Get in charge of your future with education loans that help you reach your potential without you worrying about finances. Education loans are specialized loans that are designed to meet the financial needs of a student and help them pursue higher education, whether in India or abroad.
State Bank of India is a leading government bank that has been in the banking service since 1921. They offer student loans into three categories – study in India or abroad, study in a premier Indian institute or to pursue a vocational education and training. SBI educational loan is provided to Indian nationals who have already secured an admission in an educational institution and need financial aid to meet educational expenses.
Features of SBI Education Loan
➤ Loan Limit assigned as per the category of the educational institution: SBI lists educational institutes into 4 categories – List AA, List A, List B and List C. The maximum limit for List AA is Rs. 30 lakhs, Rs. 20 lakhs for List A, Rs. 20 lakhs for list B and Rs. 7.5 lakhs for list C.
➤ Special educational loans for vocational education and training –Any vocational course upto 6 months are provided for a maximum loan amount of Rs. 50,000. For vocational courses above 6 months, a loan of Rs. 1 lakh is provided.
➤ Zero processing fees – SBI educational loans are provided at zero processing fees.
➤ Loan Tenure – You can avail SBI educational loan for upto 12 years and the repayment starts after six months of the course completion.
➤ Guarantor required – SBI educational loans require a guarantor or a co-borrower that can only be parents or a guardian.
➤ No collateral – SBI educational loans do not require any collateral as such.
➤ Margin – No such margin for loans upto Rs. 4 lakhs but for loans over Rs. 4 lakhs, a 5% margin is required for Indian institute and 15% margin for foreign studies.
Eligibility &Documents required to avail SBI Education Loan
The applicant must be an Indian national and should have already secured an admission in a premier institute.
List of Documents required –
➤ Admission Letter.
➤ Duly filled and signed loan application form.
➤ Two recent passport sized photographs of the applicant.
➤ Cost of study statement.
➤ PAN card, Aadhar card of student and guardian.
➤ Valid identity proof.
➤ Valid address proof.
➤ Income tax returns of the past two years of the co-borrower.
➤ Assets and liabilities statement of parent/guardian.
➤ Income proof of parent/guardian.
SBI Education Loan Interest Rates
For loans upto Rs. 7.5 lakhs, the interest rate is 2% above MCLR, currently 11.10% p.a. For loans above Rs. 7.5 lakhs, the interest rate is 1.85% above MCLR, currently 10.75% p.a.
Benefits of applying SBI Education Loan at Letzbank
➤ Free Benefits – There is no charge to apply for a loan via Letzbank website. In fact, we have made the loan application procedure easier and quicker by collaborating directly with the banks.
➤ Advance Part Payment – Enjoy the benefit of an advance part payment when you apply for Avanse education loan directly at Letzbank website.
➤ Instant Quotes – letzbank.com gets you instant access to gold loan quotes from a bank of your choice within seconds.
➤ Online Form Application – Submit the education loan application from the comfort of your home at letzbank.com website and let us handle the application process for you.
➤ Wide Selection of Loans – At Letzbank, we collate loan offerings from all the major banks and present them at one page to you. This is a much hassle free method to make comparisons between loans and make a selection on which loan suits your needs.