SBI Scholar Loan
Product Details
Bank Name
State Bank of India
Maximum Loan Tenure
15 Years
Maximum Loan Amount
The maximum loan amount can be upto Rs. 40 Lacs
Interest Rate
The effective rate of interest would be 8.20% to 9.65% per annum depending on the course and institute. The rate type would be floating depending on the reference rate.
Purpose/Field of Education Loan
Loan for pursuing higher education in Select Premier Institutions of the country
Repayment Cycle
Repay in 15 years, after the course completion + 12 months In case second loan is availed for higher studies later, to repay the combined loan amount in 15 years after completion of second course
Grace Period
-
Minimum CIBIL Score
Not mentioned
Co-Borrower Required
-
Collaterals Required
No Security, only Parent/ Guardian as co-borrower With tangible collateral of full value and Parent/ Guardian as co-borrower
Fees & Charges
-
Fees and Charges
Eligibility Criteria
There are no concessions available.
Special Concession
Mark sheet of 10th, 12th, Graduation (if applicable), Entrance Exam Result Proof of admission to course [ Offer Letter/ Admission Letter/ ID card if available] Schedule of expenses for course Copies of letter conferring scholarship, free-ship, etc. Gap certificate, if applicable (self-declaration from student for gap in studies) Passport size photographs of Student / Parent / Co-borrower / Guarantor (1copy each) Asset-Liability Statement of Co-applicant / Guarantor (Applicable for loans above Rs 7.50 lacs) For Salaried Persons (a) Latest Salary Slip (b) Form 16 OR latest IT Return (ITR V) For other than Salaried Person: (a) Business address proof (if applicable) (b) Latest IT Returns (if applicable) Bank Account Statement for the last six months of Parent / Guardian/ Guarantor Copy of Sale Deed and other documents of title to property in respect of immovable property offered as collateral security / Photocopy of Liquid Security offered as collateral Permanent Account Number (PAN) of Student / Parent / Co-borrower / Guarantor AADHAAR (mandatory, if eligible under various interest subsidy schemes of GOI) Passport (mandatory for Studies Abroad) Submission of OVD (refer to table below)
Features, Eligibility and Concession
Special Features
100% Financing NO Processing Fee Quick sanction at Designated Campus Branch or more than 5000 Selected Branches all over the country Repayment period of upto 15 years after Course Period + 12 months of repayment holiday Regular full time Degree/ Diploma Courses through entrance test/ selection process. Full time Executive Management Courses like PGPX Part-time Graduate/ Post-Graduate Courses offered by Select Institutes Fees payable to College/School/Hostel Examination/ Library/ Laboratory fees Purchase of Books/Equipments/Instruments
Pros
Pros & Cons
Cons
Should be an Indian National Secured admission to Professional/Technical courses in Select Premier Institutions through Entrance Test/Selection process
As the loan has a floating interest rate, borrowers may be exposed to interest rate fluctuations, which could affect monthly repayments in the future.
Account Opening and Procedure
How to Apply?
Documents Required
You can apply through SBI Takeover Loan's website.
Application Procedure
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