SBI Education Loans

(SBI STUDENT LOAN SCHEME) March 2017 SBI offers education loan for all eligible courses graduation courses, PG courses, Professional courses, EMI Calculator. All the necessary information about Interest Rates, Documents required and expenses considered for loan along with repayments options of Education Loan is shared below.

Why SBI is the Best Bank for Education Loans?

Courses Covered under SBI Education loan Scheme

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

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.

Documents Required

• Admission letter | Application form | 2 passport size photographs
• Statement of cost of study
• Parents and student Pan card / Aadhar card
• Proof of identity | Proof of residence (Driving Licence/Passport/Electricity bill/Telephone bill)
• Last 6 months bank statement of Student/Co-borrower/ guarantor’s
• Last 2 years IT return/ IT assessment order of Parent/ Guardian/ other co-borrower (if IT Payee)
• Brief statement of assets & liabilities of Parent/ Guardian/ other co-borrower
• Proof of income (i.e. salary slips/ Form 16) Parent/ Guardian/ other co-borrower

SBI Education loan Interest Rates March 2017

1 year MCLR 8.00% w.e.f. 01.03.2017

ALL INTEREST RATES ARE SUBJECT TO CHANGE, WITHOUT NOTICE.

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

List of Expenses Covered Under SBI Student Loan Scheme

• Fees payable to college/school/hostel
• Examination/ Library/ Laboratory fees
• Purchase of books/equipment’s/instruments (maximum 20% of the total tuition fees payable for completion of the course)
• Travel Expenses/Passage money for studies abroad
• Caution Deposit/Building Fund/Refundable Deposit (maximum 10% of tuition fees for the entire course)
• Any other expenses required to complete the course like study tours, project work etc
• Cost of a Two-wheeler upto Rs. 50,000/-

* No voucher/ receipt insisted upon. Purpose (end use) need to be self-certified for these expenses. Such expenditure (without voucher/ receipt) will not exceed 25% of the loan amount(upto a lumpsum amount of max Rs. 1 lac). If any expenditure for these purposes is required to be made beyond the 25% cap, it can be permitted subject to production of voucher/ receipt.

SBI Loan Scheme for Vocational Education And Training – 13.15% p.a (Interest Rates)

(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

SBI offers special rate of interest for students securing admission in IITs, NITs, AIIMS and other reputed institutes of the country.

• 100% Financing
• NO Processing Fee
• Quick sanction at Designated Campus Branch or more than 5000 Selected Branches all over the country

Source:State Bank of India Website.

Note: All the Above mention Information collected from various sources. In future, Deal4loans.com is not responsible for any changes in SBI Education Loan Process.