SBI Student Loan is a term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.
This loan provides customized financing solution to the students – who are in-road to transform the future of India.
Courses covered:
For 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
For 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.
Features and Benefits
Lower interest rates
Concession in interest for girl students
No Collateral Security for loans upto Rs. 7.5 lakh
No processing charges for loans up to Rs. 20 lakh
Repayment will commence one year after completion of course
Repayment period of up to 15 years after Course Period + 12 months of repayment holiday
In case second loan is availed for higher studies, students after completion of second course, can repay the combined loan amount in 15 years
No margin for loans up to Rs. 4 lakh
Loan Amount
Students can avail this loan of up to Rs. 50 lakh for studies in India and up to Rs. 1.50 crores for studying overseas
Interest Rate:
Effective interest rate - 8.65%
0.50% concession in interest for girl students
Processing fee:
Loans up to Rs. 20 lacs – Nil
Loans above Rs.20 lakh - Rs.10,000 (plus taxes)
Collateral:
For loans up to Rs.7.5 lakh - None
For loans above Rs.7.5 lakh - Tangible collateral security
Expenses covered in SBI Student 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 (maximum 20 percent of the total tuition fees payable for completion of the course)
Caution Deposit/Building Fund/Refundable Deposit (maximum 10 percent of tuition fees for the entire course)
Travel Expenses/Passage money for studies abroad
Cost of a Two-wheeler up to Rs. 50,000
Any other expenses required to complete the course like study tours, project work etc.
