SBI SCHOLAR LOAN SCHEME

Eligibility

Sanction of Term Loan to students (Indian Nationals) for pursuing higher education in India in

Education Loans for Students securing admission in the country’s best Engineering and Medical colleges, top B-Schools, Law colleges & other reputed institutions

Courses Covered

Regular full time Degree /Diploma Courses through entrance test/ selection process. Full time Executive Management Courses like PGPX are also covered. No Certificate/ Part time courses are covered under this scheme.

Salient Features

• Loan at Designated Campus Branch for the respective Institution or a Branch of MMGS-III and above incumbency as per the convenience of the student/ parent
• Option to transfer loan account to a branch closer to the place of co-borrower (after the completion of course but before commencement of repayment)
• ATM-cum-Debit card and Internet Banking facility
• Second Education Loan for further higher studies provided the institution and cost of study fall within the criteria for Scholar Loans. Combined loam amount should not exceed the maximum permissible loan amount under SBI Scholar Loan Scheme.

Loan amount & Security

Category	Maximum Loan Limit
	No Security, only Parent/ Guardian as co-borrower	With tangible collateral of full value and Parent/ Guardian as co-borrower
List ‘A’ (61 institutions)	Rs. 20 lacs	Rs. 30 lacs
List ‘B’ (55 institutions)	Rs. 7.5 lacs	Above Rs. 7.5 Lacs & upto Rs. 30 Lacs

• In case of married person, co-obligator can be either spouse or the Parent(s)/ Parent(s)-in-law. Parental co-obligation can also be substituted by a suitable third party guarantee.
• Loan amount varies with the institute. Click here for the list of institutes.

Expenses covered

• Fees payable to college/school/hostel
• Examination/ Library/ Laboratory fees
• Purchase of books/equipments/instruments
• Caution deposit / building fund/ refundable deposit supported by Institution bills/ receipts [not to exceed 10% of the tuition fees for the entire course].
• Travel expenses/expenses on exchange programme*
• Purchase of computer/laptop*
• Any other expenses related to education*

* No voucher/ receipt insisted upon. Purpose (end use) need to be self-certified for these expenses. Such expenditure (without voucher/ receipt) will not exceed 25% of the loan amount(upto a lumpsum amount of max Rs. 1 lac). If any expenditure for these purposes is required to be made beyond the 25% cap, it can be permitted subject to production of voucher/ receipt.

 

Repayment

• Course Period duration plus six months moratorium
• Repayment period upto 12 years.

Margin - Nil

Processing Fee - Nil

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