State Bank of India
Name of loan: Education Loan
Eligibility:
The applicant should be an Indian national, should have secured admission in a reputed /recognized institution for higher studies in India or abroad (a) Minimum second division (Pass marks for SC/ST)
Eligible courses:
Graduation/ Post graduation / Professional Courses, computer courses approved by CMC, DOEACC, C-DAC, Hotel Management by NCHMCT, postgraduate courses overseas etc.
Purpose of loan:
To assist deserving and meritorious students in pursuing higher studies in India or abroad.
Amount:
Rs 7.5 lakhs for studies in India and Rs,15 lakhs for studies abroad
Margin :
Up to Rs. 4 lakhs; No margin
above Rs.4 lakhs
Studies in India: 5%
Studies abroad: 15%
| Amount |
Studies In India |
Studies Abroad |
| Up to Rs. 4 lakhs |
No Security |
No Security |
| Above Rs. 4 lakhs to Rs. 7.50 lakhs |
Third Party Guarantee |
Third Party Guarantee |
| Above Rs. 7.50 lakhs to Rs. 10 lakhs( India )/ Rs. 15 lakhs(Abroad) |
Tangible Collateral security for full value of loan |
Tangible Collateral security of suitable value of loan or third party guarantee |
| Rs 15 lakhs to Rs. 20 lakhs |
|
Tangible Collateral security for full value of loan |
Interest rate:
For loans up to Rs. 4 lakhs 10.50% p.a.
For loans above Rs. 4 lakhs 11.50% p.a.
Repayment:
| Place of Study |
Loan Amount |
Repayment Period in Years |
| In India |
Up to Rs. 7.5 lakhs |
5-7 |
| Above Rs. 7.5 lakhs |
5-10 |
| Abroad |
Up to Rs. 15 lakhs |
5-7 |
| Above Rs. 15 lakhs |
5-10 |
|
