State Bank of India is an Indian multinational banking and financial service company. It is owned by the government and therefore follows government’s push for education passionately. State Bank of India has many attractive schemes that cater to foreign bound students, domestic students, and students who wish to take skill development classes.
SBI offers education loan at an attractive interest rate with student-centric attitude when it comes to marking tenure of education loan.,The Rate of Interest on their diverse education loan schemes are as follows:,State Bank of India charges no processing fees when the student pursues higher education in India or when the loan amount sought is below ₹ 20.00 Lakh for foreign education. State Bank of India also doesn’t charge any hidden fees on the loan amount sought. The bank realises the potential of students that are able to secure admission in premier institutes and offers them special concessions for the same.
The maximum tenure is 15 years on SBI Education Loans. On top of that State Bank of India is one of India’s oldest and most trusted banks so applying for an education loan from the bank is a reliable venture.,Courses covered in this education loan are only regular full time Degree or Diploma courses that the student secured through selection or merit.
Full time Executive Management Courses like PGPX is also considered.,Entrance Exam results that formed the basis of admission Proof of admission. Conditional application letter may be considered Cost of education, schedule of expenses. 2-passport size photographs If Loan was taken out before then loan account statement for last 1 year. Co-applicant 2-passport size photographs If Loan was taken out before then loan account statement for last 1 year.
Do note that all documents need to be self-attested.,State Bank of India has also brought out schemes that cater to students that plan to go abroad to pursue their education.
This scheme only caters to them and has faster application review and offers better interest rate. Also under this scheme student can avail a loan before their I-20 visa/Visa is approved.,SBI Global ED-Vantage scheme allows a maximum of ₹ 1.5 crore loan amount for foreign education. The minimum loan amount is ₹ 20.00 Lakh.,Entrance Exam results that formed the basis of admission Proof of admission. Conditional application letter may be considered Cost of education, schedule of expenses. 2-passport size photographs If Loan was taken out before then loan account statement for last 1 year.
Co-applicant 2-passport size photographs If Loan was taken out before then loan account statement for last 1 year. Do note that all documents need to be self-attested.,Under State Bank of India Student Loan Scheme the bank extends loan to students who want to secure higher education but don’t have the finances at the moment or want to disburse the financial burden over a greater time period.
This student loan scheme can be availed by any prospective student seeking education in India or abroad.,The Maximum Loan Amount is ₹ 10.00 Lakh if pursuing education in India. It is ₹ 20.00 Lakh if pursuing in a foreign land. Higher loan limit for domestic education can be considered on a case to case basis.
If the student plans to move abroad to pursue higher education and want additional loan amount they can apply for Global Ed-Vantage Scheme.,Expenses Covered Fee payable to College or University, Hostel charges. Travel Expenses or passage money for those that are headed abroad.
Cost of a two wheeler, capped at ₹ 50,000.
Examination, Library, and Laboratory Fee.
Any other expenses required to complete the course like study tour, etc. Books, instruments, uniforms, capped at 20% of total tuition fees.
Personal Computers or Laptops if required. Caution deposit, building fund, refundable deposit supported by institution bills. As long as it is less than 10% of total tuition fee for the course.
Repayment Period Repay within 15 years after completion of course and additional 1 year. In case second loan is availed for higher studies later then repay within 15 years after completion of the second course. EMI Generation The accrued interest during moratorium and course period is added to principal amount and repayment EMI is fixed.,Entrance Exam results that formed the basis of admission Proof of admission.
Conditional application letter may be considered Cost of education, schedule of expenses. 2-passport size photographs If Loan was taken out before then loan account statement for last 1 year.
Co-applicant 2-passport size photographs If Loan was taken out before then loan account statement for last 1 year. Do note that all documents need to be self-attested.,State Bank of India has also brought out Skill Loan scheme to cater to those individuals that want to develop their future by acquiring vocational skills. The individuals can avail this loan at attractive interest rate.,The maximum Loan amount is ₹ 1.50 Lakh.
However individuals can also seek loan amount as little as ₹ 5,000.,Other details for skill loan are:,State Bank of India in its drive to help secure students’ academic career has brought out a scheme where they help financially struggling families by buying their Student Loans from their creditors and levying smaller interest rate.
The scheme is really useful for those who have taken out an education loan and after their course end they have a hard time getting a job or had a huge financial loss. This scheme lets the user take the burden off the student and getting an extension of the loan. The scheme covers outstanding amount, Limits sanctioned as Top up Loan, and Prepayment penalty if any.,Maximum Loan Amount is ₹ 1.5 Crore.
The minimum education loan amount should be ₹ 10.00 Lakh.,State Bank of India in its drive to help secure students’ academic career has brought out a scheme where they help financially struggling families by buying their Student Loans from their creditors and levying smaller interest rate. The scheme is really useful for those who have taken out an education loan and after their course end they have a hard time getting a job or had a huge financial loss. This scheme lets the user take the burden off the student and getting an extension of the loan.
