SBI Student Loan Scheme : There are many students in our country who are unable to complete their studies due to poor financial condition. The dream of studying these people is still unfulfilled.
Many banks have introduced education loans to help these students. Today we are going to tell you about the student loan given by State Bank of India.
Also Read
What is State Bank of India Student Loan
State Bank of India has introduced education loan facility for students whose parents are unable to afford their higher education.
Students can take education loans from State Bank of India for their higher education. This loan is a term loan given to Indian citizens to pursue higher education in India or abroad.
You can take a loan for a professional degree diploma from any recognised college. Not only this, the State Bank of India also gives student loans for teacher training approved by the central government or the state government.
What are the benefits of SBI student loan?
- Students will have to pay very low interest on student loans from State Bank of India.
- If the student takes a loan of up to Rs 7.5 lakh, he does not need any collateral security.
- There is no processing fee for loans up to Rs 20 lakh.
- Repayment of this loan starts 1 year after completion of the course.
- The student can repay the loan up to 15 years after completion of the course.
How much loan can be taken and how much interest will be taken
If the student takes a loan from the bank to pursue education in his country, he can take a loan up to ₹50 lakh. Also, the student can take a loan of up to one and a half crore rupees to study abroad.
The interest rate of State Bank of India student loans is 8.65%. Students get a discount of up to 0.50% in interest. If the student takes a loan up to Rs 20 lakh, he will not have to pay any processing fee. If you take a loan of more than 20 lakhs, the student will have to pay a processing fee of ₹10000.