SBI Education Loan is the first option for every Indian student! An SBI Education loan is the go- to for most students because of its low interest rate, easy repayment options, moratorium period, income tax benefits, interest rate concession for female students and many other benefits.
What is the interest charged on education loan?
Education Loan Interest Rates (Floating)
| Loan Type | Loan Amount (Rs.) | Effective ROI( Linked to Repo Rate ) |
|---|---|---|
| Education Loan | Up to 4 Lakhs | 15.20% |
| Loans greater than Rs. 4 Lakhs and up to Rs. 7.5 Lakhs | 14.70% | |
| Loans greater than 7.5 Lakhs | 13.70% |
Is SBI education loan Fixed or floating?
SBI Education Loan Interest Rate is quite competitive for education in India’s finest institutes and on studying abroad. 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%.
How is education loan EMI calculated?
So, if you take an education loan of Rs 10 lakh with an average interest rate of 12%, for 2 years the EMI will be: P = 10 lakh, R = 12/100/12 (You convert to months), N = 2 years or 24 months EMI = [10,00,000 x 12/100/12 x (1+12/100/12)^24] / [(1+12/100/12)^24-1] EMI = Rs 47,073.
What is the interest rate of SBI education loan?
Tangible collateral security is required. Collateral security offered by third-party (other than parents) is also acceptable. SBI education loan interest rates are known to be one of the most viable in the market with interest rates as low as 8.65% and special concession for girl students.
Who is eligible for SBI student loan in India?
Under State Bank of India Student Loan Scheme the bank extends loan to students who want to secure higher education but don’t have the finances at the moment or want to disburse the financial burden over a greater time period. This student loan scheme can be availed by any prospective student seeking education in India or abroad.
Which is the best interest rate for an education loan?
The borrower needs to show a loan margin of 15% for the loan amount of above INR 4 lakhs. Also, the bank offers the base rate as the interest rate on loans taken for pursuing an education at the top 200 universities across the world.
When does repayment start on SBI student loan?
State Bank of India (SBI), Instantly new, yet instantly recognizable. The details of the interest, payment terms and tenure are mentioned in the loan sanction letter. For an education loan with SBI, a moratorium period is applicable. The repayment starts after the course period + moratorium period stipulated in the sanction letter. a.
