SBI Student Loan is a term loan given to Indian citizens to pursue higher education in India or abroad where the admission is secured. This loan provides customized financing solutions to students – who are on the road to transform the future of India.
COURSES COVERED:
To study in India:
Undergraduate, Postgraduate including regular technical and vocational degree/diploma courses conducted by UGC/AICTE/IMC/Govt approved colleges/universities. Etcetera. 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 like aeronautics, pilot training, shipping etc. approved by the Director General of Civil Aviation/Shipping/concerned regulatory authority
To study abroad:
Job oriented professional / technical undergraduate degree courses / post graduate degree and diploma courses like MCA, MBA, MS etc. offered by reputed universities.
CIMA (Chartered Institute of Management Accountants) – Courses conducted by CPA (Certified Public Accountant) etc. in London, USA.
Features and Benefits:
Low interest rates
Interest concession for girl students
No collateral security for loans up to Rs. 7.5 lakh
No processing fee for loans up to Rs. 2 million
Repayment will start one year after the completion of the course
Repayment period up to 15 years after the course period + 12 months of repayment leave
If a second loan is taken for higher studies, the student can repay the combined loan amount in 15 years after completing the second course
No margin for loans up to 4 million
loan amount:
Students can avail this loan up to 50 lakh for studying in India and up to 1.50 crore for studying abroad
Rate of interest:
Effective Interest Rate – 8.65%
0.50% rebate in interest for girl students
processing fee:
loan up to 20 lakhs – Nilo
top debt 20 lakh – Rs 10,000 (plus tax)
Collateral:
for loans up to 7.5 lakhs – none
for the above loan 7.5 Lakh – Tangible Collateral Security
Expenses Included in SBI Student Loan:
Fee Payable to College/School/Hostel
Examination/Library/Laboratory Fee
Purchase of books/equipment/equipment/uniform, purchase of computer – required to complete the course (maximum 20% of the total tuition fee payable for completing the course)
Caution Deposit / Building Fund / Refundable Deposit (maximum 10% of tuition fee for the entire course)
Travel expenses/passage money for studies abroad
Cost of a two wheeler. till 50,000
Any other expenses required to complete the course like study tour, project work etc.