SBI is one of the vital segments for offering education loan at varied interest rates. It is always being concerned by the students to have an easy and hassle free students loans. In last few decades, SBI education loans have got tremendous popularity and highly favorability while offering student loan for varied degree programs including graduate, pots graduate and Ph.d and doctorate programs.
- SBI student loan charges 11.25% p.a. for loans up to Rs. 4.00 Lacs; where as 12.75% p.a. for loans above Rs. 4.00 lacs and up to Rs. 7.50 lacs and 11.75% p.a. for loans above Rs. 7.50 Lacs.
- Students need not to show any guarantor for SBI education loan amount upto Rs. 4 lacs. In case of loan above 4 lacs, the borrower used to follow the process guarantor and need 3rd party to take guarantee on guarantor behalf.
- If in case the borrowing amount higher than Rs. 7.5 lacs; than borrower need to present a material collateral security and other sources through which the student require to pay off their debts; under the same the guardians of the students can also support the education loans debts.
- If you borrow a loan amount above Rs 7.5 lacs, you require presenting a material collateral security and assigning the future earnings of the student for paying installments. The guardians of a borrowing student should secure an education loan.
The terms and conditions for SBI bank student loan India updates at the regular interval of time. Well, it is recommended to the students to go through each and every point of SBI education loan requisites before applying to the same.