The scheme covers outstanding amount, Limits sanctioned as Top up Loan, and Prepayment penalty if any.,Maximum Loan Amount is ₹ 1.5 Crore. The minimum education loan amount should be ₹ 10.00 Lakh.,Eligibility The Education Loan should be fresh Student should be an adult Loan should be fully disbursed Repayments should have started with regular EMIs registered with the creditor Processing Fee NIL Security The collateral security should be 100% of the value of the proposed loan Documents Required Duly filled application form 2 passport size photographs PAN Card of student and co-borrower Aadhaar Card of student and co-borrower Identity and Residence KYC documents Bank account statement of borrower and co borrower IT return or IT assessment order, pertaining to previous 2 years, of borrower and co-borrower (if IT Payee) Statement of assets and liabilities Proof of Income,Students who have successfully applied for an institution can apply for the education loan in the following ways:,There are two ways through which you can apply for an education loan offline,You will get a call back from SBI customer care team specialising in education loans.no credit check payday loans
You can discuss with the executive how you want to proceed with the education loan.,Step 1: Enter the principal amount for education loan that you wish to borrow.,Step 2: In the next section enter the interest rate that has been offered to you for the education loan by the bank.,Step 3: In the last section, you will have to enter the loan tenure that you are opting for.,On the right side of the screen, you should be able to see the education loan EMI that you are liable to pay with the given combination of loan principal, tenure, and rate of interest.,The resulting EMI will vary as you change the variables of the education loan EMI calculation.
You can easily change these values to arrive at an EMI that suits your budget and proceed to seek an education loan in that territory.,EMI stands for Equated Monthly Installments. EMIs are calculated on the basis of both principal amount and interest accrued over the tenure, time period in which the loan has to be paid off.
Shorter tenure means higher EMIs whereas longer tenure results in lower EMIs.,Yes, the credit score or CIBIL score is affected by education loan and it serves a great opportunity to build the score. You are required to be very diligent when it comes to your education loan payments.
Make sure you are never behind your payments on your education loan. Also if you do not pay the EMIs for three consecutive months the bank will label you NPA (Non-Performing Asset) which will ruin your credit score for the next 7 to 10 years!,Any student can apply for an education loan as long as they have received their High School Certification, passed the 12th Grade.
Students who can want to go to trade school, develop vocational skills can also apply as well.,Students can apply for the loan from any branches in metro or urban areas as well as those who have personal banking divisions.,Some education loans of State Bank of India have margins and they vary from 5 to 15 per cent.
Others don’t have any margins and they pay the full amount.,Yes there is one tax benefit that you can avail.
According to section 80 E of Income Tax Act of India, 1961, you can claim the interest paid on the education loan as a deduction.,I applied for a Global Ed-vantage scheme from SBI portal my loan got approved instantly and within few days I received my disbursal amount. I am very happy as a SBI customer.. My family has been using SBI services since the beginning.
And I also have..Read more...,I applied for a Global Ed-vantage scheme from SBI portal my loan got approved instantly and within few days I received my disbursal amount. I am very happy as a SBI customer.. My family has been using SBI services since the beginning. And I also have all my accounts in SBI. The banks very good services and schemes.,The loan scheme provided by SBI to help me pursue my Post Grads has very low interest rate of 9.55% only. The bank has very good loan processing system and they require minimal documents.
I also got a concession of 0.50% as a female student. Very..Read more...,The loan scheme provided by SBI to help me pursue my Post Grads has very low interest rate of 9.55% only. The bank has very good loan processing system and they require minimal documents. I also got a concession of 0.50% as a female student. Very good products and services by the bank!,SBI is a very good bank and they have well trained professionals to solve any issue. My loan scheme from SBI got quick approval with very easy documentation process.
Great services by SBI!,SBI is a very good bank and they have well trained professionals to solve any issue.
My loan scheme from SBI got quick approval with very easy documentation process. Great services by SBI!,My SBI Scholar loan scheme got approved at a very low interest rate and lowest processing fee. I am very eagerly waiting for my loan money so that I can quickly pay my first course fee installment.
It was the first time I took any loan from SBI and i..Read more...,My SBI Scholar loan scheme got approved at a very low interest rate and lowest processing fee. I am very eagerly waiting for my loan money so that I can quickly pay my first course fee installment.
It was the first time I took any loan from SBI and it was a very good experience.
Very good bank with fast services!!,I applied for this loan scheme to study in US for my PG in management. I got my loan approved at a very low interest rate of 10.75% p.a. I am already using SBI debit and credit card and I am very happy with the services of this bank.
The bank has ver..Read more...,I applied for this loan scheme to study in US for my PG in management. I got my loan approved at a very low interest rate of 10.75% p.a.
I am already using SBI debit and credit card and I am very happy with the services of this bank. The bank has very well trained professionals who helped me to get my loan scheme very quickly.
