SBI Education Loan Interest Rates
|Schemes||Maximum Loan Amount||Interest Rates|
|SBI Scholar Loan||Rs.40 lakh||6.85% to 8.15%|
|SBI Global ED-Vantage||Rs.1.5 crore||8.15% to 8.65%|
|SBI Skill Loan||Rs.1.5 lakh||8.15%|
|SBI Take Over of Education Loan||Rs.1.5 crore||8.15% to 8.65%|
Accordingly, can I get 20 lakhs education loan without collateral?
Collateral Required for Education Loan
20 lakhs. Guidelines show that loan taken up to Rs. 4 lakhs does not require collateral security. It is only when the loan exceeds a specified amount as set by the bank that collateral will be required as well as third-party guarantee.
Also, how long does it take to get education loan from SBI?
SBI Education Loan process takes about 2 months to get processed and sanctioned if you go through the process on your own. But when you go through the SBI Education loan procedure with WeMakeScholars, it takes only 15 days!
How much percentage is required for education loan?
The bank filed the present appeal saying candidates who have secured 60% marks and above alone are eligible to get education loan as they alone can be treated as meritorious candidates.
One of the most prominent factors in an education loan is the CIBIL score of the applicant and the co-applicant. The score can range from 1 – 999. However, the ideal CIBIL score to get an education is 750 and above. Applicants with a CIBIL score below 600 would face difficulty in getting loan approval.
Easily available: Education loans are widely and easily available. In fact, they are a priority product in all banks as per the RBI’s guidelines. Varied loan amounts: Banks can offer loans anywhere between Rs. 2 lakhs and Rs.
Get a loan easily
In some cases, if you get admission into a reputed institution, say one of the IIMs, banks may not ask for collateral even for loans of higher amounts. If the collateral is required, it can be in the form of property or a fixed deposit, among other options.
Documents required for Education Loan
- KYC documents.
- Bank Statement / Pass Book of last 6 months.
- Optional – Guarantor Form.
- Copy of admission letter of the Institute along with fees schedule.
- Mark sheets / passing certificates of S.S.C., H.S.C, Degree courses.
Checklist of Documents to be submitted along-with duly filled Loan Application Form. Mark sheet of 10th, 12th, Graduation (if applicable), Entrance Exam Result. Proof of admission to course [ Offer Letter/ Admission Letter/ ID card if available] Schedule of expenses for course.