Sarkari Education Loan SBI Student Loans Scheme 2024
Sarkari Education Loan SBI Student Loans Scheme 2024 Introduction: Securing quality education often comes with a financial burden, but the State Bank of India (SBI) is here to ease the journey for Indian nationals aspiring for higher education.
In this comprehensive guide, we’ll explore the features, eligibility criteria, and benefits of SBI’s student loans, catering to both domestic and international educational pursuits.
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Key Features: Sarkari Education Loan SBI Student Loans Scheme 2024
SBI’s student loan for higher education encompasses various features designed to support students in pursuing their academic goals. Here’s a breakdown of the key features:
| Features | Details |
|---|---|
| Repayment Period | Up to 15 years after Course Period + 12 months repayment holiday |
| Processing Charges | Loans up to Rs. 20 lacs: NILLoans above Rs. 20 lacs: Rs. 10,000 (plus taxes) |
| Security | Up to Rs. 7.5 Lacs: Only Parent/Guardian as co-borrower. No Collateral Security or third-party guarantee
Above Rs. 7.5 Lacs: Parent/Guardian as co-borrower and tangible collateral security |
| Margin | Up to Rs 4 Lacs – Nil
Above Rs 4 Lacs – 5% for studies in India, 15% for studies abroad |
| Repayment Commencement | One year after completion of the course |
| EMI Generation | Accrued interest during the moratorium and course period added to the principal, with fixed Equated Monthly Installments (EMI) |
| Eligibility | Indian Nationals pursuing higher education in India or abroad with secured admission |
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Courses Covered: Sarkari Education Loan SBI
SBI’s student loans cover a wide array of courses both in India and abroad, including:
- Studies in India: Graduation, Post-graduation, technical and professional Degree/Diploma courses approved by UGC/AICTE/IMC/Govt., Teacher training/Nursing courses, and more.
- Studies abroad: Job-oriented professional/technical Graduation Degree courses/Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc., offered by reputed universities.
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Expenses Covered: SBI Student Loans Scheme 2024
SBI’s student loans extend financial support for various educational expenses such as:
- Fees payable to college/school/hostel
- Examination/Library/Laboratory fees
- Purchase of Books/Equipment/Instruments/Uniforms, Purchase of computers essential for course completion
- Caution Deposit/Building Fund/Refundable Deposit
- Travel Expenses/Passage money for studies abroad
- Cost of a Two-wheeler up to Rs. 50,000/-
- Any other expenses required to complete the course like study tours, project work, etc.
Loan Amount: Education Loan SBI Student Loans Scheme 2024
The loan amount varies based on the type of course and location:
- Studies in India: Medical Courses – Up to Rs. 30 lacs, Other Courses – Up to Rs. 10 lacs (Higher loan limit considered on a case-to-case basis, maximum up to Rs. 50 lacs)
- Studies abroad: Up to Rs. 7.50 lacs (Higher loan limit considered under Global Ed-vantage Scheme, maximum up to Rs. 1.50 Crores)
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Documents Required for Education Loan
| Documents | Details |
|---|---|
| Educational Documents | – Mark sheets of 10th, 12th, and Graduation (if applicable) – Entrance Exam Result |
| Proof of Admission | – Offer Letter/Admission Letter/ID card (if available) |
| Financial Details | – Schedule of expenses for the course – Copies of scholarship, free-ship, etc. letters |
| Gap Certificate (if applicable) | – Self-declaration for gaps in studies |
| Photographs | – Passport-size photos of Student, Parent, Co-borrower, and Guarantor (1 copy each) |
| Financial Statements (for loans above Rs 7.50 lacs) | – Asset-Liability Statement of Co-applicant/Guarantor |
| Salaried Individuals | – Latest Salary Slip – Form 16 or the latest IT Return (ITR V) |
| Other Than Salaried Individuals | – Business address proof (if applicable) – Latest IT Returns (if applicable) |
| Bank Statements | – Last six months Bank Account Statement of Parent/Guardian/Guarantor |
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In conclusion, SBI’s student loans offer a pathway to quality education, with flexible terms and comprehensive coverage. Explore the opportunities that Sarkari education brings, backed by the support of SBI’s student loan offerings.
