State Bank of India

State Bank of India

Overview

A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured. All courses having employment prospects are eligible.

 

Loan Feature

Loan Amount For studies in India, maximum Rs. 10 lacs; Studies abroad, maximum Rs. 30 lacs
Interest Rate 11.75% to 13.50% p.a; 0.5% concession for girls
Tenure Repayment will commence one year after completion of course or 6 months after securing a job, whichever is earlier; Repayment period: 10-12 years
Pre Payment Charges No prepayment penalties
Service Charges

Processing Fee:No processing fee/ upfront charges for Studies in India
Deposit of Rs. 5000/- for education loan for studies abroad which will be adjusted in the margin money

Eligibility Criteria : Education Loan

  Salaried Self
Age Co-Aaplicants should meet the age criteria Co-Aaplicants should meet the age criteria
Income Co-Applicants Minimum Net Monthly Income will be considered Co-Applicants Minimum Net Monthly Income will be considered
Job Experience Co-Applicants Minimum 2 years in employment and minimum 1 year in the current organization Co-Applicants Experience will be considered
Residence Proof Information Not Available Information Not Available

Docs Required : Education Loan

  Salaried Self
ID Proof Copy of passport /voters ID card/PAN card of both the Student and Co-Borrower A copy of passport /voters ID card/PAN Card of both the Student and Co-Borrower
Address Proof Copy of any one of the following (Self Attested),Passport/Ration card/Voter’s ID/Driving license/Electricity bill (not more than 2 months old)/Landline Telephone Bill (not more than 2 months old)/Ba Copy of any one of the following (Self Attested),Passport/Ration card/Voter’s ID/Driving license/Electricity bill (not more than 2 months old)/Landline Telephone Bill (not more than 2 months old)/Ba
DOB Proof Birth Certificate or 10th Class Passing Certificate Birth Certificate or 10th Class Passing Certificate
Financial Docs

Co- Apllicant Salaried Individual:

  • Mark sheet of last qualifying examination for school and graduate studies in India
  • Proof of admission scholarship, studentship etc
  • Documents evidencing duration of course of commencement thereof, viz. Prospectus or Certificate from the competent authority of the Institution.
  • Copy of ranking of the University / Institution
  • Schedule of expenses for the specified course
  • 2 passport size photographs
  • Employment details of the parent/gaurdian(co- borrower)
  • Statement of bank account for the last six months of the guardian / parent
  • Income tax assessment order, of last 2 years of the co-borrower
  • Brief statement of assets and liabilities, of the Co-borrower
  • Proof of Income:Salary certificate & form 16 of previous year
  • Original sale deed and other document of title to property in respect of immvoable property offered as collateral security
  • Tax paid receipts etc. (Advance IT / Property Tax / Municipal Tax, etc.)

 

 

Co-Applicant Self Employed Individual:

  • Mark sheet of last qualifying examination for school and graduate studies in India
  • Proof of admission scholarship, studentship etc
  • Schedule of expenses for the specified course
  • 2 passport size photographs
  • Employment details of the parent/gaurdian(co- borrower)
  • Statement of bank account for the last six months of the guardian / parent
  • Income tax assessment order, of last 2 years of the co-borrower
  • Brief statement of assets and liabilities, of the Co-borrower
  • Proof of Income :I.T.Returns for the last 2 years ( if I.T.Assessee) duly accepted by the ITO
  • Original sale deed and other document of title to property in respect of immvoable property offered as collateral security
  • Tax paid receipts etc. (Advance IT / Property Tax / Municipal Tax, etc.)

 

Other Charges : Education Loan

N/A

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