SBI Education Loan: It is a dream for any parent to send their children to a good institution. They are all well aware of how expensive it is to study at a big university and abroad. While parents resort to education loans, many children have been left behind in the last year due to the coronavirus. Today we are going to tell you about the Education Loan of the State Bank of India so that there will be no further hindrance in the education of any child. SBI has a number of schemes that offer low-interest rate education loans.
SBI Student Loan Scheme
Under this scheme, a loan of up to Rs 7.5 lakh can be taken with a 3-year MCLR of 7.30 percent. Note that the marginal cost of a funds-based lending rate is considered to be the lowest interest rate offered by a bank. Students will get a 0.50 percent concession in interest. If the loan amount is more than Rs 7.5 lakh, the 3-year MCLR will remain at 7.30 percent. Students get a 0.50% discount on assigning State Bank loans or any other policy in favor of the bank.
SBI Scholar Loan Scheme
Under this scheme, loans can be taken for leading educational institutions of the country like the Indian Institute of Management, the Indian Institute of Technology, National Institute of Technology. The one-month MCLR is 6.70 percent, while the applicable interest rate ranges from 6.85 percent to 8.15 percent.
The scheme offers loans up to Rs 7.5 lakh on a three-year MCLR of 7.30% with an effective rate of 9.30 percent. Students get a 0.50 percent discount on loans. However, the scheme is available in mapped branches for 15 selected institutes.
SBI Skill Loan Scheme
Under this scheme, a person can take a loan of up to Rs 1.5 lakh on a 3-year MCLR at an interest rate of 8.80%. There is no concession in this scheme.
SBI Global Advantage Scheme
The scheme offers loans ranging from Rs 20 lakh to Rs 1.5 crore for 3-year MCLR at 7.30 percent and applicable 9.30 %. Students will get a 0.50 percent concession in interest.
SBI Takeover of Collateral Education Loan Scheme
Under the scheme, the bank provides loans ranging from Rs 10 lakh to Rs 1.5 crore for three-year MCLR at 7.30 % and applicable 9.30 percent. Students have a 0.50% concession in interest.