State Bank of India provides its customers with a variety of personal banking services. SBI, which is actively engaged in Community Services Banking, also offers education loans to students aspiring to continue higher studies.
- Should be an Indian National.
- Secured admission to Professional / Technical courses in India or abroad through Entrance Test / Merit based Selection process.
All courses having employment prospects are eligible.
- Graduation courses/ Post graduation courses/ Professional courses
- Other courses approved by UGC/Government/AICTE etc.
- Completed Education Loan Application Form.
- Mark sheets of last qualifying examination
- Proof of admission scholarship, studentship etc
- Schedule of expenses for the specified course
- 2 passport size photographs
- Borrower's Bank account statement for the last six months
- Income tax assessment order, of last 2 years
- Brief statement of assets and liabilities, of the Co-borrower
- Proof of Income (i.e. Salary slips/ Form 16 etc)
- Studies Abroad : Maximum Rs. 20.00 Lac.
- Studies in India : Maximum Rs. 10.00 Lac
- Fees payable to college/school/hostel
- Examination/Library/Laboratory fees
- Purchase of Books/Equipment/Instruments/Uniforms
- Caution Deposit/Building Fund/Refundable Deposit (maximum 10% tuition fees for the entire course)
- Travel Expenses/Passage money for studies abroad
- Purchase of computers considered necessary for completion of course
- Cost of a Two-wheeler upto Rs. 50,000/-
- Any other expenses required to complete the course like study tours, project work etc.
- Upto Rs. 4 lacs - No Security
- Above Rs. 4 lacs to Rs. 7.50 lacs - Collateral security in the form of suitable third party guarantee. The bank may, at its discretion, in exceptional cases, weive third party guarantee if satisfied with the net-worth/means of parent/s who would be executing the documents as "joint borrower".
- Above Rs. 7.50 lacs. - Tangible collateral security of suitable value, along with the assignment of future income of the student for payment of installments.
- Loans upto Rs. 4.00 Lacs - 0.50% below SBAR i.e. 11.75% p.a.
- Loans above Rs. 4.00 Lacs and upto Rs. 7.50 Lacs - 1.00% above SBAR i.e. 13.25% p.a.
- Loans above Rs. 7.50 Lacs - At SBAR i.e. 12.25% p.a.
The loan will be repaid in 5-7 years after the commencement of repayment. There will be moratorium for repayment during the course period +1 year or 6 months after getting job, which ever is earlier.