SBI Student Loan: Interest rate, processing fee and other details here | Mint – Mint

Students can avail this loan of up to 50 lakh for studies in India and up to 1.50 crores for studying overseas
SBI Student Loan is a term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured. This loan provides customized financing solution to the students – who are in-road to transform the future of India.
Courses covered:
For 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
For 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.
Features and Benefits:
· Lower interest rates
· Concession in interest for girl students
· No Collateral Security for loans upto Rs. 7.5 lakh
· No processing charges for loans up to Rs. 20 lakh
· Repayment will commence one year after completion of course
· Repayment period of up to 15 years after Course Period + 12 months of repayment holiday
· In case second loan is availed for higher studies, students after completion of second course, can repay the combined loan amount in 15 years
· No margin for loans up to 4 lakh
Loan Amount:
Students can avail this loan of up to 50 lakh for studies in India and up to 1.50 crores for studying overseas
Interest Rate:
Effective interest rate – 8.65%
0.50% concession in interest for girl students
Processing fee:
Loans up to 20 lakh – Nil
Loans above 20 lakh – Rs10,000 (plus taxes)
Collateral:
For loans up to 7.5 lakh – None
For loans above 7.5 lakh – Tangible collateral security
Expenses covered in SBI Student Loan:
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 up to 50,000
Any other expenses required to complete the course like study tours, project work etc.
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