Education and Career Forum

Sir,
I have got 83% in 12th standard in GSEB Board and I am preparing for CLAT. I want to study LLB. Kindly let me know about the Education Loan scheme of State Bank of Hyderabad and the interest rates charges by them.

Here are the details about Education Loan scheme by State Bank of Hyderabad for LLB studies:

State Bank of Hyderabad offers Education Loans for pursuing professional courses including LLB. These loans can cover up to 100% of the total course fees including tuition fees, development fees, etc. Some key points:

The loan amount depends on your course fees, income of parents/guardian and your own income (if any). For LLB, loan amount could be up to Rs. 50 lakhs or higher. The loan tenure is 7-15 years depending on the loan amount and your repayment capacity.

The interest rates are around 8.50-9.75% and are floating rates revised periodically based on RBI benchmarks. The interest is charged during the study period as well as repayment period. Interest during studies is added to the loan amount. Some banks may offer interest reimbursement for 2-3 years.

The calculation of loan amount considers total fees for entire course and is disbursed annually in instalments. You need a surety (co-borrower) for the loan, typically a close family member like parent or sibling. Property documents may be sought as collateral security.

The repayment starts just after moratorium period of 1-2 years after completion of studies. You can choose monthly/quarterly/half-yearly/annual installments as per your convenience. Prepayment penalties may apply in some cases.

To apply for Education Loan, you need documents like - fee receipts/challans, mark sheets of class 10 and 12, income proof of co-applicant, property documents if any, etc. The application is submitted at any SBI branch. Additional fees may apply for processing and documentation.

SBI may provide scholarships for meritorious students. You can explore such scholarship options, especially if fees seems unaffordable. Student credit cards also provide installment-based fees payment options with revolving credit limits.