Students Loan

Education Loan from Bank

Many students are not able to fulfill their dreams due to lack of money. But now the Government of India
has come forward to help such talented students. And running many such schemes. Due to which students
will not face any problem regarding money in getting higher education. Because there are Government of
India and many such banks, which provide education loan to fulfill the dreams of the students.

The demand for Education Loan is also high these days. But candidates with education loan should check the interest rate of various banks seriously before doing so. Failure to do so may result in you paying more interest.

SBI issues loan for education. The interest rate on this loan can range from -% percent to % percent.
The bank also charges ten thousand rupees as processing fee. SBI can also give loans up to — lakh rupees to
girl students at concessional rates. Loan tenure can be up to — years and collateral can be up to — lakhs.
The loan moratorium period is 12 months after the completion of the course.

Term loan given to Indian citizens in India or abroad for pursuing higher education, if admission is secured.

Properties
Course duration + Repayment period up to 15 years after 12 months repayment holiday
Processing Charges
Loans upto Rs. 20 lacs : NIL
Loans above Rs. 20 lacs: Rs. 10,000 (plus taxes)
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security

Up to Rs.7.50 lakh: Only parent/guardian as co-borrower. No collateral security or third party guarantee.
Above Rs.7.5 Lakh: Parent/Guardian as co-borrower and Tangible Collateral Security
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Margin

Up to Rs.4 lakh- Nil
Above Rs 4 lakh – 5% for study in India, for study abroad – 15%
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  • Repayment will start 1 year after the completion of the course
  • The loan should be repaid within 15 years from the commencement of repayment
  • If the second loan is taken for higher education later, the amount of both the loans will have to be repaid
    within 15 years of completion of the second course.
  • EMI generation
  • The interest accrued during the moratorium period and course period is added to the principal and
    repayment will be fixed through equated monthly instalments.
  • If the full interest is deposited before the commencement of repayment; EMIs are determined on the basis of principal amount only.

Eligibility

Term loan given to Indian citizens in India or abroad for pursuing higher education, if admission is secured.

sbi education loan

Study in India

  • Undergraduate, Postgraduate courses 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 IITs, IIMs etc.
  • Teacher Training/Nursing Course approved by the Central Government or State Government
  • Regular degree/diploma courses in aeronautical, pilot training, shipping etc. approved by the Director
    General of Civil Aviation/Shipping/Regular Authority concerned
  • Job oriented vocational/technical undergraduate graduate/post graduate courses and diploma courses
    like MCA, MBA, MS etc. offered by reputed universities.

Study Abroad

  • Job oriented vocational/technical undergraduate graduate/post graduate courses 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.

Covered Expenses

  • Fee Payable to College/School/Hostel
  • Examination/Library/Laboratory Fees
  • Expenditure on purchase of items required for the course such as books/equipment/instruments/uniforms/computers (maximum 20% of the total tuition fee payable for completing the course).
  • Security Deposit / Building Fund / Refundable Deposit (maximum 10% of the total tuition fee for the entire course)
  • Travel Expenses/Travel Expenses for Studying Abroad
  • Cost of two wheeler up to Rs.50,000/-
  • Other expenses required to complete the course like study travel, project work etc.

Loan

study in India

  1. Medical Course: Up to Rs 30 lakh
  2. Other courses: Up to Rs 10 lakh
  3. (Higher loan limit for studies in India may be considered on a case by case basis, up to a maximum of
    Rs 50 lakh.

study abroad

-Up to Rs 7.50 lakh
(Higher loan limit for studies abroad is negotiable under the Global Ad-Vantage Loan Scheme, up to a
maximum of Rs.1.50 crore)

Documents

  • 10th, 12th Marksheet, Graduation (if applicable), Entrance Exam Result
  • Proof of admission to the course [Offer Letter/Admit Card/ID Card if available]
  • Expense date for the course
  • Copies of letters awarding scholarships, free ships, etc.
  • Gap certificate, if applicable (self-declaration from student for gap in study)
  • Passport size photographs of the student/parent/co-borrower/guarantor (copy of each)
  • Asset-liability details of the co-applicant/guarantor (applicable for loans above Rs.7.50 lakh)
  • for salaried persons
    (a) Latest Pay Slip
    (b) Form 16 or Latest IT Return (ITR V)
  • For other than salaried person:
    (a) Business Address Proof (if applicable)
    (b) Latest IT Returns (if applicable)
  • Bank Account Details for the last six months of the Parent/Guardian/Guarantor Student/Parent/Co-borrower/Guarantor
  • Copy of sale deed of property and other documents of title of property in respect of photocopy of security/liquid security offered as surety
  • Permanent Account Number (PAN) of the student/parent/co-borrower/guarantor
  • Aadhaar (Mandatory, if eligible under various interest subsidy schemes of Government of India)
  • Passport (mandatory for study abroad)
    Submission of OVD (Officially Valid Document) (see table below)
    Fifth note of musical scale

At least one self-attested copy of Officially Valid Documents (OVD) to be
submitted as proof of identity and address:

  1. Passport
  2. driving license
  3. Proof of Aadhar number
  4. Voter ID card issued by the Election Commission of India
  5. Job card issued by NREGA duly signed by an officer of the State Government
  6. Letter issued by National Population Register containing details of name and address.

For your information, let us tell you that we only provide loan information to you,
We do not provide loan.

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