Re: SBI Education Loan Interest Subsidy
As you want to take SBI education loan,here I am providing all details about this.
It is a loan granted to Indian Nationals for pursuing higher education in India or abroad.
Expenses considered for loan
Fees payable to college/school/hostel.
Purchase of Books/Equipment/Instruments/Uniforms, Purchase of computers- essential for completion of the course (maximum 20% of the total tuition fees payable for completion of the course)
Caution Deposit/Building Fund/Refundable Deposit (maximum 10% tuition fees for the entire course)
Travel Expenses/Passage money for studies abroad
Cost of a Two-wheeler upto Rs. 50,000/-
Any other expenses required to complete the course like study tours, project work etc.
Amount of Loan :
For studies in India, maximum Rs. 10 lacs
Studies abroad, maximum Rs. 30 lacs
Repayment will commence one year after completion of course or 6 months after securing a job, whichever is earlier.
Upto Rs. 4 lacs
Above Rs. 4 lacs to Rs. 7.50 lacs
Collateral security in the form of suitable third party guarantee. The bank may, at its discretion, in exceptional cases, waive third party guarantee if satisfied with the net-worth/means of parent/s who would be executing the documents as "joint borrower".
Above Rs. 7.50 lacs.
Tangible collateral security of suitable value, along with the assignment of future income of the candidate for payment of installments.
Loan Amount & Rate of Interest of SBI Student Loan Scheme:
For loans upto Rs.4 lacs
3.50% above Base Rate, currently 13.20% p.a.
Above Rs.4 lacs and upto Rs.7.50 lacs
3.75% above Base Rate, currently 13.45% p.a.
Above Rs.7.50 lacs
1.75% above Base Rate, currently 11.45% p.a.
For your reference here I am attaching Application Form of Education loan of SBI:
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