SBI Scholar Loan
|Today in India management and engineering are one of the most sought after courses that one opts for after completing graduation. The fees of these courses are also escalating at a very high rate which makes it difficult for middle class and low income group Indian families to finance the education of their children. Taking all these factors in to account State Bank of India came out with the SBI Scholar Loan Scheme so that the talented and eligible candidates can enroll themselves in to the country’s premier institutes and make a successful career by attaining higher education. The bank offers loan to all those who are planning to get admitted in the engineering, medical, law colleges or in one of the country's top most B-Schools like IIM, XLRI or IIFT. The SBI Scholar loan covers all the education expenses like college fee, hostel fee, expenses for purchasing books, laptops or laboratory instruments, travel expenses and any other miscellaneous expenditure related to education. The repayment period of the loan is seven years.
Following are the documents which you need to submit to the bank before applying for the SBI Scholar Loan:
The maximum loan amount is RS 30 lacs and it varies with the institutes. The Parents or Guardian acts as co-borrower. The maximum loan limit varies with List A, B and C institutes that is given below:
- Admission letter of the institute.
- Income tax returns of the last two years.
- Salary slips and Form 16 showing proof of income.
- Application form fully filled up with two passport size photographs.
- Statement showing the assets and liabilities of the co-borrower(if any)
- PAN Card, driving license, passport, electricity bill or phone bill specifying proof of identity and residence.
|Category||Maximum Loan Limit|
|No Security||With tangible collateral of full value|
|List A||Rs. 20 lacs||Rs. 30 lacs|
|List B||Rs. 15 lacs||Rs. 20 lacs|
|List C||Rs. 10 lacs||Rs. 15 lacs|
SBI Scholar Loan Application Form
The bank provides the flexibility of applying for the student loan either online or by filling up the application form after downloading it from the website of the bank. To apply online one can visit the bank’s official website, click on the button apply now and start filing up the form. You need to fill up the form by providing some important information like personal details, previous examination marks, course applied form, total course expenditure, enter the code secure code and submit it. You will be informed about your application status within 24 business hours. You can also download the form and fill it up with the same details and by fixing a photograph of yours and your guardian and submit it to the nearest SBI bank branch.
SBI Scholar Loan Interest Rate
The current rate for the scholar loan is 12% p.a. The interest rate is 2% above the base rate. In order to encourage the girls to pursue higher education the bank provides a concession of 0.50% on the interest of the scholar loan. The interest rate can also be calculated using the EMI calculator which is available in the website of the bank. The calculator enables you to determine the rate of interest that will be applied to your loan. You can make use of the calculator by visiting the website of the bank and know the interest rate after entering the loan amount and the tenure for which the loan is taken.
SBI Scholar Loan Institutes
For the following 19 institutions the current interest rate is 11% p.a. However, if the co borrower of the loan has a work experience of two years then the rate of interest will be 10.25%.
|Indian Institute of Management (IIM), Kolkata|
|Indian Institute of Management (IIM), Ahmedabad|
|Indian Institute of Management (IIM), Bangalore|
|Indian Institute of Management (IIM), Indore|
|Indian Institute of Management (IIM), Lucknow|
|IIM Lucknow - Noida Campus|
|Indian Institute of Management (IIM), Kozhikode|
|Indian Institute of Management (IIM), Shillong|
|Xavier Labour Relations Institute (XLRI), Jamshedpur|
|Indian School of Business (ISB), Hyderabad|
|ISB – Mohali Campus|
|Indian School of Mines (ISM), Dhanbad|
|Birla Institute of Technology & Science (BITS), Pilani|
|IT BHU, Banaras (now IIT Varanasi)|
|Indian Institute of Technology (IIT), Roorkee|
|Indian Institute of Technology (IIT), Delhi|
|Indian Institute of Technology (IIT), Kharagpur|
|Indian Institute of Technology (IIT), Chennai|
|Indian Institute of Technology (IIT), Kanpur|
|Indian Institute of Technology (IIT), Mumbai|
|Management Development Institute (MDI), Gurgaon|
If you want to know anything about the SBI Scholar loan then you can dial the toll free customer care phone numbers 1800112211 or 18004253800 and speak with the customer care representatives available at helpdesk for assistance.
Last Updated On: 2012/09/21