The vital education loan eligibility criteria that the candidates need to fulfil to get approval for the loan are listed out here:
- The candidate applying for the loan must be a resident of India.
- He/she must have confirmed admission in recognised educational institutes in India or abroad.
- The age of the candidate must fall within the bracket of 18 to 35 years during loan application.
- He/she must be undergoing a graduate/postgraduate degree or a PG diploma.
- The applicant should have a secured admission in a college or university affiliated by UGC/AICTE/PCI/Govt. etc.
- Students pursuing full-time courses need to have a co-applicant who can be either parent/guardian or spouse/parent-in-law (in case of married candidates).
General Features of Govt Banks (SBI)
- Repayment period of upto 15 years after Course Period + 12 months of repayment holiday*
- Processing Charges
- Loans upto Rs. 20 lacs : NIL
- Loans above Rs. 20 lacs: Rs. 10,000 (plus taxes)
- Upto Rs. 7.5 Lacs:Only Parent/ Guardian as co-borrower. No Collateral Security or third party guarantee
- Above Rs. 7.5 Lacs:Parent/ Guardian as co-borrower and tangible collateral security
- Up to Rs 4 Lacs – Nil
- Above Rs 4 Lacs – 5% for studies in India, 15% for studies in abroad
- Repayment will commence one year after completion of course.
- Loan to be repaid in 15 years after the commencement of repayment
- In case second loan is availed for higher studies later, to repay the combined loan amount in 15 years after completion of second course
- EMI Generation
- The accrued interest during the moratorium period and course period is added to the principle and repayment is fixed in Equated Monthly Installments (EMI).
- If full interest is serviced before the commencement of repayment; EMI is fixed based on principle amount only.
Apply through Central Government Vidhyalakshmi Portal for confirmed dispersal of education loans under supervision of Government Officials. Delay / Denial can be escalated to all Higher Government Officials starting from District Collector for loan dispersal.
Education Loan Eligibility
|Age||Minimum- 18 years Maximum- 35 years|
|Academic record||Proven- good|
|Qualification||Pursuing graduate/postgraduate degree or a PG diploma.|
|University Applied to||Recognised – In India/Abroad|
|Security||Tangible collateral or guarantor- depending on the loan amount and income source.|