Complete details of SBI student loan in Tamilnadu
State Bank of India is one of the leading banks in India. It has the maximum number of branches all throughout India. The state bank of India offers very attractive educational loan to students of India. It is very easier for the students to get loan from the state bank of India. The loan is sanctioned on certain terms and condition. Many students of India get benefit of this loan from state bank of India. The main motto of these banks is that 'No students should be deprived of getting higher education for the want of money'. In general the loan of this type gets a huge support from the students and the repayment starts after one year of completion of his/her studies or getting six months of employment whichever is earlier. They have three types of educational loan. 1. SBI Student loan, 2. SBI Career loan scheme and the third one is 3. SBI Education plus scheme.
1. SBI Student loan Scheme in State bank of India
SBI student loan is very easy to acquire and the bank itself much flexible over this loan. They offer the loan amount to the students considering the eligibility criteria and the loan limit. The loan is sanctioned to all student who are interested to pursue their higher studies in colleges/universities in India or abroad.
2. Eligibility criteria of student loan in SBI
The student loan can be sanctioned if the student pursue his or her higher studies in Graduation/post graduation/technical education and any other courses which are approved by the council or commission of India. The colleges should be recognized by the government of India. The sanctioned loan amount must be utilized like payment of tuition fees, project expenses, cost of books, hostel fees, purchasing a two wheeler, mess fees, library fees etc. It will be against the terms and condition of education loan if the amount spend on other than education purpose.
SBI student loan limit
The limit of student loan is Rs 10 lacs for pursuing higher studies in India and 20 lakhs for abroad.
Interest rate for SBI student loan
Loan amount upto 4 lacs - 11.75%
From above 4 lacs to 7.5 lacs - 13.25%
beyond 7.5 lacs - 12.25%
Repayment of SBI student loan
The repayment of SBI student loan should be completed from 5-7 years after the completion of the course or the recovery commences after 6 months of getting job.
Security needed for the SBI student loan
No security needed upto 4 lacs but beyond 4 lacs an obligation should be obtained from the parents.
Document needed for obtaining SBI Student loan
1. Two passport size photographs.
2. Duly filled and signed application forms.
3. Attested xerox copies of mark-sheets as a proof of qualifying examinations.
4. Complete details of anticipating expenses details.
5. Bank account statement for the last six months of the student himself or their parents.
6. Last two years income tax return statement of their parents.
7. Income tax paid statement of last 2 years.
8. Proof of residence.
By submitting the above required documents the bank authority will review and may pass or reject upon the rules and regulations of the bank.
sbi education plus
sbi career loan