State Bank of India STUDENT LOAN Schemes

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

ELIGIBILITY

All courses having employment prospects are eligible.

Graduation courses/ Post graduation courses/ Professional courses
Other courses approved by UGC/Government/AICTE etc.

EXPENSES COVERED FOR STUDENT LOAN

Fees payable to college/school/hostel
Examination/Library/Laboratory fees
Purchase of Books/Equipment/Instruments/Uniforms
Caution Deposit/Building Fund/Refundable Deposit
Travel Expenses/Passage money for studies abroad
Purchase of computers considered necessary for completion of course
Cost of a Two-wheeler upto Rs. 50,000/-

Any other expenses required to complete the course like study tours, project work etc.

Amount of Loan

For studies in India , maximum Rs. 10 lacs
Studies abroad, maximum Rs. 20 lacs

Interest Rate

For loans upto Rs. 4 lakh 10.50% p.a. (Subject to Change)

For loans above Rs. 4 lakh 11.50% p.a. (Subject to Change)

PROCESSING FEE

No processing fee/ upfront charges

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

REPAYMENT TENURE

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

Place of Study	Loan Amount	Repayment Period in Years
In India	Up to Rs. 7.5 lacs	5-7
In India	Above Rs. 7.5 lacs	5-10
Abroad	Up to Rs. 15 lacs	5-7
Abroad	Above Rs. 15 lacs	5-10

SECURITY

Amount	Studies In India	Studies Abroad
Upto Rs. 4 lacs	No Security	No Security
Above Rs. 4 lacs to Rs. 7.50 lacs	Third Party Guarantee	Third Party Guarantee
Above Rs. 7.50 lacs to Rs. 10 lacs( India )/ Rs. 15 lacs(Abroad)	Tangible Collateral security for full value of loan	Tangible Collateral security of suitable value of loan or third party guarantee
Rs 15 lacs to Rs. 20 lacs	___	Tangible Collateral security for full value of loan

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%
  
  Documentation Required

Completed Education Loan Application Form.
Mark sheets of last qualifying examination
Proof of admission scholarship, studentship etc
Schedule of expenses for the specified course
2 passport size photographs
Borrower's Bank account statement for the last six months
Income tax assessment order, of last 2 years
Brief statement of assets and liabilities, of the Co-borrower
Proof of Income (i.e. Salary slips/ Form 16 etc)

* Conditions Apply

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