SBI Student Education Loan Details
Online SBI Student education loan is granted to Indian Nationals who want to pursue higher education either in India or abroad where admission has already been secured. So one can take the loan under this category in very easy way. You can repay the loan sum in a maximum period of up to 15 years after the Course Period and additional 12 months of repayment holiday. Their are no processing or upfront charges levied on Education loans. You can see more details here on the official website https://www.sbi.co.in/portal/web/interest-rates/education-loan-scheme
One can take SBI student education loan in only three easy steps. Student education loan can be taken under SBI Student Loan Scheme or SBI Scholar Loan Scheme or SBI Global Ed-Vantage Scheme or SBI loan for Vocational/ Skill Development Courses. If an Indian citizen wants to take the loan for pursuing higher education in India itself or outside India then he/she can take the loan under SBI Student loan scheme. The Students who have secured admission in IIT, IIM, NIT, AIIMS or any other reputed institutions can also take the loan under SBI Scholar Loan Scheme.
Eligibility for SBI Student Education Loan
1- Studying in India
- Graduation courses, Post-graduation courses including all regular technical and professional Degree or Diploma courses which are conducted by colleges or universities approved by UGC or AICTE or IMC or Govt. etc.
- Regular Degree/ Diploma Courses organised by autonomous bodies like IITs, IIMs etc.
- Courses for teacher’s training/ nursing courses approved by the Central government or State Government.
- Courses for regular Degree or Diploma courses like Aeronautical, pilot training, shipping etc. approved by the Director General of Civil Aviation or Shipping or concerned regulatory authorities.
2- Studying Abroad
- Courses related to job oriented professions or technical Graduation or Post Graduation Degree. Further Diploma courses such as MCA, MBA, MS, etc offered by reputed universities all over the world.
- Many courses offered by C.I.M.A. (Chartered Institute of Management Accountants) – London or C.P.A. (Certified Public Accountant) in USA etc.
Expenses covered under SBI Student Education Loan
- Course fees payable at colleges or school or hostel.
- All types of fee, like examination fee/Library fee/Laboratory fee etc.
- Purchase of Book or Equipment or Instrument or Uniforms, Purchase of laptops, essential for completion of the course (max. 20% of the total tuition fees payable for finishing of the course).
- Any caution Deposit or Building Fund or Refundable Deposit (max. 10% of tuition fees for the entire course).
- Travel Expenses or Passage money for studying abroad.
- Cost for purchasing a two-wheeler upto INR 50,000.
- Other expenses necessary to complete the course like study tours or project work etc.
- Studies in India max. INR 10 lacs.
- Studies abroad max. INR 30 lacs.
- Letter of admission completely filled in Loan Application Form.
- 2 passport size photographs.
- Statement of cost of study.
- P.A.N. Card of the student and Parent or Guardian.
- Aadhaar Card of the student and Parent or Guardian.
- Proof of identity (Driving Licence or Passport or Aadhar or any photo identity).
- Proof of residence of student.
- Bank account statements for last 6 months.
- IT return/ IT assessment order, of previous 2 years of Parent or Guardian or other co-borrower.
- Proof of income (i.e. salary slips or Form 16) of Parent or Guardian or other co-borrower.