INSUBCONTINENT EXCLUSIVE:
India's largest lender State Bank of India (SBI) offers education loan for an amount that can range upto Rs10 lakh for studies in India and
Rs 20 lakh for studies in abroad
The loan along with interest can be repaid in a maximum time span of 15 years after the completion of programme
The state lender also offers 12 months of repayment holiday
Money can be borrowed for a range of programmes in India and abroad
However, for the loans upto Rs 4 lakh, there is no requirement of margin money.SBI Education Loan: Important Things To KnowProgrammes
Graduation/postgradution including regular technical and professional degree/diploma courses conducted by colleges/universities approved by
Regular degree/diploma courses conducted by autonomous institutions such as IIT/IIMs etcC
Teacher training/ nursing courses approved by central government or state governmentD
Regular degree/diploma courses such as aeronautical, pilot training, shipping etc approved by director general of civil
aviation/shipping/concerned regulatory authority.Abroad studies:A
Job oriented professional/technical graduation degree courses/ post graduation degree and diploma courses like MCA, MBA, MS etc offered by
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
able to avail education loan from SBI, one would need to give guarantee from parent/ guardian as co-borrower in case the loan amount is upto
There is no need of collateral security or third party guarantee
For an amount higher than Rs 7.5 lakh, parent/guardian are needed as co-borrower and tangible collateral security.Margin Money: The student
must contribute the margin of 5 percent for studies in India and 15 percent for studies in overseas
For a loan upto Rs 4 lakh, there is no requirement of margin.Loan Repayment: The loan repayment will commence one year after completion of
to be able to apply for education loan:A
Proof of Identity (Any one): PAN/ Passport/ Driver's License/ Voter ID cardB
Proof of Residence/ Address (Any one): Recent copy of telephone bill/ electricity bill/water bill/ piped gas bill or copy of passport/
driving license/ aadhaar cardC
Passport must be submitted in case of studies abroadD
Academic Records: 10th Result, 12th Result, Graduation Result- Semester-wise, entrance exam result through which admission is being taken
CAT, CMAT, JEE, NEET, CET, GMAT, GRE, TOEFL, etc.)E
Proof of admission: Offer letter or admission letter from the Institution
Conditional admission letter may be considered in case of studies abroad.F
Statement of cost of study/ Schedule of expensesG
Two passport-size photographsH
