Education and Career Forum

Respected Sir/Madam, I came to know that State Bank of India provides an education loan. I really don’t know about this Education Loan scheme. I want to do BDS course. Can anyone of you let me know about this Education Loan scheme of State Bank of India?

Yes, State Bank of India provides education loans to students who want to pursue higher education in India or abroad. Here are the details of the SBI Education Loan Scheme for BDS aspirants:

Eligibility:

• Indian nationals who have secured admission to a recognized BDS course in India or abroad.
• The candidate should have scored a minimum of 50% marks in the qualifying examination.
• The age of the candidate should be between 18 and 35 years.

Loan Amount:

• The loan amount can range from Rs.20,000 to Rs.1.5 crore, depending on the course and institution.
• For studies abroad, the maximum loan amount is Rs.1.5 crore.

Interest Rate:

• The interest rate is generally linked to the Marginal Cost of Funds-based Lending Rate (MCLR) and varies from time to time.
• For female students, there is a 0.50% concession in the interest rate.

Repayment:

• The repayment period can range from 5 years to 15 years, depending on the loan amount and the course.
• The repayment period can be extended up to 2 years beyond the course duration, giving the candidate sufficient time to find a job.

Collateral:

• For loan amounts up to Rs.7.5 lakhs, no collateral is required.
• For loan amounts above Rs.7.5 lakhs and up to Rs.20 lakhs, a third-party guarantee is required.
• For loan amounts above Rs.20 lakhs, collateral security in the form of immovable property is required.

Processing Fees:

• There is no processing fee for loan amounts up to Rs.50,000.
• For loan amounts above Rs.50,000, a processing fee of 0.50% of the loan amount is charged.

Note: The above information is subject to change at the discretion of State Bank of India. Please check with the bank for the latest updates on the Education Loan Scheme.