SBI’s Scholar Loan Scheme
Loan for pursuing higher education in select 114 Indian Premier Institutions (click here for the list)
- 100% Financing
- NO Processing Fee from the Bank
- Repayment period of 12 years after Course Period + 6 months of repayment holiday
- Rs.10000/- Service Charge levied by Integra FinServe includes documentation at doorstep, end-to-end guidance and service.
Loan Amount and Security:
Maximum Loan Limit
|No Security, only Parent/ Guardian as co-borrower||With tangible collateral of full value and Parent/ Guardian as co-borrower|
|List ‘A’(59 institutions)||Rs. 20 lacs||Rs. 30 lacs|
|List ‘B’(55 institutions)||Rs. 7.5 lacs||Above Rs. 7.5 Lacs & upto Rs. 30 Lacs|
- Regular full time Degree Diploma Courses through entrance test/selection process
- Full time Executive Management Courses like PGPX
- No Certificate / Part Time courses
- Fees payable to college/school/hostel
- Examination/Library/Laboratory fees
- Purchase of book/equipments/instruments
- Caution deposit/building fund/refundable deposit supported by Institution bills/reciepts (not to exceed 10% of tution fees for the entire course)
- Travel expenses/expenses on exchange programme^
- Purchase of computer/laptop^
- Any other expenses related to education^
^ 1. No voucher/reciept required, purpose (end use) need to be self-certified.
2. Expenditure not to exceed 25% of the loan amount (upto a lumpsum amout of max 1lac)
3. Expenditure beyond 25% cap permitted subject to production of voucher/ reciept.
- Repayment starts after the course completion + 6 months
- Repay in 12 years
- In case second loan is availed for higher studies later, repay the combined loan amount in 12 years after completion of second course.
Rate of Interest:
Simple interest charged during study period and moratorium period.
100bps above base rate i.e., 10.70% p.a. at presentFurther concessions:
(effective rate of interest with all 3 concessions above not to be lower than 25 bps above base rate, presently 9.95 % p.a.)
175bps above Base rate i.e. 11.45% p.a.
IT exemption under Section 80(E) in respect of interest paid in all Education Loans
- Letter of admission
- Completely filled in Loan Application Form
- 2 passport size photographs
- Statement of cost of study
- PAN Card of the student and Parent/Guardian
- Proof of Identity (driving licence/passport/any photo identity)
- Proof of residence (driving licence/passport/electricity bill/telephone bill)
- Student/co-borrower/guarantor’s bank account statement for last 6 months
- IT return/IT assessment order, of last 2 years of Parent/Guardian/other co-borrower
- Breif statement of assets & liabilities of Parent/Guardian/other co-borrower
- Proof of Income (i.e. salary slips/Form 16) Parent/Guardian/other co-borrower
# Terms and conditions apply