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SBI slashes education loan rates
Press Trust Of India / Mumbai Apr 29, 2009, 00:32 IST

The country’s largest lender, State Bank of India (SBI), On Tuesday said that it has lowered interest rates on education loans by up to 250 basis points, for a limited period.

O P BhattInterest rates on education loans, which are linked to the bank’s prime lending rate (PLR), will be reduced to 11.5 per cent from 11.75 per cent for up to Rs 4 lakh, SBI said in statement.

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It added that, for the Rs 4 lakh-Rs 7.50 lakh educational loan bracket, the interest has been slashed to 11.25 per cent from 13.25 per cent. At present, SBI’s PLR stands at 12.25 per cent per annum.

For loans of Rs 7.5-lakh and above, interest rate has been reduced by 1.25 per cent from 12.25 per cent to 11 per cent. Female students will get a further concession of 0.50 per cent in interest, the statement said.

The lowered rates would be applicable for loans sanctioned during May-September 2009, while extant rates would continue for current loans, the release said.

SBI extends loans of up to Rs 10 lakh for studies in India and Rs 20 lakh for courses abroad. During the moratorium/repayment holiday, simple interest rate is charged.

A further concession of 1 per cent in interest rate is given for promptly servicing the interest during the moratorium/repayment holiday. A repayment period of 5-7 years is given after moratorium, the bank said.

The state-run lender offers collateral-free loans of up to Rs 4 lakh to students. Third-party guarantee or other collateral is required only if the loan amount is higher than Rs 4 lakh.

SBI has been the market leader in extending loans to students for pursuing higher studies in India and abroad. Loan limits aggregating Rs 2,653 crore were sanctioned during the period from April 2008 to March 2009, the statement said.

 

