Want to take an education loan | sbi education loan benefits | education loan limits & Intrest rates
Sbi Education Loan 2023-24:
Lending at low interest rates. Bank State Bank of India (SBI) is a leader in granting education loans. The bank offers term loans to students pursuing higher education in India or abroad. With this student loan, it also offers a loan repayment period of up to 15 years after completion of the course duration as well as a 12 month repayment period holiday. You are advised to apply for SBI Student Loan Scheme.
Educated at home:
Graduation and Post Graduation Courses conducted by UGC / AICTE / IMC / Government recognized Colleges / Universities. Regular technical and professional degree / diploma courses. Regular degree / diploma courses offered by autonomous institutions such as IITs and IIMs.
Teacher training / nursing courses offered by the Central Government or the State Government.
Regular degree / diploma courses such as aeronautical, pilot training, shipping offered by the Director General of Civil Aviation / Shipping / relevant regulatory authorities.
Sbi education Loan at home: Up to Rs 30 lakh is sanctioned for medical courses. Loans up to Rs. 10 lakhs (Rs. 50 lakhs depending on the course) are given for other courses
Those studying abroad:
Job based professional / technical graduation degree courses or post graduation degree and diploma courses offered by reputed universities.
CIMA (Chartered Institute of Management Accountants) - London, CPA (Certified Public Accountant), Courses conducted in the United States.
Fees payable for college / school / hostel.
Exam / Library / Laboratory Fees.
Purchase of books / equipment / instruments / uniforms, purchase of computers- cost to make.
Caution Deposit / Building Fund / Refundable Deposit. (Maximum 10% of the total tuition fees spent for the course)
Travel expenses / Passage cost for studying abroad.
Price of a two wheeler up to Rs. 50,000.
Other expenses required to complete the course such as study tours, project work etc.
Loan:
Up to Rs 7.50 lakh (maximum credit limit for studying abroad under the Global Ed-Vantage Scheme up to a maximum of Rs 1.50 crore).
Processing charges
No processing charges will be levied on education loans up to Rs 20 lakh. For loans above Rs 20 lakh, a processing fee of Rs 10,000 (plus taxes) will be charged.
Sbi Education Loan Security:
Parents / guardians are co-borrowers on loans up to Rs 7.5 lakh. It does not require collateral security or third party guarantees. Similarly, parents / guardians are required to provide collateral security as co-borrowers on loans exceeding Rs 7.5 lakh.
Sbi Education Loan Margin:
No margin of up to Rs 4 lakh is required. A margin of 5 per cent is applicable on loans above Rs 4 lakh for study in India and 15 per cent on loans over Rs 4 lakh for study abroad. EMI will start paying after the year of completion of the course. The entire loan is to be repaid in 15 years.
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