SBI is the largest mammoth bank of India and it is like a sleeping giant which can gobble any private sector bank. These days education is very costly and there is no harm in taking the educational loan by the student for the same and key features of student educational loan are as appended below:
- Maximum loan of Rs 10 Lakhs for studying in India is allowed by the bank.
- Maximum 20 Lakhs loan for studying abroad.
- They do not charge any processing fee for the loan for education purpose.
- Simple interest during moratorium/repayment holiday.
- 1% interest rate concession for servicing interest moratorium/repayment holiday.
- Repayment period is available up to 7 Years.
- Repayment starts after 1 year of completion of the course or after 6 months of getting the job.
- No security is required for loans up to 4 Lacs and only parent or guardian can be a co-borrower.
- No margin for loans up to Rs 4 Lacs.
- Loans above 4 Lacs – one need to have 5% margin for studies in India and 15% margin for studying abroad.
- One can even register the application online.
They have a 24x7 helpline which is a toll free number and it is 18004253800 or one can contact them at contactcentre@sbi(d0t)co(dot)in and not to forget that you can check out another best, timely and hassle free option of HDFC Education Loans as whatever one may say SBI will remain a public sector bank and will move at a snail’s pace whereas one will get quick result with HDFC.
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