Indian students to apply for SBI education loans for studying in India & abroad, there is the option of availing of SBI Scholar Loans for Indian Students for pursuing higher education in India in selected institutions.
SBI Scholar Loans FAQsWhich are the selected institutions for SBI Scholar Loans?
SBI Scholar Loans can be availed by students securing admissions to:Which courses are covered by SBI Scholar Loans?
SBI Scholar loans cover only regular full time Degree or full time Diploma Courses, as well as full time Executive Management Courses (such as for IIMS in India). However, SBI scholar loans do not cover certificate courses or part-time courses through entrance test / selection process. What is the loan amount of SBI Scholar Loans?
The SBI scholar loan is for a minimum of Rs.7.5 lacs and a maximum amount of up to Rs.30 lacs. The loan amount could vary depending on the institute where the admission is secured and the category. (please check SBI website for details). What are the expenses covered with SBI Scholar Loans?
In addition to the education fees of the institute where you have secured admission, an SBI scholar loan will include the following expenses:What is the Interest Rate of SBI Scholar Loans?
Please check the official website for the current rate of interest. Note that for girl students there is likely an interest rate concession.What is the Repayment tenure of SBI Scholar Loans?
You can repay the loan in 15 years, after the course completion + 12 months. If desired, you can avail of a second second loan for higher studies later, in which case you can repay the combined loan amount in 15 years after completion of second course.What is the Security to be provided for SBI Scholar Loans?
No collateral security is required when applying for the SBI Scholar loan. The Parent/ Guardian is the co-borrower, but parental co-obligation can be substituted by a suitable third party guarantee.Which are the Documents Required for SBI Scholar Loans?
How to Apply for SBI Scholar Loans
You can get the SBI Scholar loan application form from the SBI branch in your area or from the SBI official Website
Contact Phone Number for SBI Education Loans for Scholars: 1800112211 (Toll-free from BSNL/MTNL)
Important Note: The author of this article is giving general information on SBI scholar loans and not endorsing them in any way. Readers are advised to check the official website of SBI and confirm with SBI officials about the various aspects of the loan before applying, and not rely solely on the information given in this article.
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This article has given a basic idea of the education loan available from SBI and will be very useful for the students as all the information is available at one place.