SBI EDUCATION LOANS (SBI STUDENT LOAN SCHEME)

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

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

· Vocational Training and Skill Development Study Courses will not be covered under the regular Education Loan Schemes. A separate scheme for ‘Loans for Vocational Education and Training’ has been launched which covers financing for such Vocational courses

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

Expenses considered for 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% tuition fees for the entire course)
• Travel Expenses/Passage money for studies abroad
• Cost of a Two-wheeler upto Rs. 50,000/-

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

Amount of Loan

• For studies in India, maximum Rs. 10 lacs
• Studies abroad, maximum Rs. 30 lacs

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 Tenure

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

Maximum Loan Limit	Repayment Period
Upto Rs. 4 Lacs	Upto 10 years
Above Rs. 4 Lacs and upto Rs. 7.5 Lacs	Upto 10 years
Above Rs. 7.5 Lacs	Upto 12 years

Security

Particular	Security
Upto Rs. 4 lacs loan amount	Only Parent/ Guardian as co-borrower
Above Rs. 4 lacs to Rs. 7.50 lacs loan amount	Parent/ Guardian as co-borrower and Collateral security in the form of suitable third party guarantee*. *Third Party Guarantee can be replaced with Parent/Guardian as co-borrower provided the Gross Annual Income of Parent/Guardian (co-borrower) as given in latest Income Tax Return is 3 times of the loan amount.
Above Rs. 7.50 lacs loan amount	Parent/ Guardian as co-borrower and tangible collateral security

In case of married person, co-obligator can be either spouse or the parent(s)/ parents-in-law

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%

Documentation Required

• Completed Education Loan Application Form.
• Mark sheets of last qualifying examination
• Proof of admission scholarship, studentship etc
• Schedule of expenses for the specified course
• 2 passport size photographs
• PAN Card of the student and the Parent/ Guardian
• Borrower's Bank account statement for the last six months
• Income tax Returns/ IT assessment order, of last 2 yrs (If IT Payee)
• Brief statement of assets and liabilities, of the Co-borrower
• Proof of Income (i.e. Salary slips/ Form 16 etc. if applicable)

For more information & Apply online visit : https://www.sbi.co.in/