SBI bank offers educational loan for Indian student who wish to pursue higher study in India or abroad. A loan is granted for graduate and post graduate courses as well as job oriented courses from reputed college/universities.
Expenses considered for loan –
- Fees payable for college/school/hostel.
- Examination/Laboratory/Library fees.
- To purchase books/Equipments/Instrument/Uniforms.
- Caution deposit/Refundable deposit/Building fund.
- Travel Expenses.
- Cost of two wheeler up to Rs.50, 000.
Loan Amount -
SBI provides maximum loan amount Rs.10 Lakh for studying in India and 20 Lakh for studying in abroad. The loan amount below Rs.4 Lakh doesn’t required any guarantor or collateral.
Interest Rates and Margin -
Interest rate is same for studies in India or abroad.
- Loan below Rs 4 Lakh-11.75% per annum.
- Loan above Rs.4 Lakh and up to Rs.7.50 Lakh-13.25% per annum.
- Loan above Rs.7.50 Lakh-12.25% per annum.
Repayment of Loan -
The repayment will start after 6 months of getting employment or 1 year after completion the course. The maximum loan tenure is 7 years.