Education Loan

STATE BANK OF INDIA

A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.
Eligible Courses
All courses having employment prospects are eligible.Graduation courses/ Post graduation courses/ Professional coursesOther courses approved by UGC/Government/AICTE etc.
Expenses considered for loan
Fees payable to college/school/hostelExamination/Library/Laboratory fees
Purchase of Books/Equipment/Instruments/UniformsCaution Deposit/Building Fund/Refundable DepositTravel Expenses/Passage money for studies abroadPurchase of computers considered necessary for completion of courseCost of a Two-wheeler upto Rs. 50,000/-Any other expenses required to complete the course like study tours, project work etc.

Amount of Loan
For studies in India, maximum Rs. 10 lacsStudies abroad, maximum Rs. 20 lacsInterest RateFor loans upto Rs.4 lacs - 11.50% p.a. FloatingFor loans above Rs.4 lacs - 12.50% p.a.

FloatingProcessing Fees
No processing fee/ upfront chargesDeposit of Rs. 5000/- for education loan for studies abroad which will be adjusted in the margin moneyRepayment TenureRepayment will commence one year after completion of course or 6 months after securing a job, whichever is earlier.Place of StudyLoan AmountRepayment Period in YearsIn IndiaUp to Rs. 7.5 lacs 5-7