SBI Student Loan Scheme - Student-Platform

Eligibility

• Repayment period of upto 15 years after Course Period + 12 months of repayment holiday*
• No processing / upfront charges will be levied on Education loans.

a. Studies in India:

• Graduation, Post-graduation including regular technical and professional Degree/Diploma courses conducted by colleges/universities approved by UGC/ AICTE/IMC/Govt. etc
• Regular Degree/ Diploma Courses conducted by autonomous institutions like IIT, IIM etc
• Teacher training/ Nursing courses approved by Central government or the State Government
• Regular Degree/Diploma Courses like Aeronautical, pilot training, shipping etc. approved by Director General of Civil Aviation/Shipping/ concerned regulatory authority

b. Studies abroad:

• Job oriented professional/ technical Graduation Degree courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc offered by reputed universities
• Courses conducted by CIMA (Chartered Institute of Management Accountants) - London, CPA (Certified Public Accountant) in USA etc.

• Fees payable to college/school/hostel
• Examination/Library/Laboratory fees
• Purchase of Books/Equipment/Instruments/Uniforms, Purchase of computers- essential for completion of the course (maximum 20% of the total tuition fees payable for completion of the course)
• Caution Deposit/Building Fund/Refundable Deposit (maximum 10% of tuition fees for the entire course)
• Travel Expenses/Passage money for studies abroad
• Cost of a Two-wheeler upto Rs. 50,000/-

• For studies in India - maximum Rs. 10 lacs
• Studies abroad - maximum Rs. 20 lacs
• * Higher loan limit for studies in India are considered on case-to-case basis
• * Higher loan limit for studies abroad are considered under our SBI Global Ed-Vantage Scheme

In case of married person, co-obligator can be either spouse or the parent(s)/ parents-in-law

• Upto Rs.4 Lacs: Nil
• Above Rs. 4 Lacs : 5% for studies in India, 15% for studies abroad

• Repayment will commence one year after completion of course.
• Loan to be repaid in 15 years after the commencement of repayment
• In case second loan is availed for higher studies later, to repay the combined loan amount in 15 years after completion of second course

• The accrued interest during the moratorium period and course period is added to the principle and repayment is fixed in Equated Monthly Installments (EMI).
• If full interest is serviced before the commencement of repayment; EMI is fixed based on principle amount only.

Please click here to Rate of Interest

Checklist of Documents to be submitted along-with duly filled Loan Application Form

I) Student-applicant:

• Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
• Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card
• Passport to be mandatorily submitted in case of Studies Abroad
• Academic Records:
  • 10th Result
  • 12th Result
  • Graduation Result- Semester-wise (if applicable)
  • Entrance Exam Result through which admission is being taken (e.g. CAT, CMAT, JEE, NEET, CET, GMAT, GRE, TOEFL, etc.)
• Proof of admission: Offer Letter or Admission Letter from the Institution. Conditional admission letter may be considered in case of studies abroad.
• Statement of cost of study/ Schedule of expenses
• 2 passport-size photographs
• If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year

II) Co-applicant::

• Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
• Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card
• 2 passport-size photographs
• If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year

III) Income Proof for Salaried Co-applicant/ Guarantor:

• Salary Slip or Salary Certificate of last 3 months
• Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.
• Bank account statement for last 6 months (of Salary Account)

IV) Income Proof for Self-employed Co-applicant/ Guarantor:

• Business address proof (If applicable)
• IT returns for last 2 years (if IT payee)
• TDS Certificate (Form 16A, if applicable)
• Certificate of qualification (for C.A./ Doctor and other professionals)
• Bank account statement for last 6 months

Note: All documents should be self-attested.