[Kavita]

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Can you tell me if State Bank of India (SBI) offer any Education Loan Scheme for admission in IIMs (Indian Institute of Managements) in India?

[Vishal Kotkar]

Yes, State Bank of India (SBI) offers any Education Loan Scheme for admission in IIMs (Indian Institute of Managements) in India. SBI Education Loan Scheme is offered for Studies in India for:

Graduation, Post-graduation including regular technical and professional Degree/Diploma courses conducted by colleges/universities approved by UGC/ AICTE/IMC/Govt. etc
Regular Degree/ Diploma Courses conducted by autonomous institutions like IIT, IIM etc.
Teacher training/ Nursing courses approved by Central government or the State Government
Regular Degree/Diploma Courses like Aeronautical, pilot training, shipping etc. approved by Director
General of Civil Aviation/Shipping/ concerned regulatory authority

SBI Education Loan Expenses considered
• Fees payable to college/school/hostel
• Exam/Library/Laboratory fees
• Purchase of Books/Equipment/Instruments/Uniforms, Purchase of computers- essential for completion of the course (maximum 20% of the total tuition fees payable for completion of the course)
• Caution Deposit/Building Fund/Refundable Deposit (maximum 10% tuition fees for the entire course)
• Travel Expenses/Passage money for studies abroad
• Cost of a Two-wheeler up to Rs. 50,000/-
Any other expenses required to complete the course like study tours, project work etc.

Amount of Loan
• For studies in India, maximum Rs. 10 lacs
• Studies abroad, maximum Rs. 20 lacs

SBI Education Loan Interest Rates

SBI Student Loan Scheme

Loan Amount Rate of Interest

For loans upto Rs.7.5 lacs 10 % p.a
AboveRs.7.50 lacs 10.75% p.a

Processing Fees

No processing fee/ upfront charges
Deposit of Rs. 5000/- for education loan for studies abroad which will be adjusted in the margin money

Repayment Tenure
Repayment will commence one year after completion of course or 6 months after securing a job, whichever is earlier.

Place of Study Loan Amount Repayment Period in Years
Studies in India Rs. 10.0 lacs Up to 15 years
Studies Abroad Rs. 20.0 lacs Up to 15 years