State Bank of India Education Loan Interest Rate - 2017-2018 StudyChaCha

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  #1  
Old June 26th, 2016, 10:22 AM
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Default State Bank of India Education Loan Interest Rate

Hello sir I am here as I want to know what is the Interest Rate for applying for Education Loan in State Bank of India so will you plesae tell me about this to me??
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Old June 26th, 2016, 10:47 AM
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Default Re: State Bank of India Education Loan Interest Rate

Hello!!!! Student Loan scheme is offered to Indian nations for pursuing higher studies in India or at a foreign institution.

SBI Scholar Loan scheme is offered to students who have secured admissions in premier Indian institutions.


Rate of Interest:
For loans upto Rs.7.5 lacs
2% above MCLR, currently 11.15% p.a.

Above Rs.7.50 lacs
1.70% above MCLR, currently 10.85% p.a.

(0.50% concession in interest for girl students)
(1% concession for full tenure of the loan, if interest is serviced promptly as and when applied during the moratorium period, including course duration#)


Coverage of Expenses

-Fees payable to college/school/hostel
-Examination/Library/Laboratory fees
-Purchase of Books/Equipment/Instruments/Uniforms
-Caution Deposit/Building Fund/Refundable Deposit (maximum 10% tution fees for the entire course)
-Travel Expenses/Passage money for studies abroad
-Purchase of computers considered necessary for completion of course
-Cost of a Two-wheeler upto Rs. 50,000/-

Any other expenses required to complete the course like study tours, project work etc.

Quantum

-For studies in India - maximum Rs. 10 lacs
-For studies Abroad - maximum Rs. 20 lacs

Margin

-For loans up to Rs.4 lacs - No Margin
-For loans above Rs. 4 lacs
-- Studies in India - 5%
-- Studies abroad - 15%

For more details contact:
Corporate Centre
State Bank of India,
State Bank Bhawan, 8th floor, Madame Cama Road, Mumbai-400 021
Phone : 022-22029456, 22029451
Fax : 022-22885369
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