The State Bank of India (SBI) has reduced its education loan interest rate for students who are planning on studying abroad. Students are now being provided with concessions in the interest rates.
List of SBI Education Loans for Study Abroad Aspirants
Given below are some of the schemes offered to SBI to Indian students wishing to study at foreign universities:
SBI Student Loan Scheme
-
Students can apply for an education loan of up to Rs. 7,50,000 at an interest rate of 9.3%.
-
SBI’s lowest rate of interest, the Marginal Cost of Funds Based Lending Rate (MCLR) would be 7.3%.
-
Female students will get a concession of 0.5% in the interest rate. They can also get a concession of 0.5% when availing of ‘Rinn Raksha’ or any other existing policy in favour of SBI.
Also Read: Documents Required for Education Loan to Study Abroad
SBI Scholar Loan Scheme
-
This is available for students applying to Indian Institute of Technology (IIT), Indian Institute of Management (IIM) or National Institute of Technology (NIT).
-
They will get an MCLR of 6.7% even while the effective interest rate varies from 6.85% to 8.15%.
SBI Education Loan for Part-time Courses
-
Students can apply for a loan worth Rs. 7,50,000 for three years with an MCLR of 7.3% and effective interest rate of 9.3%.
-
Female students will get a concession of 0.5% in the interest rate.
-
The scheme is on offer only at mapped SBI branches for 15 selected institutions.
Also Read: International Students in the UK Ask for Tuition Fee Compensation
SBI Skill Loan Scheme
-
Students are offered a loan of Rs. 1,50,000 for three years with an MCLR of 7.3% and effective interest rate of 8.8%.
-
No concession is available under this scheme.
Stay tuned to learn more about foreign education!