New Delhi: State Bank of India (SBI) offers Student Loan for Indian citizens who want to pursue higher education in India or abroad. The SBI student loan is given to courses covered for studies both in India as well as abroad.
Features and Benefits of SBI Student Loan
· Lower interest rates
· Concession in interest for girl students
· No Collateral Security for loans upto Rs. 7.5 lakh
· No processing charges for loans up to Rs. 20 lakh
· Repayment will commence one year after completion of course
· Repayment period of up to 15 years after Course Period + 12 months of repayment holiday
· In case second loan is availed for higher studies, students after completion of second course, can repay the combined loan amount in 15 years
· No margin for loans up to Rs. 4 lakh
SBI Student Loan Amount:
Students can avail this loan of up to Rs 50 lakh for studies in India and up to Rs 1.50 crores for studying overseas
SBI Student Loan Interest Rate:
Effective interest rate – 8.65%
0.50% concession in interest for girl students
SBI Student Loan Processing fee:
Loans up to Rs. 20 lacs – Nil
Loans above Rs.20 lakh – Rs.10,000 (plus taxes)
SBI Student Loan Collateral:
For loans up to Rs.7.5 lakh – None
For loans above Rs.7.5 lakh – Tangible collateral security
Expenses covered in SBI Student Loan:
Fees payable to college/school/hostel
Purchase of Books/Equipment/Instruments/Uniforms, Purchase of computers- essential for completion of the course (maximum 20% of the total tuition fees payable for completion of the course)
Caution Deposit/Building Fund/Refundable Deposit (maximum 10% of tuition fees for the entire course)
Travel Expenses/Passage money for studies abroad
Cost of a Two-wheeler up to Rs. 50,000/-
Any other expenses required to complete the course like study tours, project work etc.
SBI Student Loan Eligibility:
SBI student loan is offered for Graduation, Post-graduation including regular technical and professional Degree/Diploma courses conducted by colleges/universities approved by UGC/ AICTE/IMC/Govt. etc. Regular Degree/ Diploma Courses conducted by autonomous institutions like IIT, IIM etc. Teacher training/ Nursing courses approved by Central government or the State Government. It also covers Regular Degree/Diploma Courses like Aeronautical, pilot training, shipping etc. approved by Director General of Civil Aviation/Shipping/ concerned regulatory authority.
While for studies abroad, the SBI student loan is given to job oriented professional/ technical Graduation Degree courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc. offered by reputed universities. Courses conducted by CIMA (Chartered Institute of Management Accountants) – London, CPA (Certified Public Accountant) in USA, etc are also included.