Information About State Bank of India Education Loan in India
The best & secure bank which providing away-some schemes for Education loans in India is State Bank of India. The Academic year 2010 - 2011 starts and many of students are ready to take admission in there dreamed Institutes, where the Education Loan plays important role. Here is complete information of Education loan provided by State Bank of India.
Eligibility of Education Loan in India By SBI
Generally State Bank of India offers Education Loan for higher studies in India or Abroad.
The Eligible candidate for Education Loan is who applying for the admission in employment prospects courses. Like,
# Graduation Courses / Post Graduation Courses / Professional Courses
# Other courses approved by UGC / Government / AICTE etc.
Courses valid for Education loan in India
1. MBBS / BDS / BAMS / Other Medical Courses
2. B.E / B. Tech. / B. Arch. / B.Pharm.
3. PG Courses M.D. / M.Tech / M.E. / M.Pharm.
4. BBA / MBA / MS etc.
Education Loan in India Covers your following expenses
1. Education / Institute Fees payable to College.
2. Accommodation Fees like Hostel or Room charges.
3. Examination / Library / Laboratory fees.
4. Purchase of Books / Equipment / Instruments / Uniforms etc.
5. Travel Expenses / Passage money for studies abroad.
6. Purchase of computers considered necessary for completion of course.
7. Cost of a Two-wheeler up to Rs. 50,000/-
8. Expenses required to complete the course like study tours, project work etc.
Maximum limit of education Loan in India through State Bank of India
State Bank of India offers maximum Rs. 10 lacs for Education loan in India & maximum Rs. 20 lacs Education loan in abroad Studies. which is sufficient to complete the studies in India or outside of India.
SBI Student Loan Scheme & Interest Rates in india
1. Loan Amount upto Rs. 4.00 Lacs have Rate of Interest is 0.50% below SBAR i.e. 11.25% p.a.
2. Loans above Rs. 4.00 Lacs and upto Rs. 7.50 Lacs have Rate of Interest is 1.00% above SBAR i.e. 12.75% p.a.
3. Loans above Rs. 7.50 Lacs have Rate of Interest is At SBAR i.e. 11.75% p.a.
Good news for Girl candidate applying for Education loan through SBI get An Interest Rate concession of 0.50%.
Repayment Tenure of Education Loan in India
After completing your course you will start Repayment of Education loan as earlier is best. Where SBI gives 12 months for Repayment after completing your course. SBI Gives you 5 to 7 year to complete your Repayment of Education Loan.
Security for Education Loan in India
No security need for Education Loan up to Rs 4.0 lacs in India. Above Rs 4.0 lacs Education Loan State Bank of India need security of third party, which may take responsibility of repayment of Education loan. Generally your parents can take the responsibility of your Education Loan.
Documentation Required for Applying Education Loan In India
1. Completed Education Loan Application Form.
2. Mark sheets of last qualifying examination.
3. Proof of admission scholarship, studentship etc.
4. Schedule of expenses for the specified course.
5. 2 passport size photographs.
6. Borrower's Bank account statement for the last six months.
7. Income tax assessment order, of last 2 years.
8. Brief statement of assets and liabilities, of the Co-borrower.
9. Proof of Income (i.e. Salary slips/ Form 16 etc).
Apply Online for Education Loan in India
State Bank of India accepts Online applications for Education Loan in India. Just visit www.statebankofindia.com & click on apply online or you can download the application form & submit it your nearest branch of SBI. Take the advantage of Education loan offers by State Bank of India in India & Change your career.
Thank you Sushila,
This skill is developed by only ISC. Yes, I am agree with you because of online application for Education loan save your time.
I want to education loan for MBBS course. What to do?
It is very typical that bank is providing education from the start of course. When one needed loan from 2nd year, why this loan cannot be approved. Also it is told that loan can only be given for Govt. seat and not on Management seat. Whereas Govt. seat fees ranges from 30 to 40 thousand per year, for that meager amount why we require loan, whereas in Management seat the fee is more than 3 lacs per year. I don't understand this concept. This needs to be looked into critically.
I got loan from SBI during the year of 2010 for pursuing engineering. The SBI where I got the loan they asked us to pay the interest for the current year monthly otherwise the loan will not given in the upcoming years. But the thing is like we need to pay the interest incase we are not paid during the pursuing or if we didn't pay the amount after the completion, the interest will be starts & also I got the subsidiary amount which they provide almost the half. But, as per the SBI statement the concession statement is for girls 0.5% should be reduced in the interest. They are not informing the exact scenario. Can you please tell me like how the interest rate will be calculate and whether they will take the principal amount from the interest we paid...Please tell me the details....
I am a student from Coimbatore. I have completed my bachelor's degree with an SBI education loan of RS.157500. Now I would like to join for Post graduation. For that how to get education loan? Am I eligible to apply for education loan? None of my family members have a bank statement or tax records for the last 6 months. This is my family background. Shall I get an education loan?