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4th December 2015, 09:22 AM
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Join Date: Apr 2013
Re: What are the steps in the student loan process

State Bank of India is one of the largest Public Sector bank of India it provides student education loan

Purpose for which a student can apply for education loan are:-
Tuition and other fees
Maintenance costs, books & equipments, etc.
Cost of passage (for studies abroad)
Caution fund/building fund/refundable deposit.

Eligibility for apply Student education loan
Candidate should be an India National

Secured admission to professional/ technical courses through Entrance Test/ Selection process

Secured admission to foreign university/ Institution

Maximum amount of education loan:
Studies in India – Maximum Rs.7.50 lacs
Studies Abroad – Maximum Rs.15 lacs

Margin :
Upto Rs.4 lacs: No margin
Above Rs.4 lacs
1. Studies in India: 5%
2. Studies Abroad: 15%

Student Loan rate of Interest
State bank of India apply lowest interest on the students loan provided by it.
Amount of Student education loan Interest Rate
Loans upto Rs.4 lacs 12.00 %p.a.
Loans over Rs.4 lacs 13.00 % p.a

Documents Required:
Mark sheet of last qualifying examination for school and graduate studies in India

Proof of admission to the course

Schedule of expenses for the course

Copies of letter confirming scholarship, etc

Copies of foreign exchange permit, if applicable.

2 passport size photographs

Statement of Bank account for the last six months of borrower

Income tax assessment order not more than 2 years old

Brief statement of assets and liabilities of borrower

If you are not an existing bank customer you would also need to establish your identity and give proof of residence.


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