SBI is offering 100% financed education loan to students without any processing fee. Repayment can be done for up to 15 years, with a moratorium of 12 months after the completion of the course. The interest rate ranges from 8.15% to 11.15%. This loan covers full-time degree, diploma, management courses including travel, laptop and other education expenses.
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SBI Education Loan: SBI students can avail 100% financed education loan for their studies without any processing fee. This loan covers almost all the needs related to the education of the students. This is an easy and affordable education loan for students, which covers all the major expenses of studies. Due to its simple application process and long repayment period, it can be an excellent option for students.
What are the features of the loan
This loan covers the entire education cost of the students, so they will not have to pay any extra. There will be no processing fee on taking the loan, which makes it even more affordable. The loan can be approved quickly from 5,000+ selected branches or campus branches across the country, so that students can get immediate assistance. There will be up to 15 years for repayment, and the special thing is that there will be no need to make any payment till 12 months after the completion of the course, which will give students a full opportunity to become financially stable.
What is the interest rate
Information about the interest rates of SBI Student Loan Scheme and SBI Scholar Loan Scheme is given in the table.
| Loan Scheme | Loan Amount | interest rate |
|---|---|---|
| SBI Student Loan Scheme | Without collateral (up to ₹7.50 lakh) | 11.15% |
| With collateral (above ₹7.50 lakh) | 10.15% | |
| Above ₹10 lakh (for takeover, with collateral) | 10.15% | |
| Special discount for girls | 0.50% lower interest rate | |
| SBI Scholar Loan Scheme | For Selected Institutes | 8.15% – 8.90% |
For which courses is it available?
This loan is available for full-time degree and diploma courses in which admission is taken through an entrance test or selection process. Apart from this, it also covers full-time executive management courses, such as PGPX. Also, this loan can be taken for part-time graduate and post-graduate courses offered by selected institutes.
What expenses will be covered?
This loan covers college, school and hostel fees, as well as the expenses of examination, library and lab fees. Students will get financial assistance to buy books, equipment and instruments. Apart from this, the cost of caution deposit and refundable deposit will also be included in the loan, but it will be limited to 10% of the tuition fee.
Travel cost will also be covered
Expenses of travel and exchange programs can also be covered under this loan. Students will also get the facility to buy a computer or laptop. Apart from this, other necessary expenses related to education can also be covered without voucher or receipt, but it should not exceed 25% of the loan amount. If the expense exceeds 25%, then it will be mandatory to submit voucher or receipt for this.
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