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Purpose
You can take a loan for pursuing studies in recognised schools/colleges/institutions to meet:
-Tuition and other fees
-Maintenance costs, books, and equipment
-Cost of passage (for studies abroad)
-Caution fund/building fund/refundable deposit Eligibility
The candidate should
-be an Indian National
-have secured admission to professional/technical courses through entrance test/selection process
-have secured admission to foreign university/institution Loan Amount
Need based finance subject to the repaying capacity of the parents/students with margin and the following ceilings Studies in India: Maximum Rs.7.50 lakh
Studies Abroad: Maximum Rs.15 lakh Margin
Upto Rs.4 lakh: No margin
Above Rs.4 lakh
Studies in India: 5%
Studies Abroad: 15% Interest
Lowest interest rates
Loan Amount and Interest Rate
Loans upto Rs.4 lakh SBMTLR presently 12.00 %pa
Loans over Rs.4 lakh 1% above SBMTLR presently 13.00 % pa While interest is not required to be paid during moratorium period, payment of the same before start of repayment would entitle you to concession in interest rate applied during the repayment holiday
Repayment of Loan
Repayment Holiday - Course period + 1 year or 6 months after getting job, whichever is earlier.
The loan to be repaid in 5-7 years after commencement of repayment. Prepayments permitted without any penalty. For updated information please visit State Bank of India |
