| Eligibility : Student
- A term loan granted to Indian Nationals for pursuing higher education
in India or abroad where admission has been secured.
Courses
- Graduation courses/ Post graduation courses/ Professional courses
- Other courses approved by UGC/Government/AICTE etc.
Loan Details
Coverage of Expenses
- Fees payable to college/school/hostel
- Examination/Library/Laboratory fees
- Purchase of Books/Equipment/Instruments/Uniforms
- Caution Deposit/Building Fund/Refundable Deposit (maximum 10% tution
fees for the entire course)
- Travel Expenses/Passage money for studies abroad
- Purchase of computers considered necessary for completion of course
- Cost of a Two-wheeler upto Rs. 50,000/-
Any other expenses required to complete the course like study tours,
project work etc.
Quantum
- For studies in India - maximum Rs. 10 lacs
- For studies Abroad - maximum Rs. 20 lacs
Margin
- For loans up to Rs.4 lacs - No Margin
- For loans above Rs. 4 lacs
- Studies in India - 5%
- Studies abroad - 15%
Security
- 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.
All loans should be secured by parent(s)/guardian of the student borrower.
In case of married person, co-obligator can be either spouse or the parent(s)/
parents-in-law
Rate of Interest
- Upto Rs.4 lacs - 11.25 % p.a.
- Above Rs. 4 lacs and upto Rs.7.50 lacs - 12.75 %
- Above Rs.7.50 lacs - 11.75% p.a.
Processing Fees
- No processing fee/ upfront charges
- Deposit of Rs. 5000/- for education loan for studies abroad which
will be adjusted in the margin money
Repayment Repayment will commence one year after completion
of course or 6 months after securing a job, whichever is earlier.
Contact Details
Corporate Centre
State Bank of India,
State Bank Bhawan, 8th floor, Madame Cama Road, Mumbai-400 021
Phone : 022-22029456, 22029451
Fax : 022-22885369
E-mail : Contact
Now
Website : visit
State Bank of India Head Offices |
