In this article we have Discussed about How To Get Education Loan for Students Upto 20 Lakhs for Higher Education in India. The Below given Loan in Approved by SBI on the behalf of vidya lakshmi education loan.
Table of Contents
Education Loan for Students Upto 20 Lakhs
| Repayment period | Repayment period of upto 15 years after Course Period + 12 months of repayment holiday* |
| Processing Charges | Loans up to Rs. 20 lacs : NIL Loans above Rs. 20 lacs: Rs. 10,000 (plus taxes) |
| Security | 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 |
| Margin | Up to Rs 4 Lacs – Nil Above Rs 4 Lacs – 5% for studies in India, 15% for studies in abroad |
| Repayment | Repayment of the Loan Amount 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 principal amount only. |
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Overview of Student Loan for Diploma and Degree Candidates
Eligibility
A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.
Courses Covered Studies in India
Graduation, Post-graduation including regular technical and professional Degree/Diploma courses conducted by colleges/universities approved by UGC/ AICTE/IMC/Govt. etc Regular Degree/ Diploma Courses conducted by autonomous institutions like IIT, IIM etc
Teacher training/ Nursing courses approved by Central government or the State Government
Regular Degree/Diploma Courses like Aeronautical, pilot training, shipping etc. approved by Director General of Civil Aviation/Shipping/ concerned regulatory authority b. Studies abroad:
Job oriented professional/ technical Graduation Degree courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc offered by reputed universities Courses conducted by CIMA (Chartered Institute of Management Accountants) – London, CPA (Certified Public Accountant) in USA etc.
Studies abroad
Job oriented professional/ technical Graduation Degree courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc offered by reputed universities.
Courses conducted by CIMA (Chartered Institute of Management Accountants) – London, CPA (Certified Public Accountant) in USA etc.
Expenses Covered in vidya lakshmi education loan sbi
Fees payable to college/school/hostel
Examination/Library/Laboratory fees
Purchase of Books/Equipment/Instruments/Uniforms, Purchase of computers- essential for completion of the course (maximum 20% of the total tuition fees payable for completion of the course).
Caution Deposit/Building Fund/Refundable Deposit (maximum 10% of tuition fees for the entire course).
Travel Expenses/Passage money for studies abroad.
Cost of a Two-wheeler upto Rs. 50,000/-
Any other expenses required to complete the course like study tours, project work etc.
Loan Amount of vidya lakshmi education loan scheme sbi
Studies in India
Medical Courses: Upto Rs 30 lacs
Other Courses: Upto Rs 10 lacs
(Higher loan limit for studies in India may be considered on cases to case basis, maximum upto Rs 50 lacs
Studies abroad
Upto Rs 7.50 lacs
(Higher loan limit for Studies abroad are considered under Global Ed-vantage Scheme, maximum upto Rs 1.50 Crores)
Diploma Mcq Questions (View Here)
Checklist of Documents to be submitted along-with duly filled Loan Application Form
- Mark sheet of 10th, 12th, Graduation (if applicable), Entrance Exam Result
- Proof of admission to course [ Offer Letter/ Admission Letter/ ID card if available]
- Schedule of expenses for course
- Copies of letter conferring scholarship, free-ship, etc.
- Gap certificate, if applicable (self-declaration from student for gap in studies)
- Passport size photographs of Student / Parent / Co-borrower / Guarantor (1copy each)
- Asset-Liability Statement of Co-applicant / Guarantor (Applicable for loans above Rs 7.50 lacs)
- For Salaried Persons
- (a) Latest Salary Slip
- (b) Form 16 OR latest IT Return (ITR V)
- For other than Salaried Person:
- (a) Business address proof (if applicable)
- (b) Latest IT Returns (if applicable)
- Bank Account Statement for the last six months of Parent / Guardian/ Guarantor
- Copy of Sale Deed and other documents of title to property in respect of immovable property offered as collateral security / Photocopy of Liquid Security offered as collateral
- Permanent Account Number (PAN) of Student / Parent / Co-borrower / Guarantor
- AADHAAR (mandatory, if eligible under various interest subsidy schemes of GOI)
- Passport (mandatory for Studies Abroad)
- Submission of OVD (refer to table below)
At least one self-attested copy of the Officially Valid Documents (OVD) mentioned below to be submitted, as proof of identity and address:
- Passport
- Driving license,
- Proof of possession of Aadhaar Number,
- Voter’s Identity Card issued by Election Commission of India,
- Job card issued by NREGA duly signed by an officer of the State Government,
- Letter issued by the National Population Register containing details of name and address
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