SBI student loan is a term loan granted to Indian nationals to pursue higher education in India or abroad where admission has been guaranteed. This loan offers a personalized financing solution for students – who are on their way to transforming the future of India. Here is all you need to know about the SBI Student Loan Amount Offered, Interest Rate, Processing Fee, Features, Benefits, Courses Covered and more:-
For studies in India:
· Graduation, Post-Graduation, including regular Technical and Vocational Diploma/Diploma courses from colleges/universities approved by UGC/AICTE/IMC/Govt. etc Regular degree/diploma courses provided by autonomous institutions such as IIT, IIM, etc.
Teacher training/nursing courses approved by central government or state government
· Regular courses leading to a degree/diploma like aeronautics, pilot training, navigation, etc. approved by Director General of Civil Aviation/Navigation/Relevant Regulatory Authority
For studies abroad:
Job oriented professional/technical graduation courses/post-graduation courses and degrees such as MCA, MBA, MS, etc. offered by reputable universities.
Courses provided by CIMA (Chartered Institute of Management Accountants) – London, CPA (Certified Public Accountant) in the United States, etc.
Features and Benefits:
· Lower interest rates
Concession of interest for female students
No collateral for loans up to Rs. 7.5 million
No processing fees for loans up to Rs. 20,000,000
Reimbursement will start one year after course completion
Repayment period up to 15 years after course period + 12 months repayment holiday
In case the second loan is used for higher education, students after completing the second course, can repay the combined loan amount in 15 years
No margin for loans up to Rs. 4,000,000
Amount of the loan:
Students can avail this loan of up to Rs. 50 lakh for study in India and up to Rs. 1.50 crores for study abroad
Effective interest rate – 8.65%
0.50% interest reduction for female students
Loans up to Rs. 20 lacs – Nil
Loans above Rs.20 lakh – Rs.10,000 (plus taxes)
For loans up to Rs.7.5 lakh – None
For loans above Rs.7.5 lakh – Tangible Collateral
Expenses covered by the SBI student loan:
Fees payable to college/school/hostel
Purchase of books/equipment/instruments/uniforms, purchase of computers – essential to complete the course (maximum 20% of total tuition fees payable to complete the course)
Security deposit/building fund/refundable deposit (maximum 10% of tuition fee for the entire course)
Travel expenses/passage money for study abroad
Cost of a two-wheeler up to Rs. 50,000/-
All other expenses necessary to complete the course such as study trips, project work, etc.
Link to website for required documents and more details – https://bank.sbi/web/personal-banking/loans/education-loans/student-loan…