SBI Student Loan: Amount offered, Interest Rate, Processing Fees, Features, Benefits, Courses Covered in India, Abroad and more

SBI Student Loan is a term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured. This loan provides customized financing solution to the students – who are in-road to transform the future of India. Here is all you need to know about SBI Student Loan's amount offered, Interest Rate, Processing Fees, Features, Benefits, Courses Covered and more:-

Courses covered:

For studies in India:

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· 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

For 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.

Features and Benefits:

· Lower interest rates

· Concession in interest for girl students

· No Collateral Security for loans upto Rs. 7.5 lakh

· No processing charges for loans up to Rs. 20 lakh

· Repayment will commence one year after completion of course

· Repayment period of up to 15 years after Course Period + 12 months of repayment holiday

· In case second loan is availed for higher studies, students after completion of second course, can repay the combined loan amount in 15 years

· No margin for loans up to Rs. 4 lakh

Loan Amount:

Students can avail this loan of up to Rs. 50 lakh for studies in India and up to Rs. 1.50 crores for studying overseas

Interest Rate:

· Effective interest rate - 8.65%

· 0.50% concession in interest for girl students

Processing fee:

· Loans up to Rs. 20 lacs – Nil

· Loans above Rs.20 lakh - Rs.10,000 (plus taxes)

Collateral:

· For loans up to Rs.7.5 lakh - None

· For loans above Rs.7.5 lakh - Tangible collateral security

Expenses covered in SBI Student 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% of tuition fees for the entire course)

· Travel Expenses/Passage money for studies abroad

· Cost of a Two-wheeler up to Rs. 50,000/-

· Any other expenses required to complete the course like study tours, project work etc.

Website link for documents required and further details - https://bank.sbi/web/personal-banking/loans/education-loans/student-loan...