Whether you are planning to send your child abroad for higher studies or wish to provide them with a quality education in one of India’s premier colleges and institutes SBI education loan is always there to help you in such situations. Providing good education is necessary in order to help your child grow and pursue a career of their choice. This education loan offered by the SBI helps you in meeting all your financial requirements and seeking a place in the best colleges all over the world. Irrespective of your field of study or course duration the bank offers the education loan so that your child’s dream can become a reality. The expenses considered for the loan is the fees payable to college, hostel or school along with examination fees, purchase of books, equipment, instruments, uniform, caution deposit and travel expenses for studies abroad. The maximum amount of the loan however varies depending upon the course of study, place of study whether India or abroad and course duration.
Interest Rates
The maximum amount of loan for studies in India is INR 10 lacs while for abroad the limit is INR 30 lacs. For loans upto INR 4 lacs the interest rate is 3.5% above base rate where the base rate is 9.7%. For the amount above INR 4 lacs and up to INR 7.5 lacs the rate of interest payable is 3.75% above base rate. For INR above 7.5 lacs the interest rate is 1.75% above base rate. There is also a concession of 0.5% in interest for girl students. There is no processing fee for Sbi bank education loan and the repayment tenure commences either upon the completion of the course or 6 months after securing a job whichever is earlier. The repayment tenure for studies both in India and abroad is 5-7 years. There is also a security amount which needs to be paid when the loan amount is above INR 4 lacs. The interest rates for the SBI student loan are subject to change without any prior notice. Apart from student loan there are also schemes for vocational education and training as well as SBI scholar loan scheme.
You can also apply for the loan facility online provided you meet the eligibility criteria. After filling in the application form you need to provide the necessary documents to confirm that an admission has been secured. Do read the terms and conditions of the loan to avoid any discrepancy at a later date. Study loan can easily help your child progress and find their dream job. If you are finding it difficult to meet your child’s education needs then SBI is always there for you.