EDUCATION LOANS(SBI STUDENT LOAN SCHEME)

A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.

Eligible Courses a. 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 · Vocational Training and Skill Development Study Courses will not be covered under the regular Education Loan Schemes. A separate scheme for ‘Loans for Vocational Education and Training’ has been launched which covers financing for such Vocational courses

b. Studies abroad:

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

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Expenses considered for 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% 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.

Amount of Loan

For studies in India, maximum Rs. 10 lacs 

Studies abroad, maximum Rs. 30 lacs

EDUCATION LOANS

SBI Student Loan Scheme 

Loan Amount	Rate of Interest*
For loans upto Rs.4 lacs	3.50% above Base Rate, currently 13.30% p.a.
Above Rs.4 lacs and upto Rs.7.50 lacs	3.75% above Base Rate, currently 13.55% p.a.
Above Rs.7.50 lacs	1.75% above Base Rate, currently 11.55% p.a.

 *(0.50% concession in interest for girl students)

* (1% concession for full tenure of the loan, if interest is serviced promptly as and when applied during the moratorium period, including course duration^#)

SBI Scholar Loan Scheme

	ROI
List A	100bps above base rate i.e., 10.80% p.a. at present Further concessions: ·      25 bps - work experience of more than 2 years ·      50 bps – with parent/ spouse/ guardian as co-borrowers ·      75 bps - collateral security >= the loan amount (effective rate of interest with all 3 concessions above not to be lower than 25 bps above base rate, presently 10.05 % p.a.)
List B	175bps above Base rate i.e. 11.55% p.a. ·      1% concession for full tenure of the loan, if interest is serviced promptly as and when applied during the moratorium period, including course duration#

IT exemption under Section 80(E) in respect of interest paid in all Education Loans

SBI Loan Scheme for Vocational Education And Training      

3.50% above Base Rate, currently 13.30% p.a. ·   1% concession for full tenure of the loan, if interest is serviced promptly as and when applied during the moratorium period, including course duration#

^# Note: 1% interest concession for servicing interest is available if interest is serviced promptly soon after application but not later than the following month.

ALL INTEREST RATES ARE SUBJECT TO CHANGE, WITHOUT NOTICE.

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