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| COMPARE : EDUCATION LOANS |
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| State Bank of India Education Loan |
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| Introduction |
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| State Bank of India offers loan to Indian National seeking higher education in India or aboard and have secured admission. Bank gives loan for graduation, post graduation, professional courses, courses approved by UGC/govt./AICTE etc. which have employment prospects. Loan covers all the expenses from fees to purchase of computers, etc. |
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| Highlights |
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Study Abroad |
Study India |
| Course |
Graduation |
Graduation |
| Loan Type |
Term Loan |
Term Loan |
| Loan Purpose |
To extend financial assistance to deserving/meritorious students for pursuing full time courses in India and abroad at select premier & reputed institutions. |
To extend financial assistance to deserving/meritorious students for pursuing full time courses in India at select premier & reputed institutions. |
| Loan Amount |
Min. - Rs 10000
Max. - Rs 2000000
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Min. - Rs 50000
Max. - Rs 1000000
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| Margin Money |
For loans up to Rs.4.0 lacs : No Margin
For loans above Rs.4.0 lacs: Studies Abroad: 15%
Deposit of Rs. 5000/- for education loan for studies abroad which will be adjusted in the margin money
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# For loans up to Rs.4.0 lacs : No Margin
# For loans above Rs.4.0 lacs: 5%
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| Tenure |
Min. - 1 Yrs.
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Min. - 1 Yrs.
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| Interest Rate |
For loans upto Rs.4 lacs : 13.75% p.a
Above Rs.4 lacs and upto Rs.7.50 lacs : 14.25% p.a.
Above Rs.7.50 lacs : 12.25% p.a.
0.50% concession for Girl students.
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Loans upto Rs. 4.00 Lacs: 13.75% p.a.
Loans above Rs. 4.00 Lacs and upto Rs. 7.50 Lacs: 14.25% p.a.
Loans above Rs. 7.50 Lacs: 12.25% p.a.
An Interest Rate concession of 0.50% to Girl Student availing Student Loans
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| Time to Process Loan |
7 days |
7 days |
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 Fees & charges
Fees & charges
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Eligibility Criteria
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Eligibility Criteria
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Study Abroad
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Study Abroad:
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| Age |
Min.: 16 Yrs. Max.: 55 Yrs. |
| Documents Required: |
| ID Proof |
Yes |
| Age Proof |
Yes |
| Residence Proof |
Yes |
| Income Proof |
Yes |
| Telephone |
No |
| Photograph |
Yes |
| Bank Statement |
Yes |
| Signature Proof |
Yes |
| Others |
*Mark sheet of last qualifying examination for school and graduate studies in India.
*Documents evidencing duration of course of commencement thereof, viz. Prospectus or Certificate from the competent
authority of the Institution.
*Copy of ranking of the University / Institution.
*Proof of admission to the course.
*Schedule of expenses for the course. |
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Study India
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Study India:
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| Age |
Min.: 16 Yrs. Max.: 55 Yrs. |
| Documents Required: |
| ID Proof |
Yes |
| Age Proof |
Yes |
| Residence Proof |
Yes |
| Income Proof |
Yes |
| Telephone |
Yes |
| Photograph |
Yes |
| Bank Statement |
Yes |
| Signature Proof |
Yes |
| Others |
*Mark sheet of last qualifying examination for school and graduate studies in India.
*Proof of admission to the course.
*Documents evidencing duration of course of commencement thereof, viz. Prospectus or Certificate from the competent authority of the Institution. |
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Security
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Security |
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Upto Rs. 4 lacs: No Security
Above Rs. 4 lacs to Rs. 7.50 lacs: Collateral security in the form of suitable third party guarantee. The bank may, at its discretion, in exceptional cases, weive third party guarantee if satisfied with the net-worth/means of parent/s who would be executing the documents as "joint borrower"
Above Rs. 7.50 lacs.: Tangible collateral security of suitable value, along with the assignment of future income of the student for payment of installments. |
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Terms & Conditions
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Terms & Conditions |
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Repayment will commence one year after completion of course or 6 months after securing a job, whichever is earlier. |
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