Product Details
Bank Name
State Bank of India
Maximum Loan Tenure
15 Years
Maximum Loan Amount
The maximum loan amount can be upto Rs. 30 Lacs
Interest Rate
The effective rate of interest would be 11.15% per annum. The rate type would be floating depending on the reference rate.
Purpose/Field of Education Loan
Loans will be extended to deserving/ meritorious students for pursuing full time courses at selected premier and reputed institutions identified by the Bank.
SBI Scholar Loan
Repayment Cycle
Repayment will commence one year after completion of course.
Grace Period
-
Minimum CIBIL Score
Not mentioned
Co-Borrower Required
-
Collaterals Required
Upto Rs. 7.5 Lacs:Only Parent/ Guardian as co-borrower. No Collateral Security or third party guarantee Above Rs. 7.5 Lacs:Parent/ Guardian as co-borrower and tangible collateral security
Fees & Charges
Processing Charges Loans upto Rs. 20 lacs : NIL Loans above Rs. 20 lacs: Rs. 10,000 (plus taxes)
Fees and Charges
Special Features
It is a term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.
Eligibility Criteria
The crux of the expenses covered under the educational loan scheme for deserving students includes financing the cost of various full-time courses, both in India and abroad. In India, the loan covers graduation and post-graduation courses, including technical and professional degrees and diplomas offered by UGC/AICTE/IMC/Government-approved colleges and universities, as well as courses conducted by prestigious autonomous institutions like IITs and IIMs. It also extends to teacher training and nursing courses approved by the Central or State Government, and other specialized programs like aeronautical, pilot training, and shipping courses approved by the relevant regulatory authorities. For studies abroad, the loan encompasses job-oriented professional and technical degree courses, post-graduation degrees, and diploma programs offered by reputed foreign universities. Additionally, it supports courses conducted by renowned international institutions such as CIMA in London and CPA in the USA. In essence, the educational loan covers a wide range of educational pursuits, enabling deserving students to pursue their desired courses both in India and overseas, thus facilitating their academic and career aspirations.
Special Concession
NIL
Features, Eligibility and Concession
Pros
It covers Fees payable to college/school/hostel Examination/Library/Laboratory fees Purchase of Books/Equipment/Instruments/Uniforms, Purchase of computers- essential for completion of the course (maximum 20% of the total tuition fees payable for completion of the course). Caution Deposit/Building Fund/Refundable Deposit (maximum 10% of tuition fees for the entire course). Travel Expenses/Passage money for studies abroad. Cost of a Two-wheeler upto Rs. 50,000/- Any other expenses required to complete the course like study tours, project work etc.
Cons
As the loan has a floating interest rate, borrowers may be exposed to interest rate fluctuations, which could affect monthly repayments in the future.
Pros & Cons
Application Procedure
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Product Review
How to Apply?
You can apply through SBI Takeover Loan's website.
Documents Required
• Completely filled-in Loan Application Form • 2 passport size photographs • PAN Card of the student and Parent/ Guardian / other co-borrower • Aadhaar Card of the student and Parent/ Guardian/ other co-borrower • Proof of Identity (Driving Licence/Passport/Aadhaar/ any other acceptable photo identity as per KYC norms) • Proof of Residence (Driving Licence/Passport/Electricity bill/Telephone bill) • bank account statement of the Student/Co-borrower/Guarantor,for the last 6 months • IT return/ IT assessment order, pertaining to previous 2 years, of Parent/ Guardian/ other co-borrower (if IT Payee) • Brief statement of assets & liabilities of Parent/ Guardian/ other co-borrowe Proof of Income (i.e. salary slips/ Form 16) of Parent/ Guardian/ other co-borrower