Status Check, Procedures, Facilities

Organization : State Bank of India
Service Name : SBI Student Loan Scheme
Applicable States/UT: All India

Website : http://www.sbi.co.in/portal/web/student-platform/student-loan
Apply Online : https://onlineapply.sbi.co.in/personal-banking/

Student Loan Scheme :

A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.

Related : SBI Check Personal Banking Loan Application Status : www.statusin.in/8123.html

** Repayment period of upto 12 years after Course Period + 12 months of repayment holiday*
** No processing / upfront charges will be levied on Education loans. Loan granted to Indian Nationals for pursuing higher education in India or abroad

** All those students who approach us for an education loan for more than Rs 4.00 lacs for Studies abroad will be required to make a deposit of Rs 5000/-. If the applicant avails of the loan, the amount of Rs 5000/- will be adjusted against the contribution of margin money by him. If no margin is payable by him, the amount may be adjusted against the interest payable on the loan. If the applicant does not avail of the loan within a period of 4 months of sanction of the loan, the amount will be appropriated by the bank.

However the expenses connected with the Title investigation Report (TIR) of the borrower / Guarantor and valuation reports on the same will be borne by the borrower.

Eligibility :
A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured

Courses Covered:
a. 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

b. 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.

Loan Amount:
** For studies in India – maximum Rs. 10 lacs
** Studies abroad – maximum Rs. 30 lacs

Margin:
For loans up to Rs.4.0 lacs : No Margin

For loans above Rs.4.0 lacs:
Studies in India: 5%
Studies Abroad: 15%

EMI Generation:
** The accrued interest during the moratorium period and course period is added to the principle and repayment is fixed in Equated Monthly Installments (EMI).
** If full interest is serviced before the commencement of repayment; EMI is fixed based on principle amount only.

Documents Required:
** Letter of admission
** Completely filled in Loan Application Form
** 2 passport size photographs
** Statement of cost of study
** PAN Card of the student and Parent/ Guardian
** AADHAR Card of the student and Parent/ Guardian
** Proof of identity (Driving Licence/Passport/Aadhar/ any photo identity)
** Proof of residence (Driving Licence/Passport/Electricity bill/Telephone bill)
** Student/Co-borrower/ guarantor’s bank account statement for last 6 months
** IT return/ IT assessment order, of previous 2 years 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