State Bank of India

State Bank of India’s Education Loan

Objective of the Scheme:

A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.

Eligibility of the Student:

• The student should be an Indian National
• The student  should have secured admission to a higher education course in recognized institutions in India or Abroad through Entrance Test / Merit Based Selection process after completion of HSC ( 10 plus 2 or equivalent ).

Studies in India:

• 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
• Regular Degree / Diploma Courses like Aeronautical, pilot training, shipping etc. approved by Director General of Civil Aviation / Shipping
• Vocational Training and Skill Development Study Courses will not be covered under the regular Education Loan Schemes. A separate scheme for ‘Loans for Vocational Education and Training’ has been launched which covers financing for such Vocational courses

Studies over a Wide Area :

• Job oriented professional / technical Graduation Degree courses / Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc offered by reputed universities
• Expenses considered for loan
• Fees payable to college / school / hostel
• Examination / Library /Laboratory fees
• 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% tuition fees for the entire course )
• Travel Expenses / Passage money for studies abroad
• Cost of a Two-wheeler upto Rs. 50,000/-
• Any other expenses required to complete the course like study tours, project work etc.

Liability of Finance :

Quantum of Finance :

For studies in India, maximum Rs. 10 lacs

Studies abroad, maximum Rs. 30 lacs

Margin :

• For loans up to Rs.4.0 lacs : No Margin
• For loans above Rs.4.0 lacs:
• Studies in India: 5%
• Studies Abroad: 15%

Processing Fee / Mortgage Charges :

No processing fee/ upfront charges

Deposit of Rs. 5000/- for education loan for studies abroad which will be adjusted in the margin money

Rate of Interest :

Repayment Period of the Loan :

Repayment will commence one year after completion of course or 6 months after securing a job, whichever is earlier.

For more Details, Kindly refer the following link :

https://www.sbi.co.in/user.htm

To download Application Form, Visit the following Link :

https://www.sbi.co.in/webfiles/uploads/files/1210328302454-FORMAT_EDUCATION_LOANS.pdf

State Bank of India’s Scholar Loan Scheme

Objective of the Scheme :

SBI Scholar Loan provides financial support to meritorious students for pursuing higher education in the Premier Institutions

Eligibility of the Student  :

• Sanction of Term Loan to students ( Indian Nationals ) for pursuing higher education in India in the Select 114 Premier Institutions
• Education Loans for Students securing admission in the country’s best Engineering and Medical colleges, top B-Schools, Law colleges & other reputed institutions

Courses Covered

Regular full time Degree / Diploma Courses through entrance test / selection process. Full time Executive Management Courses like PGPX are also covered. No Certificate / Part time courses are covered under this scheme.

Liability of Finance :

Expenses allotted for the Loan :

• Fees payable to college / school / hostel
• Examination / Library / Laboratory fees
• Purchase of books / equipments / instruments
• Caution deposit / building fund / refundable deposit supported by Institution bills / receipts [ not to exceed 10% of the tuition fees for the entire course ].
• Travel expenses / expenses on exchange programme*
• Purchase of computer / laptop*
• Any other expenses related to education*
• No voucher / receipt insisted upon. Purpose ( end use ) need to be self-certified for these expenses. Such expenditure ( without voucher / receipt ) will not exceed 25% of the loan amount( upto a lumpsum amount of max Rs. 1 lac ). If any expenditure for these purposes is required to be made beyond the 25% cap, it can be permitted subject to production of voucher / receipt.

Quantum of Finance :

Margin : Nil

Processing Fee : Nil

Rate of Interest :

Repayment Period of the Loan :

• Course Period duration plus six months moratorium
• Repayment period upto 12 years.

Visit the following link to see the list of institutes.

http://www.sbi.co.in/webfiles/uploads/files/1374836398343_LIST_OF_INSTITUTIONS.pdf

For more Details, Kindly refer the following link :

https://www.sbi.co.in/user.htm

To download the Application Form :

https://www.sbi.co.in/webfiles/uploads/files/1210328302454-FORMAT_EDUCATION_LOANS.pdf