Student Loan in SBI is a term loan. And, this loan is granted to Indian Nationals for pursuing higher education in India or abroad. Where they have secured admission. For more info visit http://www.moneymaya.in/category/students-loan/

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Planning
A/3, J1/14, KHIRKI EXTN,
MALVIYA NAGAR, NEW DELHI 110017
-7982367598
EDUCATION lOAN FOR STUDENT
May 10, 2017
SBI STUDENT LOAN SCHEME
Student Loan in SBI is a term loan. And, this loan is granted to Indian Nationals for pursuing higher
education in India or abroad. Where they have secured admission.
●Repayment period is upto 15 years after Course Period and 12 months of repayment
holiday
●Most of all, there is no processing and upfront charges will be levied on Education
loans.
Eligibility:
Since SBI Student loan is only for Indian Nationals. Therefore, you should be an Indian, if you want to
get a Student Loan from SBI. Furthermore, you may opt for studying in India or abroad. For this, first of
all, lets check out the courses you may opt for.

2. Courses
Covered:
You can choose to study in India or in Abroad. You may choose from either of the following:
A.Studies in India:
●Graduation and Post-graduation such as regular
technical and professional Degree or Diploma courses;
conducted by colleges/universities approved by UGC/
AICTE/IMC/Govt. etc
●And, Regular Degree or Diploma Courses
conducted by autonomous institutions such as IIT,
IIM etc
●Also, Teacher training and Nursing courses approved by Central government or the State
Government
●And, Regular Degree or Diploma Courses such as Aeronautical, pilot training, shipping etc. approved
by Director General of Civil Aviation and Shipping concerned regulatory authority
B.Studies abroad:
●Job oriented professional and technical
Graduation Degree courses and Post Graduation
Degree and Diploma courses such as MCA, MBA, MS,
etc offered by reputed universities

3. ● And, Courses conducted by CIMA (Chartered Institute of Management Accountants) – London,
CPA (Certified Public Accountant) in USA etc.
Expenses Covered under Student Loan:
●First of all, Fees payable to college, school and
hostel
●Another, Examination, Library and Laboratory
fees
●And, Purchase of Books, Equipment,
Instruments, Uniforms and Purchase of computers-
essential for completion of the course (maximum 20%
of the total tuition fees payable for completion of the
course)
● Also, Caution Deposit, Building Fund and Refundable Deposit (maximum 10% of tuition fees for
the entire course)
● And, Travel Expenses and Passage money for studies abroad
● In addition, Cost of a Two-wheeler upto Rs. 50,000/-
● Furthermore, Any other expenses required to complete the course such as study tours, project
work etc

4. Loan Amount which you can avail under Student
Loan:
● For studies in India – maximum Rs. 10 lacs; and
● Studies abroad – maximum Rs. 20 lacs
Security:
Particula
r
Securit
y
Upto Rs. 7.5
Lakhs:
Only Parent/ Guardian as co-borrower. No Collateral
Security or third party guarantee
Above Rs.
7.5 Lakhs:
Parent/ Guardian as co-borrower and tangible
collateral security
In case of married person, co-obligator or co-borrower can be either spouse or the parent(s) or
parents-in-law
Margin:
●Upto Rs.7.5 Lacs: Nil
●And, Above Rs. 7.5 Lacs : 5% for studies in India; and 15% for studies abroad

5. Repayment
:
● Especially relevant, Repayment will commence one year after completion of course
● Also, Loan to be repaid in 15 years after the commencement of repayment
● And, in case second loan is availed for higher studies later, you can repay the combined loan
amount in 15 years after completion of second course
EMI Generation:
● EMI (Equated Monthly Installments) : It is fixed by adding the accrued interest during the
moratorium period and course period to the principal amount.
● If you repay the full interest, before the start of repayment; then your EMI will be fixed on the
basis of principal amount only.
Rate of Interest for Student Loan in SBI:
1 year MCLR is 9.10%, w.e.f. 01/08/2016.
Loan
Amount
Rate of
Interest*

6. For loans upto Rs.7.5 lacs 2% above MCLR, currently 11.10% p.a.
Above Rs.7.50 lacs
1.70% above MCLR, currently 10.80%
p.a.
● *And, (0.50% concession in interest for girl students)
● *Also, (1% concession for full tenure of the loan, if interest is serviced promptly as and when applied
during the moratorium period, including course duration)
Note: IT exemption under Section 80(E) in respect of interest paid in all Education Loans
Documents Required:
● First of all, Letter of admission is required
● And, you will submit completely filled Loan Application Form
● 2 passport size photographs
● Also, Statement of cost of study
● PAN Card of the student and Parent or Guardian
● AADHAR Card of the student and Parent or Guardian
● Proof of identity (Driving Licence or Passport or Aadhar or any photo identity)
● And, Proof of residence (Driving Licence/Passport/Electricity bill/Telephone bill)
● Student, Co-borrower and guarantor’s bank account statement for last 6 months
● Also, IT return or IT assessment order of previous 2 years of Parent or Guardian or other co-
borrower (if IT Payee)

7. ● In addition, Brief statement of assets & liabilities of Parent or Guardian or other co-
borrower
● And, Proof of income (i.e. salary slips or Form 16) of Parent or Guardian or other co-
borrower
● In addition, if Bank demands any other documents, you will have to provide.