State Bank of India Education Loan
Education Bank Loan in India: State Bank of IndiaDownload Application For State Bank of India Education Loan
Since 1973 State Bank of India is involved in Community Service Banking. Various personal banking services are provided by SBI. State Bank of India offers education loans to students seeking to continue higher studies. The loan is sanctioned for studies both in India or abroad.
Eligible Criteria for State Bank of India Education Loan:
Student for Education Loan:
Loan is granted to those who have nationality Indian and taken secured admission for higher study in India or abroad.
Courses Eligible for Getting Loan:
- Professional, graduation or post graduation courses.
- The courses which are permitted by government, UGC, AICTE etc.
Details of Education Loan:
Exposure of Expenses:
- Fees payable to the school, college or hostel.
- Laboratory, Examination, or Library fee.
- Fees required for purchasing equipments, books, uniforms or instruments.
- Building funds, caution deposit, or the deposit which is refundable supported by the institution receipts or bills.
- Passage money or travel expenses for those studies in abroad.
- Buy the computers which are useful for the course.
- Other expenses required for completion of course such as study tours, thesis, project Work, etc.
- Cost of vehicle (two wheeler) up to 50,000 rupees.
- The maximum amount is Rs. 10 lakhs for the studies in India.
- The maximum amount is Rs. 20 lakhs for the studies Abroad
- There is no any margin on the loan up to Rs 4 lakh
- The margin on loans greater than Rs 4.0 lakh is 5 percent for students in India and 15 percent for the students in Abroad.
- No security is required for loan up to Rs. 4 lakh
- Collateral security in type of guarantee of third party when loan amount is between Rs. 4.0 lakh - Rs. 7.5 lakh.
- And when loan amount is greater than Rs.7.5 lakh, collateral security is required with task of student's future income for installment payment. All loans must be secured from guardian or parents and when person is married then co-obligator may be spouse or parents.
- No any processing fee.
- For the educational loan, deposit is of 5000/- rupees for studies abroad and this will be adjusted in margin.
Details & Contact
State Bank Bhawan,
Madame Cama Road,
Phone - (022) 22029451, 22029456
Fax - (022) 22885369
Website - http://www.sbi.co.in
Since the rules, regulations, eligibility conditions, repayments and interests rates etc. are revised by the banks from time to time in keeping pace with the changing capital market conditions, students and parents are advised to thoroughly check the terms and conditions of educational loan scheme on offer at the time of application.
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