INSUBCONTINENT EXCLUSIVE:
Authors: JordanNo collateral security or third party guarantee is required for loans under Rs 7.5 lakh.State Bank Of India (SBI) offers
various kinds of education loans
Education loan is a term loan granted to Indian nationals for pursuing higher education in India or abroad where admission has been secured,
according to country largest lender's offcial website - sbi.co.in
SBI's education loan is divided into five categories: scholar loan, global ed-vantage, student loan, skill Loan and take-over of education
One can repay the loan one year after completion of course
The loan is to be repaid in 15 years after the commencement of repayment. Here are the different kinds of SBI education loans in
detail: Scholar loan: This loan is available for courses at select leading institutions in India like IITs, IIMs, NITs, AIIMS and other
One can avail a loan up to Rs 30 lakh.Global Ed-Vantage: This loan is exclusively for full-time regular courses at foreign colleges and
One can avail a loan from Rs 20 lakh upto Rs 1.5 crores.Student Loan: This loan is for pursuing higher education in India or abroad
One can avail a loan amount upto Rs 10 lakh for studies in India and Rs 20 lakh for studies abroad.Skill Loan: It is a term loan to Indian
nationals for pursuing vocational education and training in India where admission has been secured. Take-over of Education Loans: With this
loan, you can switch your existing high cost education loan to SBI and reduce your monthly EMIs (Equated Monthly Instalments). Here are the
details you need to know in order to avail SBI's education loans:Loan Amount:For studies in India: maximum Rs 10 lakhStudies abroad: maximum
Rs 20 lakhHowever, higher loan limit for studies in India are considered on case-to-case basis, as well.Higher loan limit for studies abroad
are considered under SBI's Global Ed-Vantage Scheme.Rate of Interest:Student loan Loan Limit1 year MCLRSpreadEffective Interest RateReset
PeriodUpto Rs 7.5 Lacs8.15%2.00%10.15%1 yearAbove Rs 7.5 Lacs8.15%2.75%10.90%1 yearConcession0.50% concession in interest for girl
students Further Concession1% concession for full tenure of the loan, if interest is serviced promptly as and when applied during the
moratorium period, including course duration Security:Upto Rs 7.5 lakh: Only the parent/guardian can be a co-borrower
No collateral security or third party guarantee is required. Above Rs 7.5 Lacs: Only the parent/guardian can be a co-borrower and tangible
collateral security is required.In case of married person, co-obligator can be either spouse or the parent(s)/ parents-in-law.Margin:A
margin is the amount you need to pay from your own funds, while the rest is paid by the bank.Upto Rs 4 Lakh: NilAbove Rs 4 Lakh : 5% for
studies in India, 15% for studies abroadRepayment:In case second loan is availed for higher studies later, one has to repay the combined
loan amount in 15 years after completion of second course.
