Scholar Loans (IITs, IIMs , NITs etc.) Features:-
Loan for pursuing higher education in Select Premier Institutions of the country
SBI Student Loan Scheme Features;
- 100% Financing
- NO Processing Fee
- Quick sanction at Designated Campus Branch or more than 5000 Selected Branches all over the country
- Repayment period of upto 15 years after Course Period + 12 months of repayment holiday
- Regular full time Degree/ Diploma Courses through entrance test/ selection process.
- Full time Executive Management Courses like PGPX
- Part-time Graduate/ Post-Graduate Courses offered by Select Institutes
- Fees payable to College/School/Hostel
- Examination/ Library/ Laboratory fees
- Purchase of Books/Equipments/Instruments
- Caution deposit / building fund/ refundable deposit supported by Institution bills/ receipts [not to exceed 10% of the tuition fees for the entire course].
- Travel expenses/expenses on exchange programme ^
- Purchase of computer/laptop ^
- Any other expenses related to education
- No voucher/ receipt required, purpose (end use) need to be self-certified.
- Expenditure not to exceed 25% of the loan amount (upto a lumpsum amount of max Rs. 1 Lac).
- Expenditure beyond 25% cap permitted subject to production of voucher/ receipt.
Loan Amount & Security
Category | Maximum Loan Limit | ||
No Security, only Parent/ Guardian as co-borrower | With tangible collateral of full value and Parent/ Guardian as co-borrower | ||
List AA | Rs. 50 lacs | No upper limit | |
List A | Rs. 40 lacs | No upper limit | |
List B | Rs. 30 lacs | No upper limit | |
List C | Rs. 7.5 lacs | Rs. 30 lacs | |
In case of married person, co-obligator can either be spouse or parent/ parent-in-law. Parental co-obligation can also be substituted by a suitable third party guarantee.
EMI Generation
- The accrued interest during the moratorium period and course period is added to the principle and repayment is fixed in Equated Monthly Installments (EMI).
- If full interest is serviced before the commencement of repayment; EMI is fixed based on principle amount only.
EDUCATION LOAN SCHEMES – RATE OF INTEREST
SBI STUDENT LOAN SCHEME | |||||||
Loan Limit | EBR | CRP | Effective Interest Rate | Rate Type | |||
Upto Rs 7.5 Lakhs | 9.15% | 2.00% | 11.15% | Floating | |||
Concession | 0.50% concession in interest for girl students | ||||||
Above Rs 7.5 Lacs | 9.15% | 2.00% | 11.15% | Floating | |||
Concession | 0.50% concession in interest for girl students | ||||||
0.50% concession for students availing of SBI Rinn Raksha or any other existing policy assigned in favour of our Bank | |||||||
SBI SCHOLAR LOAN SCHEME (Including TAKEOVER and PART-TIME COURSES for select institutes) | |||||||
List | EBR | CRP | Business Strategy Premium/ Discount | Effective Interest Rate | Rate Type | ||
AA | IITs | 9.15% | 0.00% | (-) 1.05% to (-) 1.00% | Starting 8.10% | Floating | |
Other institutes | 9.15% | 0.05% | (-) 1.15% to (-) 1.05% | Starting 8.05% | Floating | ||
A | IITs | 9.15% | 0.00% | (-) 1.00% | 8.15% | Floating | |
Other institutes | 9.15% | 0.50% | (-) 1.00% | 8.65% | Floating | ||
B | All NITs | 9.15% | 0.50% | (-) 1.00% | 8.65% | Floating | |
Other institutes | 9.15% | 1.00% | (-) 1.00% | 9.15% | Floating | ||
C | All NITs | 9.15% | 0.50% | (-) 1.00% | 8.65% | Floating | |
Other institutes | 9.15% | 1.50% | (-) 1.00% | 9.65% | Floating | ||
SBI SKILL LOAN SCHEME | ||||
Loan Limit | EBR | CRP | Effective Interest Rate | Rate Type |
Upto Rs 1.5 Lakhs | 9.15% | 1.50% | 10.65% | Floating |
Concession | No Further Concession | |||
SBI GLOBAL ED-VANTAGE SCHEME | ||||
Loan Limit | EBR | CRP | Effective Interest Rate | Rate Type |
Above Rs. 7.50 lakhs & Upto Rs 1.5 Cr | 9.15% | 2.00% | 11.15% | Floating |
Concession | 0.50% concession for students availing of SBI Rinn Raksha or any other existing life insurance policy assigned in favour of our Bank | |||
Further Concession | 0.50% concession for girl students | |||
SBI TAKEOVER EDUCATION LOANS SCHEME | ||||
Loan Limit | EBR | CRP | Effective Interest Rate | Rate Type |
Above Rs 10 lakhs & Upto Rs 1.5 Cr | 9.15% | 2.00% | 11.15% | Floating |
Concession | 0.50% concession for students availing of SBI Rinn Raksha or any other existing life insurance policy assigned in favour of our Bank | |||
Further Concession | 0.50% concession for girl students | |||
SHAURYA EDUCATION LOAN | ||||
Loan Limit | EBR | CRP | Effective Interest Rate | Rate Type |
Upto 7.50 lakhs | 9.15% | 2.00% | 11.15% | Floating |
Concession | 0.50% concession in interest for girl students | |||
Above Rs. 7.50 Lakhs & Upto Rs. 1.50 Cr | ||||
In case of Secured Loan | 9.15% | 2.00% | 11.15% | Floating |
In case of Unsecured Loan | 9.15% | 2.60% | 11.75% | Floating |
Concession | 0.50% concession for girl students | |||
0.50% concession for students availing of SBI Rinn Raksha or any other existing life insurance policy assigned in favour of our Bank | ||||
*EBR = Repo Rate + Spread,
Currently: Repo rate = 6.50%
Spread = 2.65%
EBR = 9.15%
Last Updated On : Monday, 24-06-2024
NOTE:-This information has been given from the official website of SBI.