Education and Career Forum

I want to study MBBS course from abroad so, want to know how much time State Bank of India take to provide Education Loan? Interest rate, maximum tenure and procedure to apply for it?

Originally Posted by Unregistered

I want to study MBBS course from abroad so, want to know how much time State Bank of India take to provide Education Loan? Interest rate, maximum tenure and procedure to apply for it?

Time taken to provide education loan in State Bank of India is 15 working days to one month. Students should contact the nearest branch to the place of permanent residence to get an education loan.

Interest Rate for the education loan in SBI is as follows;

Up to Rs 4 Lakhs – 13.50%
Above Rs 4 to 7.5 Lakhs – 13.75%
Above Rs 7.5 Lakhs – 11.75%
Students can check the rate of interest at the SBI for exact figures.

Maximum Tenure for the education loan at SBI is as follows:

Up to Rs 7.5 Lakhs – up to 10 years
Above Rs 7.5 Lakhs – up to 12 years

Students can contact the SBI bank branch nearest to their permanent address to obtain an education loan. Students must have got admission through an entrance examination or merit for obtaining an education loan. Students can get up to Rs 10 Lakhs as education loan to study in India. They have to apply with necessary documents like ID Proof, Address Proof, Admission Proof, Fee Schedule, Income Proof etc. for getting education loan at SBI.

Time take to get education loan from SBI will depend on the verification process. If banks are not satisfied with the application form and verification, then it might take a long period of time. Usually, varies from one to two months in most cases.

Once you have secured admission in a recognized medical college abroad, you have to contact the bank for application. Fill the application form and submit it with all the documents. If loan is big, then you need to submit documents for collateral security also.