No processing Charges for credits up to Rs. 20 Lakhs. However, there is processing charges of Rs. 10,000 for credits above Rs. 20 Lakhs. No processing fee is charged in granting loan for premier institutes like IITs, IIMs, NITs, etc. Reimbursement time of up to 15 years after Course Period and 12 month year of repayment holiday. It means repayment will begin one year after completion of course.
|No Collateral Security||Up to Rs. 7.5 Lakhs||Parent or Guardian|
|Guarantee Security||Above 7.5 Lakhs||Parent or Guardian|
Margin for loan amount of Rs. 4 Lakhs and under is “nil” and above 4 lakhs it is 5% for studies in India and 15% for study in abroad. No margin in granting loan for premier institutes like IITs, IIMs, NITs, etc. On the off chance that subsequent credit is benefited for higher investigations later, to reimburse the consolidated advance sum in 15 years after completion of second course
Rate of Interest– 0.50% concession for girl students and for students availing of SBI Rinn Raksha or any other existing policy assigned in favour of State of India
|Loan Limit||Rate of Interest||Rate Type|
|Up to Rs 7.5 Lacs||10.05%||Fixed|
|Above Rs 7.5 Lacs||10.05%||Fixed|
SBI Education Loan amount and Security for Premier institutes IITS, IIMs, NITS, etc.
|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 AA||Rs. 40 lacs||–|
|List A||Rs. 20 lacs||Rs. 30 lacs|
|List B||Rs. 20 lacs||–|
|List C||Rs. 7.5 lacs||Rs. 30 lacs|
Rate of Interest for Premier Institutes like IITS, IIMs, NITS, etc.
|List||Effective Interest Rate||Rate Type|
|All IIMs & IITs||8.10%||Fixed|
Kindly find the attachment SBI Scholar Institutes to know the list of AA, A,B and C Category Institutions.
To know more about SBI Education loan offers and schemes, kindly visit its official site