State Bank Of India Education Loan

State Bank Of India Education Loan Interest Rate (Updated on 19 Oct 2018)

INTEREST RATE10% to 10.75%
LOAN TENUREIn 15 years after the Holiday | Moratorium Period
PROCESSING FEEAs decided by the bank from time to time
GUARANTOR REQUIREDYes
PRE CLOSURE CHARGESAs decided by the bank from time to time

State Bank Of India

State Bank Of India is a public sector bank in india with total assets 43195 crore. It has headquarter in Mumbai. State Bank Of India was founded on 01-07-1955. It has 16333 branches and total assets 4319554560 ATMs across India. It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, home loans, personal loan, car loan, education loan, gold loan, PPF account, lockers, netbanking, mobile banking, RTGS, NEFT, IMPS, E-Wallet, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.

Find details about State Bank Of India which includes State Bank Of India Official Website, State Bank Of India ATMs accross the India, State Bank Of India Branches accross the India, State Bank Of India Contact Numbers, State Bank Of India official EmailID, State Bank Of India Headquarter and State Bank Of India Headquarter Address. Find State Bank Of India Education loan purpos, Eligibility, Margin, Repayment of Education Loan ,Security, Documents Required for Education Loan from below.

State Bank Of India Education Loan Purpose

To provide Education Loan for pursuing higher education in India and Abroad

State Bank Of India Eligible Courses for Education Loan

For studies in India:
  1. Approved courses leading to graduate|post graduate degree and P G diplomas conducted by recognized colleges|universities recognized by UGC|Govt.| AICTE| AIBMS| ICMR etc.
  2. Courses like I.C.W.A., C.A., C.F.A., etc.
  3. Courses conducted by IIMs, IITs, IISc, XLRI, NIFT, NIDetc.
  4. Approved courses offered in India by reputed foreign universities.
  5. Regular Degree|Diploma courses like Aeronautical, pilot training, shipping, degree|diploma in nursing or any other discipline.approved by Director General of Civil Aviation|Shipping|Indian Nursing Council or any other regulatory body as the case may be, if the course is pursued in India.
  6. Approved by Head Office and included in approved educational institutions list.
For studies abroad:
  1. Graduation: For job-oriented professional|technical courses offered by reputed universities. (Diploma|Certification courses are not permissible)
  2. Post Graduation: Courses like MCA, MBA, MS etc.
  3. Courses conducted by CIMA-London, CPA in USA etc.
  4. Degree | Diploma: Courses like Aeronautical, Pilot training, and Shipping etc. provided these are recognized by competent regulatory bodies in India| abroad for the purpose of employment in India and abroad.

State Bank Of India Education Loan Document Required

For salaried individuals

  • Duly filled up and signed education loan application form along with photographs
  • KYC (Know Your Customer)documents
  • Proof of identity- Passport, Voter ID card, Driving license, PAN card, Aadhar Card, Government department ID card
  • Latest salary slip showing all deductions or Form 16 along with recent salary certificate
  • Proof of residence - Bank account statement, Latest electricity bill, Latest mobile/telephone bill, Latest credit card statement, Existing house lease agreement
  • Bank Statement or Bank Pass Book of having entries of last 6 months
  • Guarantor Form, Copy of admission letter or the Institute along with Fees schedule (Optional)
  • Mark sheets/pass certificates of S.S.C., H.S.C, Degree courses (Optional)
  • Detailed break-up of the costs of the course (Optional)

For all individuals except salaried

  • Duly filled up and signed education loan application form along with photographs
  • KYC (Know Your Customer)documents
  • IT returns of the last 2 years and computation of income of last 2 years certified by a Chartered Accountant
  • Proof of identity- Passport, Voter ID card, Driving license, PAN card, Aadhar Card, Government department ID card
  • Proof of residence - Bank account statement, Latest electricity bill, Latest mobile/telephone bill, Latest credit card statement, Existing house lease agreement
  • Bank Statement or Bank Pass Book of having entries of last 6 months
  • Guarantor Form, Copy of admission letter or the Institute along with Fees schedule (Optional)
  • Mark sheets/pass certificates of S.S.C., H.S.C, Degree courses (Optional)
  • Detailed break-up of the costs of the course (Optional)

State Bank Of India Education Loan Amount

a) For studies in India, maximum Rs. 10 Lakhs.
b) For studies abroad, maximum Rs. 20 Lakhs.

Margin

a) Up to Rs.4 lakhs-Nil.
b) Above Rs. 4 lakhs- Studies in India 5% Studies Abroad 15%

State Bank Of India Education Loan Repayment

Repayment Holiday| Moratorium: Course Period + 1 year or 6 months after getting job, whichever is earlier.The loan to be repaid in 15 years after commencement of the repayment.

Security

Upto Rs.7.50 Lakhs - Only Parent| Guardian as co-borrower. No Collateral Security or third party guarantee.
Above Rs.7.50 Lakhs: Parent|Guardian as co-borrower and tangible collateral security.

State Bank Of India Contact Details

  • BANK OFFICIAL WEBSITE - www.sbi.co.in
  • CONTACT NUMBERS - 1800112211, 18004253800, 080-26599990, 022-27566066
  • EMAIL ID - customercare@sbi.co.in, gm.customer@sbi.co.in, chairman.customer@sbi.co.in
  • MISSED CALL NO. - 9223766666
  • CUSTOMER CARE NO. - 18001801290, 18601801290
  • TOTAL BRANCHES - 16333
  • TOTAL ATMS - 54560
  • HEADQUARTER - Mumbai
  • BANK ADDRESS - IDBI Tower,WTC Complex, Cuffe Parade,Colaba, Mumbai - 400005.

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Upcoming Bank Holidays

2018 October 24 is a bank holiday in Andaman And Nicobar Island due to Lakshmi Puja/Maharshi Valmiki Jayanthi.
2018 October 27 is a bank holiday in Himachal Pradesh due to Karva Chauth.
2018 October 31 is a bank holiday in Sikkim due to Lhabab Duechen.
2018 November 01 is a bank holiday in Karnataka due to Kannada Rajyostsava/Kut.
2018 November 06 is a bank holiday in Andaman And Nicobar Island due to Diwali Amavasaya (Laxmi Pujan).
2018 November 06 is a bank holiday in Arunachal Pradesh due to Kali Puja/Diwali/Naraka Chaturdashi.

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