Education loan at rate of interest of 8.5%
SBI’s scholar loans cover a multitude of courses from institutions under four categories: “AA”, “A”, “B” and “C”. An effective rate of interest of 8.5 per cent is offered on institutes listed by SBI under the AA category.
SBI has listed seven “AA” institutions – for which Indian students can apply for up to Rs. 30 lakh of loans – including four IIMs.
These Indian institutions are:
Indian Institute of Management (IIM), Ahmedabad IIM-Calcutta IIM-Bangalore IIM-Kozhikode Indian School of Business, Hyderabad Indian School of Business, Mohali Campus Xavier Labour Relations Institute, Jamshedpur
What is covered?
The loans disbursed under SBI’s Scholar Loan scheme covers college fees (including examination, hostel, library and laboratory fees), purchase of books, equipment and instrument as well as travel expenses and expenses on exchange programme.
SBI offers quick sanctioning of scholar loans at designated campus branches or more than 5,000 select branches, as per its website.