Various Banks of India - Education loan

[mayank_parmar]

Details of education loans provided by State Bank of India.

Purpose:

You can take a loan for pursuing studies in recognised schools/colleges/ institutions to meet:

* Tuition and other fees
* Maintenance costs, books & equipments,etc.
* Cost of passage (for studies abroad)
* Caution fund/building fund/refundable deposit

Eligibility:

* Should be an India National
* Secured admission to professional/ technical courses through Entrance Test/ Selection process
* Secured admission to foreign university/ Institution

Loan Amount:

Need based finance subject to the repaying capacity of the parents/ students with margin and the following ceilings.
* studies in India - Maximum Rs.7.50 lacs
* studies Abroad - Maximum Rs.15 lacs

Margin:
Upto Rs.4 lacs: No margin

Above Rs.4 lacs
* Studies in India: 5%
* Studies Abroad: 15%

Interest:
Lowest interest rates

Loan Amount Interest Rate
Loans upto Rs.4 lacs SBMTLR presently 12.00 %p.a.
Loans over Rs.4 lacs 1% above SBMTLR presently 13.00 % p.a

* While interest is not required to be paid during moratorium period, payment of the same before start of repayment would entitle you to concession in interest rate applied during the repayment holiday

Repayment of loan:
Repayment Holiday - Course period + 1 year or 6 months after getting job, whichever is earlier.

The loan to be repaid in 5-7 years after commencement of repayment