Scholar Loan Scheme

• The country’s best engineering colleges
• The nation’s elite medical colleges
• India’s top B-Schools
• India’s best Law colleges & other reputed institutes

Eligibility

• A term loan granted to Indian Nationals for pursuing higher education in India in selected institutions.

Salient Features

• Option to avail loan at Campus or branch nearer to permanent residence
• Option to transfer loan account to a branch convenient to student for repayment.
• Student can avail a second education loan for higher studies provided the institution and fees fall within criteria.
  

Loan Details

Coverage of Expenses

• Fees payable to college/school/hostel
• Purchase of books/equipments/instruments
• Travel expenses/expenses on exchange programme
• Purchase of computer/laptop
• Any other expenses related to education

Quantum

• Maximum loan amount upto Rs.15 lacs

Margin

• For loans up to Rs.4.0 lacs - No Margin
• For loans above Rs. 4 lacs - 5%

Security

• No security.
• Co-borrower (Parent/guardian as co-borrower at Bank’s discretion)

• 1.5% below SBAR effective rate 10.25% p.a.
• An Interest Rate concession of 0.50% to Girl Student availing Scholar Loans

Documentation Required

• Letter of admission
• 2 passport size photographs
• Proof of identity (driving licence/passport/PAN/any photo identity)
• Proof of residence (driving licence/passport/electricity bill/phone bill)
• Statement of expenses
• Student/Co-borrower/ guarantor’s bank account statement for last 6 months
• IT return/ IT assessment order, of last 2 years
• Brief statement of assets & liabilities of the co-borrower
• Proof of income (i.e. salary slips/ Form 16)

Moratorium upto course duration plus six months
Flexible repayment period upto 7 years.

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