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Latest Messages
Posted by: manish kumar
sir, i have applied for the sbi educational loan.. but the officers here are too corrupt. they were at first not sanctioning my loan bt afer fillin the form online they have to however accept my form. bt now they are delyaing in sanctioning providing me foolish reasons for the delay. sir can you tell me how much time it takes for issuing the d.d after submitting the fullfilled form
Posted by: rohit
sir, i want to pursue my m.sc degree in marine science from uk. so can i get a educational loans in this stream
Posted by: mahtab
dear sir, my self is mahtab alam and i belong to obc and i have no more source of income as my father salry is 40000 /yr .but i am not able to afford my studies fee therefore i want to continue my studies with the help of loan so please give the detail of installment procedure as minimum as possible and one thing is that the interest should be started after the course completetion. thanking you mob.9899854855,9599885651
Posted by: lokhande kondiba
i want to get admission in MBA so at this time i have not ability to get admission because financial problem so i want to get education loan from SBI so please sir call me for education loan.my number is 9623866143
Posted by: D.Ganesh
sir,am thinking to dnw MBA to take loan in SBI whether the graduation % is required or loan please tell me the details my number is 9703055525
Posted by: priya
hello sir, I want to know about education loan scheme for Civil Services Coaching classes.
Posted by: darshan
sir,i want eduction loan for professional course chartered accountant,so give me detail about eduction loan from sbi
Posted by: yogesh sawant
sir i want education loan for 2nd year of engineering.now i am first year i will get above 75% marks in first year.so pls 2nd year give me loan. my permanent address is :AT.POST WARUD TAL. SHINDKHEDA DIST. DHULE -425404
Posted by: yuva
i want past 5 years education loan details in state bank
Posted by: neetu tripathi
sir i wants to know about the education loan rules for the intrest............ if the candidate is government employee......... according two his per annum salary.........how much interest he has to submit.
Posted by: asif
sir, im doing my engineering for last 2yers i got educational loan and in 2nd year due to my health problem i lost my attendance i was discontinued from college .i want to know what happens to my loan will i get for next year or my loan gets canceled, will u please understand my position and tel me what can i do now.
    Posted by: raja
hello, asif.i am raja. as u like u same problem me.i m doing mca.my loan 1.20lacs.already i got 60000/- i m disc in 2nd yr.i contact my sbi bm.he said that study n marks memos submitted for next installments forword.clg transfer chances is theire more?.im said that i will join distance mode for hiher studies give me 2nd installment.branch manager is said that we dont give educational loan as if distance mode.he said that payable 60000/ as early as possible.so ithink it will be cancelled.time to re payment as period of u r docs pay it.u have any idea or else know abt that this situation please send me.thank u.my mail.www.prajaslc@gmail.comor mobile:7207842342.plz share with us abt this problem
Posted by: pooja
i want education loan for interior designer & decoration course, will u plz send me the details as early as possible
Posted by: mayur
sir i take admmison in arena multimedia what sbi give me education loan? please send me detail sbi education loan
Posted by: ashish kumar
sir pls inform me about in education loan .i want to take education loan. sir pls my no. is 09911316273.
Posted by: Namrata A.K.
I want education loan for MBA regular course.Will u plz send me the details as early as possible
Posted by: shivam
i want education loan for my mca.plz send me all details includind rate of interest and requirements
Posted by: ANAND WALIA
sir, I have got addmission in kiit world engg college ,Gurgoan in btech .Please tell me how could i get educational loan for my study
Posted by: c manikantan nair
I have remitted tution fees Rs.35000/-to the entrance examiner. How I will recoupe the amount from sanctioned education loan
Posted by: Chethan A B
I need 4lacs educational loan for my marine studies....in this month,am waiting for yus reply plz reply me.
Posted by: abhishek arora
i need only 2 lack loan for my mba.... pls reply me
Posted by: saiprasad
i want education lone of Rs. 1.10 lakh per year i want the lone for completing my mca
Posted by: sumit p
I want education loan of rs.1.20 lakh.
Posted by: vijay
i need the loan within august or september. 20lacs
Posted by: Hari
I want education loan of 8lacs to study mba in uk could u plz let me know how to avail it with out any collateral
Posted by: Lydia Basu
i had to apply for education loan of 4 lakhs for further study of MBA in IIPM (Delhi) and my father dont pay tax..how can i get d loan in that extent?
Posted by: ROMANO SWARAJ
I had applied an education loan for Rs.4 lakh with SBI for my masters program at US.The RACPC official says after going through I-20 that the amount can be sactioned in a proportionate ie 76% i will have to bear and the bank would bear only 24%.But,if i am applying for more than Rs.4 lakh ,they cud give me 85% of the amount and they require collateral security. When i discussed with the collateral security,they are coming with several issues and i feel that they are not at all interested in issuing me the loan. what would i do and please suggest me a solution whether i could go ahead with a complaint with RBI against SBI or please suggest.
Posted by: karthik
I am interested in pilot training in US.kindly let me know what are the documents required for a loan amount of Rs.15 lacs. pl give full details and interest rate and about the repayment tennure and the time given for the repayment after the course completion.
Posted by: niti aggarwal
i want education loan for my engineering.plz send me all details includind rate of interest and requirements
Posted by: Girija Tiwari
i would like to apply for education loan for my 2 yrs full time mumbai university MBA programme for the amt of 4 laks. i dont have security so will i be getting loan ?? plz let me knw the exact rules ,terms n conditions for apllying the loan of the said amt !!
Posted by: nitin
i want education loan for my engineering what will be rates applicable, terms & condition ? is any need for security. pls send me full details regarding this.
Posted by: nitu
can this education loan also available for ca (final)up to Rs.1lacs. and if yes what will be rates applicable, terms & condition ? is any need for security. pls send me fully details regarding this.
Posted by: randeep kaur
what is the maximim and minimum time taken by sbi to grant education loan of 660000? what will be the proceedure ?this loan is for loan for post grad in india.pls send me a detailed report about the edu loan.
Posted by: ashwini
i need deatail info about education loan.
Posted by: deepa
am latha studying in BMS evening college bangalore i need education loan is it possible to get loan and how i can avail and what it is method for repayment
Posted by: sanjay
i sanjay kumar thakur my son nitesh kumar thakur has pass CET-2009(G.G.S.I.P.U) Delhi & got admission for B-TECH ( Computer science engginer)at maharaja agrasen intitute of technology rohini- sectore-22 delhi & i am regitered FOR SBI Education loan registration no-SBI-EL-10000096090 & i am continious Contected to paonta sahib,main branch dist- sirmour ( himachal pradesh)-173025, but they delayed the date & yesterday refused without any reason,by saying that if perhaps it would be done they will stop it & not given the loan form . also i am contected to SBI agiricualture branch paonta sahib, he has also refused.please answer me that the one who is poor doesn't have right to educate their children? please guide & advice what should i do? thanks, sanjay kumar thakur 86/11 ekta colony bangran road paonta sahib dist- sirmour -173025( himachal pradesh) mob- 09318762709 & 09857493291
Posted by: KULBEER
I want education loan of 7Lacs for MBA IN UK .......jan 2010. Please guide me how can i avail it if i dont surrender any property papers.
Posted by: rajnikant
i want education loan 4 futher study in engineering.i got 80% in 10th exam & i will give 12th exam in 2010. please guide me .
    Posted by: aswini
want to know education loan for joining B.E.
Posted by: kapil
i want to take education loan what will be prosess in 12 i got 82% and in 10 i got 89.2% so i highly need of loan for study plz take attention in this direction
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