Great bank for any personal finance services!!,My SBI Scholar loan scheme got approved at a very low interest rate and lowest processing fee.
I am very eagerly waiting for my loan money so that I can quickly pay my first course fee installment.
It was the first time I took any loan from SBI and i..Read more...,My SBI Scholar loan scheme got approved at a very low interest rate and lowest processing fee. I am very eagerly waiting for my loan money so that I can quickly pay my first course fee installment.
It was the first time I took any loan from SBI and it was a very good experience. Very good bank with fast services!!,© Copyright 2010-2018 Paisabazaar.com.
All Rights Reserved. Comparison of loan products is undertaken by PaisaBazaar Marketing and Consulting Pvt.
Ltd.,State Bank of India is an Indian multinational banking and financial service company. It is owned by the government and therefore follows government’s push for education passionately.
State Bank of India has many attractive schemes that cater to foreign bound students, domestic students, and students who wish to take skill development classes.
SBI offers education loan at an attractive interest rate with student-centric attitude when it comes to marking tenure of education loan.,Salient Features of SBI Education Loan State Bank of India charges no processing fees when the student pursues higher education in India or when the loan amount sought is below ₹ 20.00 Lakh for foreign education. State Bank of India also doesn’t charge any hidden fees on the loan amount sought.
The bank realises the potential of students that are able to secure admission in premier institutes and offers them special concessions for the same. The maximum tenure is 15 years on SBI Education Loans.
On top of that State Bank of India is one of India’s oldest and most trusted banks so applying for an education loan from the bank is a reliable venture.,Take-Over of Education Loans State Bank of India in its drive to help secure students’ academic career has brought out a scheme where they help financially struggling families by buying their Student Loans from their creditors and levying smaller interest rate. The scheme is really useful for those who have taken out an education loan and after their course end they have a hard time getting a job or had a huge financial loss.
This scheme lets the user take the burden off the student and getting an extension of the loan. The scheme covers outstanding amount, Limits sanctioned as Top up Loan, and Prepayment penalty if any.
Salient Features Education loans up to ₹ 1.50 Crore can be considered Attractive Interest Rate Repayment tenure can be up to 15 years No processing fee No hidden charges Get top-up loan for pursuing higher studies Maximum Loan Amount is ₹ 1.5 Crore. The minimum education loan amount should be ₹ 10.00 Lakh. Other important details for Take-Over of Education Loan are: Eligibility The Education Loan should be fresh Student should be an adult Loan should be fully disbursed Repayments should have started with regular EMIs registered with the creditor Processing Fee NIL Security The collateral security should be 100% of the value of the proposed loan Documents Required Duly filled application form 2 passport size photographs PAN Card of student and co-borrower Aadhaar Card of student and co-borrower Identity and Residence KYC documents Bank account statement of borrower and co borrower IT return or IT assessment order, pertaining to previous 2 years, of borrower and co-borrower (if IT Payee) Statement of assets and liabilities Proof of Income For proof of income and KYC the following documents will do: Identity Proof Passport, PAN Card, Aadhaar Card, Voter’s ID Card, Driving Licence, Photo Credit Card, Central and State Govt. issued Photo ID Proof, Defence ID Card, etc. Residence Proof Aadhaar Card, Ration Card, Passport, Bank Account Statement, Voter’s ID Card, Letter from any recognized public authority, Telephone Bill, Electricity Bill, Water Bill etc (not more than 3 months old), etc.
Income Proof Salary Slips (not more than 3 months old), Bank Statements (not more than 3 months old), ITR, Form-16, etc. Other documents sought by the bank are: Mark sheet of latest qualifying exam for school and graduate course pursued in India Proof of admission to the institute Schedule of expenses Copies of letter confirming scholarship, etc. Copies of foreign exchange permit, if seeking travel expenses.
Statement of Bank account for the last six months of guarantor If you are not an existing bank customer you would also need to establish your identity and give proof of residence.,Frequently Asked Questions (FAQs) on State Bank of India Education Loan Does State Bank of India charge any processing fees on education loan? Only SBI Global Ed-Vantage Scheme charges ₹ 10,000 per application rest do not charge any processing fee or charge. What is EMI and how is it calculated?
EMI stands for Equated Monthly Installments.
EMIs are calculated on the basis of both principal amount and interest accrued over the tenure, time period in which the loan has to be paid off.
Shorter tenure means higher EMIs whereas longer tenure results in lower EMIs. What is repayment holiday or Moratorium period? Repayment holiday or Moratorium period is the time period when you do not have to pay the Equated Monthly Instalments. This is the grace period that the bank provides to the students so that they can complete their education, secure a job and get settled.
At SBI, the moratorium period ends after 1 year of completion of course or 6 months after you land a job. You are expected to pay the EMI as it is the minimum amount to be paid.
You can pay more than the EMI and the bank will not charge any prepayment penalty. Will the loan affect my Credit Score?
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