The State Bank of India (SBI) Education Plus Loan is mainly targeted to people who want to pursue their further education, or want to pursue their education through distance courses, part time courses or even evening courses. This loan will be helpful to them who are not in a financial situation to pay the fees in one lump sum.
Loan amount meant for and targeted to those individuals, who want to continue their education, or wish to take up distance courses, part time courses or even evening courses. This loan will be helpful to pay the fees in one lump sum for those individuals who are not in financial situation to pay the fees in one go.
Eligibility conditions to be met for taking up State Bank of India (SBI) Education Plus loan, the applicant should have secured a seat in an institution for a seat for a particular course and also the below mentioned criteria:
Permanent employees of Central or State governments with minimum of 2 years’ service.
PSUs or Reputed private companies with minimum of 2 years’ service.
A letter of consent or clearance from the organisation for which they work in order to suggest they are pursuing their further studies.
This will be a term loan used for the purpose of education.
The loan amount can range between a minimum of Rs. 25, 000 or a maximum of Rs, 1, 00, 000 or 15 times the net monthly income.
The interest rate will comprise of the Base Rate as well as rate for the product, which will be 9.30% (base rate effective from 5/10/2015) + 3.90% making the current rate for this loan product 13.20%
The documents required to be submitted along with the form will be:
Completed Education Loan Application Form.
Mark sheets of last qualifying examination
Proof of Income (i.e. Salary slips/ Form 16 etc)
Letter of clearance of consent from employer
Proof of Residence.
2passport size photograph
Proof of admission scholarship, studentship etc
Schedule of expenses for the specified course
The applicant can apply for this loan product only when they apply for these courses:
Any distance educations courses.
Any part time that will lead to a degree or diploma
Any post-graduation courses by approved institutions and universities
The loan tenure will be at a maximum of EMI payment of 60 months from the time of disbursement.
There will be no penal charges for this loan when prepayment is considered
No processing fees.
There will be a margin of 10%
Application for SBI Education plus loan is simple and easy you can fill in the application form and submit the same at the nearest branch, or alternately you could also apply online on the State Bank of India’s website.
Online application process is available for this loan, all you need to do is fill in an online form and submit it on the State Bank of India’s website.
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