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Money Maya - Personal Financial

A/3, J1/14, KHIRKI EXTN,


May 10, 2017


Student Loan in SBI is a term loan. And, this loan is granted to Indian Nationals for
pursuing higher education in India or abroad. Where they have secured admission.

Repayment period is upto 15 years after Course Period and 12 months of repayment

Most of all, there is no processing and upfront charges will be levied on Education

Since SBI Student loan is only for Indian Nationals. Therefore, you should be an
Indian, if you want to get a Student Loan from SBI. Furthermore, you may opt for
studying in India or abroad. For this, first of all, lets check out the courses you may
opt for.
You can choose to study in India or in Abroad. You may choose from either of the

A.Studies in India:
Graduation and Post-graduation such as
regular technical and professional Degree or
Diploma courses; conducted by
colleges/universities approved by UGC/
AICTE/IMC/Govt. etc
And, Regular Degree or Diploma
Courses conducted by autonomous
institutions such as IIT,
IIM etc
Also, Teacher training and Nursing courses approved by Central government or the
State Government
And, Regular Degree or Diploma Courses such as Aeronautical, pilot training,
shipping etc. approved by Director General of Civil Aviation and Shipping concerned
regulatory authority

B.Studies abroad:
Job oriented professional and technical
Graduation Degree courses and Post
Graduation Degree and Diploma courses
such as MCA, MBA, MS, etc offered by
reputed universities
And, Courses conducted by CIMA (Chartered Institute of Management
Accountants) London, CPA (Certified Public Accountant) in USA etc.

Expenses Covered under Student Loan:

First of all, Fees payable to college,
school and hostel
Another, Examination, Library and
Laboratory fees
And, Purchase of Books, Equipment,
Instruments, Uniforms and Purchase of
computers- essential for completion of the
course (maximum 20% of the total tuition
fees payable for completion of the course)
Also, Caution Deposit, Building Fund and Refundable Deposit (maximum 10%
of tuition fees for the entire course)
And, Travel Expenses and Passage money for studies abroad
In addition, Cost of a Two-wheeler upto Rs. 50,000/-
Furthermore, Any other expenses required to complete the course such as
study tours, project work etc
Loan Amount which you can avail under Student
For studies in India maximum Rs. 10
lacs; and
Studies abroad maximum Rs. 20 lacs

Particula Securit
r y

Upto Rs. Only Parent/ Guardian as co-borrower. No

7.5 Collateral Security or third party
Lakhs: guarantee
Above Parent/ Guardian as co-borrower and
Rs. tangible collateral security
In case of married person, co-obligator or co-borrower can be either spouse or the
parent(s) or parents-in-law

Upto Rs.7.5 Lacs: Nil
And, Above Rs. 7.5 Lacs : 5% for studies in India; and 15% for studies abroad
Especially relevant, Repayment will commence one year after completion of
Also, Loan to be repaid in 15 years after the commencement of repayment
And, in case second loan is availed for higher studies later, you can repay the
combined loan amount in 15 years after completion of second course

EMI Generation:
EMI (Equated Monthly Installments) : It is fixed by adding the accrued
interest during the moratorium period and course period to the principal
If you repay the full interest, before the start of repayment; then your EMI will
be fixed on the basis of principal amount only.

Rate of Interest for Student Loan in SBI:

1 year MCLR is 9.10%, w.e.f. 01/08/2016.

Loan Rate of
Amount Interest*
For loans upto Rs.7.5 2% above MCLR, currently
lacs 11.10% p.a.

Above Rs.7.50 1.70% above MCLR, currently

lacs 10.80% p.a.

*And, (0.50% concession in interest for girl students)

*Also, (1% concession for full tenure of the loan, if interest is serviced promptly as and when applied
during the moratorium period, including course duration)

Note: IT exemption under Section 80(E) in respect of interest paid in all

Education Loans

Documents Required:
First of all, Letter of admission is required
And, you will submit completely filled Loan Application Form
2 passport size photographs
Also, Statement of cost of study
PAN Card of the student and Parent or Guardian
AADHAR Card of the student and Parent or Guardian
Proof of identity (Driving Licence or Passport or Aadhar or any photo identity)
And, Proof of residence (Driving Licence/Passport/Electricity bill/Telephone
Student, Co-borrower and guarantors bank account statement for last 6
Also, IT return or IT assessment order of previous 2 years of Parent or
Guardian or other co-borrower (if IT Payee)
In addition, Brief statement of assets & liabilities of Parent or Guardian
or other co-borrower
And, Proof of income (i.e. salary slips or Form 16) of Parent or
Guardian or other co-borrower
In addition, if Bank demands any other documents, you will have to