SBI Education Loan

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.

Security Amount Co-borrower
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 Interest0.50% 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
ROI 7.95% Fixed
All IIMs & IITs 8.10% Fixed
Other institutes 8.25% Fixed
All NITs 8.25% Fixed
Other institutes 8.75% Fixed
All NITs 8.25% Fixed
Other institutes 9.25% 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

 

 

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