Education and Career Forum

Hello sir, I want to apply for an education loan of 15 lakh at SBI to study MBBS course from private college. Please tell me what will be the installment terms and condition for it? Necessary documents for it?

The installment terms and conditions for an education loan of 15 lakh at SBI may vary based on the specific loan scheme and other factors. However, some general information about SBI education loans is as follows:

Interest rate: The interest rate for SBI education loans varies based on the loan amount, repayment period, and other factors. As of February 2023, the interest rate ranges from 6.80% to 9.45%.

Repayment period: The repayment period for SBI education loans can be up to 15 years, depending on the loan amount and other factors.

Processing fee: SBI charges a processing fee of up to 1% of the loan amount, subject to a maximum of Rs. 10,000.

Security: Depending on the loan amount, SBI may require security in the form of collateral or a third-party guarantee.

Documents required: Some of the documents required for an SBI education loan may include:

• Admission letter from the college or university
• Proof of identity (such as Aadhaar card, PAN card, passport, etc.)
• Proof of residence (such as Aadhaar card, voter ID, etc.)
• Income proof of the borrower and/or co-borrower
• Academic records of the borrower
• Property papers (if collateral is offered as security)

It is advisable to check with SBI for the specific installment terms and conditions for your education loan, and to confirm the required documents. Additionally, it may be worthwhile to compare the terms and conditions of SBI education loans with those offered by other banks to determine the most suitable option for your needs.