SBI LOAN SCHEME For STUDENT

1. MoneyMaya-PersonalFinancialPlanning A/3,J1/14,KHIRKIEXTN, MALVIYANAGAR,NEWDELHI110017 -7982367598 • EDUCATION lOAN FOR STUDENT • May 10, 2017 • SBI STUDENT LOAN SCHEME • Student Loan in SBI is a term loan. And, this loan is granted to Indian Nationals for pursuing higher education in India or abroad. Where they have secured admission. • Repayment period is upto 15 years after Course Period and 12 months of repaymentholiday • Most of all, there is no processing and upfront charges will be levied on Education loans. • Eligibility: • Since SBI Student loan is only for Indian Nationals. Therefore, you should be an Indian, if you want to get a Student Loan from SBI. Furthermore, you may opt for studying in India or abroad. For this, first of all, lets check out the courses you may opt for.

2. CoursesCovered: • You can choose to study in India or in Abroad. You may choose from either of the following: • Studies in India: • Graduation and Post-graduation such as regular technical and professional Degree or Diploma courses; conducted by colleges/universities approved by UGC/ AICTE/IMC/Govt. etc • And, Regular Degree or Diploma Courses conducted by autonomous institutions such as IIT, • IIM etc • Also, Teacher training and Nursing courses approved by Central government or the State Government • And, Regular Degree or Diploma Courses such as Aeronautical, pilot training, shipping etc. approved by Director General of Civil Aviation and Shipping concerned regulatory authority • Studies abroad: • Job oriented professional and technical Graduation Degree courses and Post Graduation Degree and Diploma courses such as MCA, MBA, MS, etc offered by reputed universities

3. And, Courses conducted by CIMA (Chartered Institute of Management Accountants) – London, CPA (Certified Public Accountant) in USA etc. • Expenses Covered under Student Loan: • First of all, Fees payable to college, school and hostel • Another, Examination, Library and Laboratory fees • And, Purchase of Books, Equipment, Instruments, Uniforms and Purchase of computers- essential for completion of the course (maximum 20% of the total tuition fees payable for completion of the course) • Also, Caution Deposit, Building Fund and Refundable Deposit (maximum 10% of tuition fees for the entire course) • And, Travel Expenses and Passage money for studies abroad • In addition, Cost of a Two-wheeler upto Rs. 50,000/- • Furthermore, Any other expenses required to complete the course such as study tours, project work etc

4. LoanAmountwhichyoucanavailunderStudentLoan: • ForstudiesinIndia–maximumRs.10lacs;and • Studiesabroad–maximumRs.20lacs • Security: Particular Security Upto Rs. 7.5 Lakhs: Only Parent/ Guardian as co-borrower. No Collateral Security or third party guarantee AboveRs. 7.5Lakhs: Parent/ Guardian as co-borrower and tangible collateral security • In case of married person, co-obligator or co-borrower can be either spouse or the parent(s) or parents-in-law • Margin: • Upto Rs.7.5 Lacs: Nil • And, Above Rs. 7.5 Lacs : 5% for studies in India; and 15% for studies abroad

5. Repayment: • Especially relevant, Repayment will commence one year after completion of course • Also, Loan to be repaid in 15 years after the commencement of repayment • And, in case second loan is availed for higher studies later, you can repay the combined loan amount in 15 years after completion of second course • EMI Generation: • EMI (Equated Monthly Installments) : It is fixed by adding the accrued interest during the moratoriumperiodand course period to the principal amount. • If you repay the full interest, before the start of repayment; then your EMI will be fixed on the basis of principal amount only. • Rate of Interest for Student Loan in SBI: • 1 year MCLR is 9.10%, w.e.f. 01/08/2016. LoanAmount RateofInterest*

6. ForloansuptoRs.7.5lacs 2%aboveMCLR,currently11.10%p.a. AboveRs.7.50lacs 1.70% above MCLR, currently 10.80% p.a. • *And, (0.50% concession in interest for girl students) • *Also, (1% concession for full tenure of the loan, if interest is serviced promptly as and when applied during the moratoriumperiod, including course duration) • Note: IT exemption under Section80(E)in respect of interest paid in all Education Loans • Documents Required: • First of all, Letter of admission is required • And, you will submit completely filled Loan Application Form • 2 passport size photographs • Also, Statement of cost of study • PAN Card of the student and Parent or Guardian • AADHAR Card of the student and Parent or Guardian • Proof of identity (Driving Licence or Passport or Aadhar or any photo identity) • And, Proof of residence (Driving Licence/Passport/Electricity bill/Telephone bill) • Student, Co-borrower and guarantor’s bank account statement for last 6 months • Also, IT return or IT assessment order of previous 2 years of Parent or Guardian or other co-borrower (if IT Payee)

7. In addition, Brief statement of assets & liabilities of Parent or Guardian or other co-borrower • And, Proof of income (i.e. salary slips or Form 16) of Parent or Guardian or other co-borrower • In addition, if Bank demands any other documents, you will have to provide.