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 FAQs

Which are the selected institutions for SBI Scholar Loans?

SBI Scholar Loans can be availed by students securing admissions to:
  1. India's top Engineering Colleges

  2. India's top Medical Colleges

  3. India's top Business Schools

  4. India's top Law Colleges

  5. Other reputed institutes in India

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:
  1. Hostel fees

  2. Library fees

  3. Laboratory fees

  4. Examination fees

  5. Fees to purchase uniforms, books, equipment and instruments

  6. Money which you need to pay as deposits, such as a refundable deposit (maximum 10% tuition fees for the entire course), caution deposit, etc.

  7. Travel expenses for exchange program

  8. Money to purchase a computer / laptop

  9. Other expenses related to the educational course.

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?

  1. The SBI scholar loan application form completed in all respects

  2. Letter of admission

  3. Two photographs (passport size only)

  4. PAN Card of the student and Parent/ Guardian

  5. AADHAR Card of the student and Parent/ Guardian. (Learn how to get a duplicate Aadhaar UID card)

  6. Any Proof of identity (driving licence/passport/PAN/any photo identity)

  7. Any Proof of residence (driving licence/passport/electricity bill/phone bill)

  8. Statement of expenses

  9. Bank account statement for last 6 months of Student/Co-borrower/ Guarantor

  10. IT return/ IT assessment order, of last 2 years

  11. A brief statement of co-borrower's assets & liabilities

  12. Proof of income (salary slips / Form 16)

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.

Article by Vandana
Vandana is based in India with over 15 years experience as a freelance writer. Writing, no doubt, is her primary passion! Having learned the art of blogging from ISC, Vandana is enjoying the thrills of blogging, taking pleasure in sharing information & getting good pageviews at her various blogs.

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Author: Umesh27 Mar 2017 Member Level: Diamond   Points : 0

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.

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