- SBI offers 100% finance on education loans up to Rs 30 lakh
- Scholar loans offer interest rate of 8.5%-10.6%, says SBI
- Students can apply for education loans in select 120 institutions
The scholar loan scheme, which provides 100 per cent financing without any processing fee, covers regular full-time degree/diploma courses through entrance test/selection process, full time executive management courses and no certificate/part time courses.
Here are few other things to know about SBI's Scholar Loan Scheme as per its website:
SBI's scholar loans cover a multitude of courses from institutions under four categories: "AA", "A", "B" and "C". Seven "AA" institutions - for which Indian students can apply for up to Rs 30 lakh of loans - include four IIMs and Indian School of Business, Hyderabad. Loans up to Rs 30 lakh with collateral and up to Rs 20 lakh without collateral are available under category A, which includes 44 colleges including 16 IIMs and 22 IITs, besides Birla Institute of Technology & Sciences or BITS, Pilani (Rajasthan).
Here's a look at different interest rates being offered by India's largest bank under its scholar loan scheme:
Repayments against SBI scholar loans can be made over 15 years, starting 12 months after completion of course. "In case second loan is availed for higher studies later, to repay the combined loan amount in 15 years after completion of second course," SBI added on its website.