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 6^th 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.