What is the interest rate for education loan in SBI bank?

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The interest rates will be floating for entire period of loan

SBI STUDENT LOAN SCHEME
Loan Limit 3 Year MCLR Effective Interest Rate
Upto Rs 7.5 Lacs 6.65% 8.65%
Concession 0.50% concession in interest for girl students
Above Rs 7.5 Lacs 6.65% 8.65%

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Just so, 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 question is, can we get interest free education loan? However, can education loans in India be actually interest-free? The answer is no. Or at least, technically, you cannot avail of an interest-free education loan unless you have availed some economic benefits or academic subsidies from either the government or your institution.

Likewise, how can I reduce my education loan interest in SBI?

Ways to Reduce Student Loan Costs

Interest applied to loan account during course period and moratorium period will not be added to your EMIs. Thus, lower EMIs. Interest serviced on Education Loans is eligible for deduction under Section 80(E) of Income Tax.

How do I repay my education loan?

How to repay your education loan with limited income

  1. Choose a higher loan tenure, pre-pay if you have funds. If you opt for a secured education loan, you can avail a tenure of 10 years and above. …
  2. Start a side hustle or work part-time. …
  3. Live frugally. …
  4. Future income.

5 Related Question Answers Found

Is education loan is good or bad?

Some students take an education loan for graduation and then avail of the top-up facility to complete their post-graduation. “Taking a top up on education loan is bad, because it will increase the liability further. It is better to finish the first education loan before taking the second one,” says C. S.

Is property required for education loan?

Generally, education loans are unsecured in nature.It means you do not have to pledge any asset as collateral. However, education loans with loan amount of Rs. 7.5 lakh or higher, may require collateral. Though there is no cap on the disbursed loan amount, the loan amount can range anywhere between Rs 20-50 lakhs.

Is SBI education loan Fixed or floating?

Interest rates on Education Loans are floating, and vary with the changes in MCLR. SBI Education loan interest rates are in the range of 7.00% and 9.30%.

What is SBI education loan subsidy?

SBI Central Scheme for Interest Subsidy (CSIS) on Education Loans has been introduced by the HRD Ministry of India to provide interest on education loans during the repayment holiday or moratorium period for professional and technical courses for students belonging to the Economically Weaker Section of the society.

What is the process of getting education loan in SBI?

Checklist of Documents to be submitted along-with duly filled Loan Application Form

  1. Mark sheet of 10th, 12th, Graduation (if applicable), Entrance Exam Result.
  2. Proof of admission to course [ Offer Letter/ Admission Letter/ ID card if available]
  3. Schedule of expenses for course.

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