SBI Student Loan is a term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured. This loan provides customized financing solution to the students – who are in-road to transform the future of India.

Courses covered:

For studies in India:

    Graduation, Post-graduation including regular technical and professional Degree/Diploma courses conducted by colleges/universities approved by UGC/ AICTE/IMC/Govt. etc. Regular Degree/ Diploma Courses conducted by autonomous institutions like IIT, IIM etc.

    Teacher training/ Nursing courses approved by Central government or the State Government

    Regular Degree/Diploma Courses like Aeronautical, pilot training, shipping etc. approved by Director General of Civil Aviation/Shipping/ concerned regulatory authority

For studies abroad:

    Job oriented professional/ technical Graduation Degree courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc. offered by reputed universities.

    Courses conducted by CIMA (Chartered Institute of Management Accountants) – London, CPA (Certified Public Accountant) in USA, etc.

Features and Benefits:

• Lower interest rates

• Concession in interest for girl students

• No Collateral Security for loans upto Rs. 7.5 lakh

• No processing charges for loans up to Rs. 20 lakh

• Repayment will commence one year after completion of course

• Repayment period of up to 15 years after Course Period + 12 months of repayment holiday

• In case second loan is availed for higher studies, students after completion of second course, can repay the combined loan amount in 15 years

• No margin for loans up to Rs. 4 lakh

Loan Amount:

Students can avail this loan of up to Rs. 50 lakh for studies in India and up to Rs. 1.50 crores for studying overseas

Interest Rate:

• Effective interest rate – 8.65%
• 0.50% concession in interest for girl students

Processing fee:

• Loans up to Rs. 20 lacs – Nil
• Loans above Rs.20 lakh – Rs.10,000 (plus taxes)

Collateral:

• For loans up to Rs.7.5 lakh – None
• For loans above Rs.7.5 lakh – Tangible collateral security

Expenses covered in SBI Student Loan:

• 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 up to Rs. 50,000/-
• Any other expenses required to complete the course like study tours, project work etc.