Sbi Student Loan: Interest Rate, Processing Fee and Other Details Here

SBI student loan is a term loan granted to Indian nationals to pursue higher education in India or abroad where admission has been guaranteed. This loan offers a personalized financing solution for students – who are on their way to transforming the future of India.

Courses covered:

For studies in India:

Graduation, Post-Graduation, including regular Technical and Vocational Diploma/Diploma courses from colleges/universities approved by UGC/AICTE/IMC/Govt. etc Regular degree/diploma courses provided by autonomous institutions such as IIT, IIM, etc.

Teacher Training / Nursing Courses Approved by Central Government or State Government

Regular degree/diploma courses like aeronautics, pilot training, navigation, etc. approved by the director general of civil aviation/navigation/regulatory authority concerned

For studies abroad:

Job-focused vocational/technical graduation courses/post-graduation and degree courses such as MCA, MBA, MS, etc. offered by reputable universities.

Courses provided by CIMA (Chartered Institute of Management Accountants) – London, CPA (Certified Public Accountant) in the United States, etc.

Features and Benefits:

· Lower interest rates

Concession of interest for female students

No collateral for loans up to Rs. 7.5 million

No processing fees for loans up to Rs. 20,000,000

Reimbursement will start one year after course completion

Repayment period up to 15 years after course period + 12 months repayment holiday

In case the second loan is used for higher education, students after completing the second course, can repay the combined loan amount in 15 years

No margin for loans up to 4,000,000

Amount of the loan:

Students can benefit from this loan up to 50 lakh for study in India and up to 1.50 crores to study abroad

Interest rate:

Effective interest rate – 8.65%

0.50% interest reduction for female students

Processing fee:

Loans up to 20 lakh – Nil

Loans above 20 lakh – 10,000 rupees (plus tax)

Collateral:

For loans up to 7.5 lakh – None

For the loans above 7.5 lakh – Tangible Collateral

Expenses covered by the SBI student loan:

Fees payable to college/school/hostel

Exam/library/laboratory fees

Purchase of books/equipment/instruments/uniforms, purchase of computers – essential to complete the course (maximum 20% of total tuition payable to complete the course)

Security deposit/building fund/refundable deposit (maximum 10% of tuition fees for the entire course)

Travel costs/passage money for study abroad

Cost of a two-wheeler up to 50,000

All other expenses necessary to complete the course, such as study trips, project work, etc.

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Bernadine J. Perkins