STATE BANK OF INDIA

Eligibility :
Student

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

Courses

Graduation courses/ Post graduation courses/ Professional courses
Other courses approved by UGC/Government/AICTE etc.

Loan Details

Coverage of Expenses

• Fees payable to college/school/hostel
• Examination/Library/Laboratory fees
• Purchase of Books/Equipment/Instruments/Uniforms
• Caution Deposit/Building Fund/Refundable Deposit (maximum 10% tution fees for the entire course)
• Travel Expenses/Passage money for studies abroad
• Purchase of computers considered necessary for completion of course
• Cost of a Two-wheeler upto Rs. 50,000/-
• Any other expenses required to complete the course like study tours, project work etc.

Quantum

• For studies in India - maximum Rs. 10 lacs
• For studies Abroad - maximum Rs. 20 lacs
  

Margin

• For loans up to Rs.4.0 lacs - No Margin
• For loans above Rs. 4 lacs
• Studies in India - 5%
• Studies abroad - 15%
  

Security

• Upto Rs. 4 lacs - No Security
• Above Rs. 4 lacs to Rs. 7.50 lacs - Collateral security in the form of suitable third party guarantee. The bank may, at its
• discretion, in exceptional cases, weive third party guarantee if satisfied with the net-worth/means of parent/s who would be
• executing the documents as "joint borrower".
• Above Rs. 7.50 lacs. - Tangible collateral security of suitable value, along with the assignment of future income of the student for payment of installments.
• All loans should be secured by parent(s)/guardian of the student borrower. In case of married person, co-obligator can be either
• spouse or the parent(s)/ parents-in-law

Rate of Interest

• Upto Rs.4 lacs - 11.75 % p.a. Floating
• Above Rs. 4 lacs and upto Rs.7.50 lacs - 13.25 % Floating
• Above Rs.7.50 lacs - 12.25% p.a. Floating

Processing Fees

No processing fee/ upfront charges
Deposit of Rs. 5000/- for education loan for studies abroad which will be adjusted in the margin money

Repayment
Repayment will commence one year after completion of course or 6 months after securing a job, whichever is earlier.

Contact Details
Corporate Centre
State Bank of India,
State Bank Bhawan, 8th floor, Madame Cama Road, Mumbai-400 021
Phone : 022-22029456, 22029451
Fax : 022-22885369
E-mail : Contact Now
Website : visit
State Bank of India Head Offices