SBI
State bank of India provides loans to students wanting to pursue higher education in India and abroad. Unlike other banks which maintain a list of courses which they are ready to finance, the State Bank considers every course which has employment prospects. To gain a rough idea, Graduation courses, Post graduation courses, Professional courses as well as other courses approved by UGC/Government/AICTE are considered.
 The bank also offers SBI career loan upto a maximum of 20 lakhs for individuals wishing to undertake commercial Pilot training courses and Airhostess Training courses in India and abroad, from institutes recognized by the Ministry of Civil Aviation/DGCA. The loan can be secured through mortgage of Immovable Property/Govt.Securities, Public Sector Bonds,NSCs/KVPs/RBI Relief Bonds/Bank's TDR/LIC Policies etc. In this case, the applicant should be atleast 18 years old, while the co-applicant, less than 60. What the loan covers : * Fees payable to college/school/hostel * Examination/Library/Laboratory fees * Purchase of Books/Equipment/Instruments/Uniforms * Caution Deposit/Building Fund/Refundable Deposit (maximum 10% tution fees for the entire course) * Travel Expenses/Passage money for studies abroad * Purchase of computers considered necessary for completion of course Apart from these expenses, the bank will also finance the purchase of a two-wheeler upto Rs. 50,000. Other expenses required to complete the course are also covered. These may include study tours, project work etc. Details : A student can avail of a maximum of 10 lakhs loan if he is studying in India. For studies abroad, the limit is 20 lahks. The repayment period for both the loans is 5-7 years including the duration of the course. Repayment period begins 1 year after the completion of the course, or 6 months after obtaining a job - whichever is earlier. In case of the Career Loan, the amount has to repaid in 36 equated monthly installments with a maximum moratorium of one year after the completion of the course. Processing fee of 0.5 % is also applicable. The interest rates depend on the amount of loan. SBI Educational Loan Upto 4 lakhs - 11.75% p.a 4 lakhs to 7.5 lakhs - 13.25 % p.a Above 7.5 lakhs - 12.25 % p.a Securities : The securities and margins which need to be provided to take the loan also depend on the amount. For SBI Educational Loan Upto 4 lakhs : No securities/margins required. 4 lakhs to 7.5 lakhs : The bank will require collateral security in the form of a suitable third party guarantee. In some cases the bank may waive third party guarantee if it is satisfied with the net-worth/means of parents who would be applying for the loan as a "joint borrower". In case the student is studying in India, the margin is 5%, otherwise 15%. Above 7.5 lakhs : The bank requires "tangible" securities of appropriate value. Land property, real estate, jewellery etc. qualify as "tangible" assets. Apart from that, the future income of the student is to be assigned to the bank for payment of the installations. Again, if the student is studying in India, the margin is 5%, otherwise 15%.  Documents 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 * Borrower's Bank account statement for the last six months * Income tax assessment order, of last 2 years * Brief statement of assets and liabilities, of the Co-borrower * Proof of Income (i.e. Salary slips/ Form 16 etc) To Apply : To download the application form for educational loan, click here. Education News
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vikram : i am vikram i got i23 for university of newheaven in hyderabad i need education loan pls tell me whats the process waiting for ur reply....
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ramanakunmar : i ramana kumar i got i20 for university of newheaven in usa i need education loan pls tell me whats the process waiting for ur reply....
Dimpal sunil : sir i wont education loan doing MBA plz
kumaresh upase : thanks ...its very use full .....
aarti : i want to do mba.i've been working since last 4 5 years.
Gaurav Kumar : thx. for all this. thats very useful info. u provides.can u tell me the abroad study loan? i'll be waiting your mail.
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karan ghatani : thanks for the valuable guidance.thanks for calling.
Muthu Kumar : someone says that there is no interest rate for below 400000 education loan.how can i get the education loan without interest?
deepak bhadoriya : good......... bt int on education loan may be end sir jeee
ravi kumar : I m ravi rana. i would like to bca but my financial condition is not good so how can do this.
Rishad : ITS VERRY USEFULL FOR OUR FUTURE
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rahul kumar : i want to evil education loan for aieee ,can i evil loan
pawan kumar : i want to avail education loan for L.LB-5yr,i have my relative co borrower, can i avail loan.
NAVIN VAMNE : navin vamne>....... dear sir I want to join BE course i don*t have any properties,i can able to get educccation loan for my BE course ... ... .......... thankyousir..
Balaguru : Dear Sir, I want to join PG course, but I don't have any properties, I can able to get education loan for my PG. Thank you.
Aneesh Jose : Dear sir, i did my Plus Two and B.A studies through distance education. am i eligible to apply for education loan for my higher studies?
PARIMI V S P V S K KUMAR : Dear Sir, I have a brother who is earning coapplicant. We dont have any properties, will we be able to get education loan for my Masters through GRE in US. Thank you.
ravindra kumar : ravindra;i want to join in hotal management cors in proton bschool fee of this cors arround 3 lakh i want to finencil form you, so please tell me process
Ashok : i am poor pls help me to do mba
kartus : please minglebox i wNT LOAN FOR MY BROTHER . HE REALLY WANTS TO STUDY FURTHER STUDY OF ENGINEERING .THANKS FOR UR QUERY .......
ghansshyam sahu : i want to join in MBA digree cors in proton Bschool fee of this cors arround 5 lakh i want to finencial support from you ,i will follow your gidence so please tell me process. thank you sir/mam
Rakesh Singh : my financial condition are not so good. But i want to do MBA,plz help me to edu loan
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Ajhay A : everything okay.... if der s no 3rd party assurance ?
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MANI PRAKASH MISHRA : THANKS FOR THIS REALLY HELPFUL INFO.
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Somsri Sarkar : Thanks for sharing the info.