SBI EDUCATION LOAN 4 EVERY STUDENT
Eligible Courses
1.Studies in India:
· Graduation, after graduation, including regular technical and professional Degree / Diploma approved courses conducted by colleges / universities by UGC / IMC /AICTE / Civil Service. etc
· Regular Diploma / Degree courses conducted by autonomous institutions like IIT, IIM etc
· Teacher / Nursing courses by the central government or the state government approved
· Regular Degree / Diploma courses like Aeronautical, pilot training, shipping etc. approved by the Director General of Civil Aviation / Shipping
· Vocational training and skill development study courses are not covered by the regular Education Loan Schemes. A separate scheme for 'Loans for vocational education and training has been launched, the financing of such covers Vocational
2. Studies abroad:
· Job oriented professional / technical courses graduate diploma / Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc. offered by reputed universities
Costs eligible 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 (up to 20% of the total tuition fees for the completion of the course)
Caution Deposit / Fund / Deposit (up to 10% tuition fee for the entire course)
Travel expenses / passage money for studies abroad
Cost of a two-wheeler to Rs. 50,000 / -
All other costs necessary to complete such study tours, project work etc. Course
Amount of loan
For studies in India, maximum Rs. 10 lacs
Studies abroad, up Rs. 30 lacs
Interest Rates
Processing Fees
No booking fees / upfront cost
Deposit of Rs. 5000 / - for education loan for studies abroad which will be adjusted in the margin money
Repayment Tenure
Reimbursement will be one year after completion of course or 6 months after securing a job, whichever is earlier.
Security
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%
Required Documentation
Completed Education Loan Application Form.
Mark sheets of last exam
Proof of admission scholarship, studentship etc
Schedule of costs for the specified course
2 passport photos
PAN Card of the student and the parent / guardian
Borrower bank account statement for the last six months
Income Tax Returns / IT assessment order, the last two years (as the beneficiary)
Brief statement of assets and liabilities, of the Co-borrower
Proof of income (ie salary slips / Form 16 etc if applicable)
Eligible Courses
1.Studies in India:
· Graduation, after graduation, including regular technical and professional Degree / Diploma approved courses conducted by colleges / universities by UGC / IMC /AICTE / Civil Service. etc
· Regular Diploma / Degree courses conducted by autonomous institutions like IIT, IIM etc
· Teacher / Nursing courses by the central government or the state government approved
· Regular Degree / Diploma courses like Aeronautical, pilot training, shipping etc. approved by the Director General of Civil Aviation / Shipping
· Vocational training and skill development study courses are not covered by the regular Education Loan Schemes. A separate scheme for 'Loans for vocational education and training has been launched, the financing of such covers Vocational
2. Studies abroad:
· Job oriented professional / technical courses graduate diploma / Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc. offered by reputed universities
Costs eligible 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 (up to 20% of the total tuition fees for the completion of the course)
Caution Deposit / Fund / Deposit (up to 10% tuition fee for the entire course)
Travel expenses / passage money for studies abroad
Cost of a two-wheeler to Rs. 50,000 / -
All other costs necessary to complete such study tours, project work etc. Course
Amount of loan
For studies in India, maximum Rs. 10 lacs
Studies abroad, up Rs. 30 lacs
Interest Rates
Processing Fees
No booking fees / upfront cost
Deposit of Rs. 5000 / - for education loan for studies abroad which will be adjusted in the margin money
Repayment Tenure
Reimbursement will be one year after completion of course or 6 months after securing a job, whichever is earlier.
Maximum Loan Limit
|
Repayment Period
|
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Upto Rs. 4 Lacs
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Upto 10 years
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Above Rs. 4 Lacs and upto Rs. 7.5 Lacs
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Upto 10 years
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Above Rs. 7.5 Lacs
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Upto 12 years
|
Security
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Particular
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Security
|
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Rs. 4 lacs loan amount
|
Only Parent/ Guardian as co-borrower
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Above Rs. 4 lacs to Rs. 7.50 lacs loan amount
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Parent/ Guardian as co-borrower and Collateral security in the form of suitable third party guarantee*.
*Third
Party Guarantee can be replaced with Parent/Guardian as co-borrower
provided the Gross Annual Income of Parent/Guardian (co-borrower) as
given in latest Income Tax Return is 3 times of the loan amount.
|
|
Above Rs. 7.50 lacs loan amount
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Parent/ Guardian as co-borrower and tangible collateral security
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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%
Required Documentation
Completed Education Loan Application Form.
Mark sheets of last exam
Proof of admission scholarship, studentship etc
Schedule of costs for the specified course
2 passport photos
PAN Card of the student and the parent / guardian
Borrower bank account statement for the last six months
Income Tax Returns / IT assessment order, the last two years (as the beneficiary)
Brief statement of assets and liabilities, of the Co-borrower
Proof of income (ie salary slips / Form 16 etc if applicable)
