SBI Bank

ES

1) SBI Student Loan Scheme

2) SBI Scholar Loan Scheme

3) Loan Scheme for Vocational Education and Training

1) SBI Student Loan Scheme

2) SBI Scholar Loan Scheme

3) Loan Scheme for Vocational Education and Training

The applicant should be an Indian national and should have secured an admission in a recognized educational institution. For SBI Scholar scheme, the student should have secured an admission in one of the 93 premier Indian institutions. Similarly, for Vocational Education loan, the student should have obtained an admission in a government certified training institute.

1) SBI Student Loan Scheme

2) SBI Scholar Loan Scheme

3) Loan Scheme for Vocational Education and Training

The following documents are to be submitted to complete the application process.

Letter of admission

Duly filled and signed loan application form

2 recent passport size photographs

Statement of cost of study

PAN Card, AADHAR card of student and parent/guardian

Proof of identity and proof of residence

IT returns or IT assessment order of previous two years of the co-borrower

Statement of assets and liabilities of parent/guardian

Proof of income of parent/guardian

1) SBI Student Loan Scheme

SBI Student Education Loan

For studies in India, graduation and post-graduation technical courses (degree and diploma) conducted by colleges approved by UGC, AICTE, IMC and the government of India are covered. Also, teacher training, nursing courses and other diploma courses like pilot training, shipping etc. as approved by the concerned regulatory authority are covered under the loan. For studies abroad, job-oriented professional graduate and post-graduate courses like MCA, MBA, MS, courses conducted by CIMA – London, CPA – USA are approved for loan.

2) SBI Scholar Loan Scheme

SBI Scholar Loan Scheme

Regular full-time degree and diploma courses for which the student is granted an admission through merit based admission process or entrance test is covered under the loan. Also, full time executive management courses like PGPX are approved for loan.

3) Loan Scheme for Vocational Education and Training

Vocational courses and skill development courses of duration 2 months to 3 years run by a government department or an organization supported by National Skill Development Corporation leading to a recognized Government organization are approved for the loan.

1) SBI Student Loan Scheme

SBI Student Loan Scheme

A maximum of Rs.10 lakhs is offered for studies in India.

2) SBI Scholar Loan Scheme

Without Security

With Security

List AA

Rs.30 Lakhs

NA

List A

Ra.20 lakhs

Rs.30 lakhs

List B

Rs.20 lakhs

NA

List C

Rs.7.5 lakhs

Rs.30 lakhs

3) Loan Scheme for Vocational Education and Training

Loan Scheme for Vocational Education and Training

For courses of period up to 6 months, loans up to Rs. 50,000 are provided. A maximum of Rs.1 lakh is provided as loan for courses of duration above 6 months.

1) SBI Student Loan Scheme

Up to Rs.4 lakhs

3.50% above base rate

Above Rs.4 lakhs and up to Rs.7.5 lakhs

3.75% above base rate

Above Rs.7.50 lakhs

1.75% above base rate

The base rate is fixed at 9.85%. Do make an enquiry with the bank about the prevailing base rates. A concession of 0.50% is provided for girl students and a 1% concession is offered for full tenure of loan, if the interest is serviced promptly during moratorium and course period.

2) SBI Scholar Loan Scheme

List AA

25 bps above base rate (10.10% at present)

List A

25 bps above base rate (10.10% at present)

List B

For unsecured loan up to Rs.20 lakhs, 50 bps above base rate (10.35% at present)

List C

175 bps above base rate (11.60% at present)

For list B institutions, the interest rate is 25 bps if the collateral security provided is equal to or greater than the loan amount or if the applicant’s work experience is greater than two years. Do contact the bank for a comprehensive classification of the educational institutions as per the type AA, A, B or C.

3) Loan Scheme for Vocational Education and Training

The rate of interest is fixed at 3.50% above the base rate of 9.85%

1) SBI Student Loan Scheme

Up to Rs.4 lakhs

Up to 10 years

Above Rs.4 lakhs to up to Rs.7.5 lakhs

Up to 10 years

Above Rs.7.5 lakhs

Up to 12 years

 

2) SBI Scholar Loan Scheme

The maximum repayment tenure is 12 years. The repayment period starts after 6 months of course completion.

3) Loan Scheme for Vocational Education and Training

For courses of duration up to 1 year, the repayment period can be up to 3 years. For courses of duration above 1 year, the repayment period can extend up to 5 years.

1) SBI Student Loan Scheme

NIL

2) SBI Scholar Loan Scheme

NIL

3) Loan Scheme for Vocational Education and Training

NIL

1) SBI Student Loan Scheme

For SBI Student Loan Scheme, there is no margin for loans up to Rs.4 lakhs. For loans above Rs.4 lakhs, the margin is 5% for studies in India

2) SBI Scholar Loan Scheme

3) Loan Scheme for Vocational Education and Training

 

1) SBI Student Loan Scheme

Up to Rs.4 lakh

Parent or guardian as co-borrower

Above Rs.4 lakhs and to Rs.7.50 lakhs

Parent or guardian as co-borrower and collateral security in the form of a third party guarantee

Above Rs.7.50 lakhs

Parent or guardian as co-borrower and tangible collateral security

2) SBI Scholar Loan Scheme

Tangible collateral security of full value is to be provided and parent or guardian should sign up as co-borrower only to avail extra loan amount for list A and list C institutions. Loans can be availed without security also under the scholar scheme.

3) Loan Scheme for Vocational Education and Training

No collateral or third party guarantee is taken. But, parents or guardian will have to execute the loan documents as co-borrower.

1) SBI Student Loan Scheme

2) SBI Scholar Loan Scheme

3) Loan Scheme for Vocational Education and Training

Central Government Interest Subsidy Scheme for Educational Loans:
The interest subsidy scheme has been announced by the MOHRD for providing interest on educational loans during moratorium for professional courses in India for students from economically weaker sections with gross annual parental income up to Rs.4.50 lakhs.

Some of the important features of this scheme are listed below.

This scheme is applicable only for recognized technical and professional course study in India.
The subsidy is provided for a period of 12 months after completion of course or six months after getting the job, whichever is earlier.
The interest subsidy is not available to students who discontinue the course mid-stream or who are expelled from the university.
The disbursement of interest subsidy claims to banks will be on half-yearly or yearly basis.
 

1) SBI Student Loan Scheme

2) SBI Scholar Loan Scheme

3) Loan Scheme for Vocational Education and Training

Expenses Considered for SBI Education Loan:

The following expenses are covered for both the student loan scheme and loan for vocational education.

Tuition and course fee
Examination, library and laboratory fees
Caution deposit
Cost of books, equipment and other instruments.
The following expenses are considered only for the student loan scheme and not for the vocational training loan.

Cost of a two wheeler up to Rs.50,000
Travel expenses and passage money for abroad studies
Caution deposit, building fund and other refundable deposit which amounts up to 10% of the tuition fees for the entire semester
Any other expenses required to complete the coursework like study tours, thesis, project etc.

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