The State Bank of India (SBI) has launched a student term loan product to provide customised financing solutions. The product offers a concession of 0.5 per cent in the interest rate for girl students.
The SBI loan does not need a collateral for amounts up to Rs 7.5 lakh and offers a 0.5 per cent concession in the interest rate to girl students. Read on to know other details
The State Bank of India (SBI) has launched a student term loan product to provide customised financing solutions. The product offers a concession of 0.5 per cent in the interest rate for girl students.
Check out the features of the loan, the courses you can apply for using the loan and the documentation that you require.
Loan Features
The Courses For Which The Loan Is Available
SBI has outlined the various courses for which you can take the loan.
India Courses:
Foreign Courses:
What Are The Expenses Covered In This Loan?
The loan will cover fees payable to the college, school or hostel; fees for examinations, and library and laboratory usage; and cost of books, equipment, instruments and uniforms; cost of computers, which are essential for completion of the course (maximum 20 per cent of the total tuition fees payable for the course), according to the SBI press release.
The loan will also provide for the caution deposit, building fund or refundable deposit, up to a maximum of 10 per cent of the tuition fees for the course.
Besides, travel expenses and passage money for studies abroad will also be provided. Any other expenses required to complete the course like study tours and project work will also be provided for. Students can also buy a two-wheeler with the loan that costs up to Rs 50,000, the press release said.
What Are The Documents Required?
There are several supporting documents which you will need to submit along with this term loan’s application. Here’s the list:
Salaried individuals will need to submit some additional documents. Here’s the list:
Those with income apart from salary need to submit the following: