SBI STUDENT LOAN SCHEME

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

  • Repayment period of upto 15 years after Course Period + 12 months of repayment holiday*

  • No processing / upfront charges will be levied on Education loans.

Eligibility

Eligibility

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

Courses Covered

Courses Covered

a. 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/ concerned regulatory authority

b. Studies abroad:

  • 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.

Expenses Covered

Expenses Covered

  • 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% of 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

Loan Amount

Loan Amount

  • For studies in India - maximum Rs. 10 lacs

  • Studies abroad - maximum Rs. 20 lacs

  • * Higher loan limit for studies in India are considered on case-to-case basis
  • * Higher loan limit for studies abroad are considered under our SBI Global Ed-Vantage Scheme
Security

Security

Particular
Security

Upto Rs. 7.5 Lacs:

Only Parent/ Guardian as co-borrower. No Collateral Security or third party guarantee

Above Rs. 7.5 Lacs:

Parent/ Guardian as co-borrower and tangible collateral security

In case of married person, co-obligator can be either spouse or the parent(s)/ parents-in-law

Margin

Margin

  • Upto Rs.4 Lacs: Nil

  • Above Rs. 4 Lacs : 5% for studies in India, 15% for studies abroad

Repayment

Repayment:

  • Repayment will commence one year after completion of course.

  • Loan to be repaid in 15 years after the commencement of repayment

  • In case second loan is availed for higher studies later, to repay the combined loan amount in 15 years after completion of second course

EMI Generation

EMI Generation:

  • The accrued interest during the moratorium period and course period is added to the principle and repayment is fixed in Equated Monthly Installments (EMI).

  • If full interest is serviced before the commencement of repayment; EMI is fixed based on principle amount only.

Rate of Interest
Documents Required

Checklist of Documents to be submitted along-with duly filled Loan Application Form

I) Student-applicant:
  • Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
  • Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card
  • Passport to be mandatorily submitted in case of Studies Abroad
  • Academic Records:
    • 10th Result
    • 12th Result
    • Graduation Result- Semester-wise (if applicable)
    • Entrance Exam Result through which admission is being taken (e.g. CAT, CMAT, JEE, NEET, CET, GMAT, GRE, TOEFL, etc.)
  • Proof of admission: Offer Letter or Admission Letter from the Institution. Conditional admission letter may be considered in case of studies abroad.
  • Statement of cost of study/ Schedule of expenses
  • 2 passport-size photographs
  • If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year
II) Co-applicant::
  • Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
  • Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card
  • 2 passport-size photographs
  • If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year
III) Income Proof for Salaried Co-applicant/ Guarantor:
  • Salary Slip or Salary Certificate of last 3 months
  • Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.
  • Bank account statement for last 6 months (of Salary Account)
IV) Income Proof for Self-employed Co-applicant/ Guarantor:
  • Business address proof (If applicable)
  • IT returns for last 2 years (if IT payee)
  • TDS Certificate (Form 16A, if applicable)
  • Certificate of qualification (for C.A./ Doctor and other professionals)
  • Bank account statement for last 6 months
Note: All documents should be self-attested.

* Terms and conditions apply.