SBI SCHOLAR LOAN:- This loan is for the hard working or the gifted students. A term loan granted to Indian Nationals for pursuing higher education in India in selected institutions

-The country’s best engineering colleges
-The nation’s elite medical colleges
-India’s top B-Schools
-India’s best Law colleges
-Some other reputed institutes

Programs under Scholars loan:-
The scholars loan include the regular, full time degree or Diploma Courses and not any certificate or part-time courses. Full time Executive Management Courses like PGPX (for IIMs) are also included under the scholars loan.

Important Attributes SBI SCHOLAR EDUCATION LOAN:-

-Loan will be granted at campus or designated branch
- Thers is an option to transfer the loan account to a branch closer to the place of co-borrower (after the course completion)
- Thers is an ATM-cum-Debit card and Internet Banking facility available for the student borrower
- You are elligible for a second education Loan for further higher studies provided the institution and fees fall within criteria.

Loan amount for SBI SCHOLAR EDUCATION LOAN:-

Maximum loan amount upto Rs.15 lacs (Loan amount varies with the institute. Click here for details)

List of Expenses covered under SBI SCHOLAR EDUCATION LOAN

-Fees payable to college/school/hostel
-Examination, Library, laboratory fees
-Purchase of books, equipments, instruments
-Travel expenses, expenses on exchange programme
-Purchase of computer or laptop
-Caution deposit, building fund, refundable deposit supported by Institution bills, receipts [not to exceed 10% of the tuition fees for the entire course].
-Any other expenses related to education

Interest Rate (w.e.f. 01.07.2010):- 2.75% above Base Rate(7.5%), currently 10.25% p.a.

Repayment:-
-Moratorium upto course duration plus six months
-Flexible repayment period upto 7 years.

Security:-
-Collateral security is not required for applying for SBI SCHOLAR EDUCATION LOAN, Parent/ Guardian can be co-borrower.
-Parental co-obligation can also be substituted by a suitable third party guarantee

Margin:-
-Nil upto Rs.4 lacs
-5% above Rs.4 lacs

Documents needed SBI SCHOLAR EDUCATION LOAN :-

Letter of admission, Completely filled registration form, 2 passport size photographs, Proof of identity (driving licence / passport / PAN / any photo identity), Proof of residence (driving licence/passport/electricity bill/phone bill), Statement of expenses, Student/Co-borrower/ guarantor’s bank account statement for last 6 months IT return / IT assessment order, of last 2 years, Brief statement of assets & liabilities of the co-borrower, Proof of income (i.e. salary slips/ Form 16)