Now a days Education is costly. If you want to self financing course , it comes with a higher price tag. For middle class family it is too much difficult to provide the complete education fees for self financing courses like Management Degree, Medical and Engineering Degree.
Increase price of education is a heavy burden for a low income range family. Job of the India is not so much confident , that one can assure of job after of completion of course.
Under the section 80 (E) , the interest paid for all education loan is under IT Exemption.
Along with other Bank , State Bank of India provides Education loan for such kind of Self financing courses under different scheme.
|Loan Amount||Rate of Interest|
|For loans upto Rs.4 lacs||3.50% above Base Rate, currently 13.50% p.a.|
|Above Rs.4 lacs and upto Rs.7.50 lacs||3.75% above Base Rate, currently 13.75% p.a.|
|Above Rs.7.50 lacs||1.75% above Base Rate, currently 11.75% p.a.|
There are some listed Institute like IIM and IIT , Students of this Institute will get concession rate of interest for the Education.Student will get the 6 month or Education completion time to start the repayment of the loan. After course over, compound interest will charge to the study loan.
SBI Education loan is a help to the meritus student who can dream of Higher education , even if they don’t have the money to pay the Education fees. With the Education loan , SBI will pay the Fees and student will pay latter with interest , when they will get the job.
Document Required for SBI Education Loan :-
- Identity Proof
- Address Proof
- Photo graph
- Admission Letter from College
- Course Fee complete details letter from Institute
- Gurranter for the Loan
Normally education loan sanctioned after the admission to the Institute, because bank need confirmation letter form Institute about Course fees and Duration of the course.