Education Loan in State Bank of India


Education Loan in State Bank of India
Education loan amount size:
The education loan is provided on the basis of students repaying their parents loan.
For the students studying in India , maximum amount of upto Rs.10,00,000 will be provided and for the students studying in abroad , maximum amount of upto Rs.20,00,000 will be provided.
Advance amount to be paid:
Nothing till 4,00,000 Rs.
More than 4,00,000 Rs.: Students studying in India should pay 5% and students studying in abroad should pay 15% of the amount.
Interest rate:
Upto Rs.4,00,000 : 13.50%
More than 4,00,000 Rs.: 13.25%
Way of repaying the loan:
One year after finishing the studies or right from 6th month after joining the job the repayment process is to be started. The loan amount is to be closed within 5 to 7 years.
Warranty:
Upto Rs.4,00,000 : No property guarantor is required.
From 4,00,000 Rs. till 7,50,000 Rs.: Third party’s guarantee is required.
More than Rs.7,50,000 : Parents, student or the third party’s assurance on the repayment of the loan is required.

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