As one of the pioneering organizations in banking in India, State Bank of India (SBI) has played a prominent role in organizing social welfare programmes.  Its loans for agriculture and education have outstanding features to help the poor and needy and such initiatives by the bank have really enhanced social progress. They also offer several types of loan from SBI two Wheeler loan, high tech and user friendly SBI demat account, and attractive SBI fixed deposit as well.

SBI Education Loan scheme

Before you choose the SBI Education Loan, i would suggest to check others banks offers like Vijaya bank education loan and BOI education loan.  Let’s check the SBI education loan interest rates for 2014 along with scheme etc below:

Highlights of its education loan scheme

i) State bank of India (SBI) sanctions loans for courses in India and abroad.

ii) The courses only under the UGC, AICTE/IMC/government are eligible for the sanction of the education loan.

iii) There are separate schemes for vocational and skill management courses. It is because those do not come under the direct regular education loan.

iv) Teachers training, nursing and regular courses approved by the government bodies are eligible courses for sanction of education loan.

v) You can get loan for your Study in courses in the foreign colleges and universities.

What makes you eligible for the education loan by SBI?

ü  You will get sanction of loan if you are an Indian national.

ü  If you are a meritorious student with good grades or marks throughout the career, you are eligible for the loan.

Documents required

a)   You need to submit a completely filled-in application form.

b)  Along with your application form, you have to attach mark-sheets of the last qualifying examination.

c)  Copies of admission call letter, scholarship have to be given when submitting application.

d)  Expenses along with the courses of study have to be there with your application.

e)  You need to give your two passport sized photographs.

f)  You need to submit your pan card details or those of your parents.

g)   Proof of income, last six months bank statement, income-tax returns and address proof have to be produced along with the filled in application in case you are an employed person.

Rates of interest

i)  For loans up to 4 lacs, you will pay no interest.

ii) For more than 4 lacs, you will pay 5% for your study in India.

iii) For your study in foreign mation, your rate of interests is 15%.

How can you download the application form?    

You just need to click here to get the downloaded version of the application form and then you can apply.