SBI Education loanEvery bank offers its customers a variety of loans. Education loan is one such loan. It provides funds for youngsters to complete their education, mostly higher education. As the education field becomes business oriented day by day, it is becooming increasingly difficult for the not so well to do students to complete their education. At this time the education loan is highly popular.
The State Bank of Inidia offers an education loan like all banks. The loan can be sanctioned only to Indian nationals. The loan however can be sanctioned for studies both in India and abroad. The course can be either graduate or post graduate. It has to be sanctioned by either of the following UGC, AICTE or the government. The loan is quite comprehensive and negotiable.The loan is granted subject to chances of employment after the completion of course. The expenses taken into account while garnting the loan are-
The cost of the course, including cost of books and uniform if any.
The cost of living and food(hostel expenses)
Library charges and building charges
Travel expenses or any other expenses necessary to complete the course.
An amount of maximum Rs.50,000 is granted for a two wheeler.
However despite considering all this the maximum allowed for studies in India is Rs. 10 lacs and abroad is Rs. 20 lacs. If the loan is above 4 lacs the margin for studying in India is 5% and that of abroad is 15 %. Below 4% the loan requires no security and no guaranter. Above 4% a 3rd party guaranter is required. However in certain cicumstances the guaranter may not be required. These circumstances are solely under the discretion of the bank. If the loan is above 7.5 lacs then the borrower must provide a material collateral security. The future income of the student must also be assigned for repayment of installments. In all cases the parent or guardian of the student must secure the loan. In case the student is married his or her spouse can do that job.
The repayment has to start six months after the sudent gets a job or one year after the completion of the course. Which ever of these is earlier will be considered. The loan can be repayed within a time of five to seven years.
The loan officer in the bank is usually helpful and gives the customer a detailed explanation of the various schemes.
SBI Customer Care Numbers:
Telephone No. (022) 22029456 ,
22029451 22740432, 22740431,22740433
Fax no. (022) 22742431.
Email address - dgm.customer@sbi.co.in.
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