Students seeking admission in select B-schools can now avail of the concessional interest rate of 8.50% under the SBI Scholar Loan. pic.twitter.com/Xu1QDwX2fZ— State Bank of India (@TheOfficialSBI) April 26, 2017
SBI currently offers 100 per cent financing on education loans up to Rs 30 lakh with a repayment period of up to 15 years. Scholar loans offer an interest rate between 8.5 per cent and 10.6 per cent and cover higher education courses in select 120 premier Indian institutions, as per SBI's website.
Education loan at rate of interest of 8.5%
SBI's scholar loans cover a multitude of courses from institutions under four categories: "AA", "A", "B" and "C". An effective rate of interest of 8.5 per cent is offered on institutes listed by SBI under the AA category.
SBI has listed seven "AA" institutions - for which Indian students can apply for up to Rs. 30 lakh of loans - including four IIMs.
These Indian institutions are:
What is covered?
The loans disbursed under SBI's Scholar Loan scheme covers college fees (including examination, hostel, library and laboratory fees), purchase of books, equipment and instrument as well as travel expenses and expenses on exchange programme.
SBI offers quick sanctioning of scholar loans at designated campus branches or more than 5,000 select branches, as per its website.