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SBI Student Scholar Loan Offers 100% Finance for Pursuing Higher Education; More Benefits for Students Inside...

The country's largest lender, State Bank of India (SBI) offers different types of education loans to cover various needs of the students. Some of them are Scholar Loan, Global Ed-Vantage, Student Loan, Skill Loan and Take-over of Education Loans.

Interestingly, SBI Scholar Loan provides 100 per cent financing for pursuing higher education in select premier institutions of the country, as mentioned on SBI's website @ sbi.co.in.

Complete Details of Interest Rates, EMIs and Eligibility:

As mentioned above that SBI provides 100 per cent financing facility for pursuing higher education under SBI Scholar Loan in select premier institutions of the country at zero processing fees. This loan can be availed by any Indian national upon securing admission to professional/technical courses in select premier institutions through entrance test or selection process.

These 'select premier institutions' are IITs, IIMs, National Institute of Technology (NITs), Army College of Medical Sciences, Manipal Institute of Technology, Delhi College of Engineering and BITS Pilani among other institutions.

State Bank of India allows repayment period of loan up to 15 years after course period and 12 months of repayment holiday, under Scholar Loans.

Loan amount and security required under the SBI's Scholar Loan:

Category

Maximum Loan Limit

No Security, only Parent/ Guardian as co-borrower

With tangible collateral of full value and Parent/ Guardian as co-borrower

List AA 

Rs. 40 lakh

 

List A 

Rs. 20 lakh

Rs. 30 lakh

List B

Rs. 20 lakh

 

List C

Rs. 7.5 lakh

Rs. 30 lakh

sbi.co.in

SBI Scholar Loan also covers expenses such as fees payable to college, school or hostel, examination, library or laboratory fees, purchase of books/equipment/instruments, caution deposit, building fund or refundable deposit supported by institution bills/ receipts and purchase of computer or a laptop.

Following are interest rates charged under SBI Scholar Loan facility:

SBI SCHOLAR LOAN SCHEME

List

1 year MCLR

Spread

Effective Interest Rate

Reset Period

AA

ROI

8.50%

0.20%

8.70%

1 year

A

All IIMs & IITs

8.50%

0.35%

8.85%

1 year

Other institutes

8.50%

0.50%

9.00%

1 year

B

All NITs

8.50%

0.50%

9.00%

1 year

Other institutes

8.50%

1.00%

9.50%

1 year

C

All NITs

8.50%

0.50%

9.00%

1 year

Other institutes

8.50%

1.50%

10.00%

1 year

sbi.co.in

Adding to it, the accrued interest during the moratorium period and course period is added to the principle and repayment is fixed in equated monthly instalments (EMI). However, if full interest is serviced before the commencement of repayment then, EMI is fixed based on principle amount only, SBI stated on its website.



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