SBI Commercial and International Bank Education Loan: Application, Eligibility, Interest Rate, Documents & Much More.

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The SBI Commercial and International Bank Limited provide banking products and Financial Services. It was founded in 1993 and is based in Mumbai, India. As of July 29, 2011, SBICI was acquired by State Bank of India. which also provides the facility of Education Loan. If you want Educational Loan to complete your education or pursue higher studies from Abroad, You are at the right place to collect every aspect of information related to Educational Loan in India.

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Read this full post on SBI Commercial and International Education Loan for information Like Eligibility, How to apply, Interest Rates, Documents Needed, Different aspects of Educational Loan, Interest Rates, Return Policy, General Instructions etc. Throughout the article, we will share information regarding SBI Commercial and Internationa Educational Loan its Process to Apply and full detailed Information.


SBI Commercial and International Education Loan


The major aim of the bank is to ensure anywhere and any time banking for the customer with the latest state-of-the-art technology. The Bank is very serious about its Education Loan Facility and by developing an effective customer-centric relationship it promises to emerge as a world-class education Loan provider. Before we share further, let us first have a brief review of the Bank.

Brief Review

Profile Description
Name of Bank  SBI Commercial and International
Founded on 1993
Headquarter Mumbai, India
Type of Bank  Commercial and international bank
Number of Employees 960.48 (in Lakh)
CEO Name Shri G.B.S. Wadhwa
Maximum Loan Amount  Rs 15 Lacs
Timeline for Loan Disposal Maximum 15 Working days
Annual Revenue NA
Processing Fees Processing Fee will be charged 1% of the loan amount
Other Subsidiaries NA
Category  Education Loan in India

Types of SBI Commercial and International Educational Loan

S.no. Scheme Description
1. Education Loan This loan is for pursuing higher education in India or abroad. One can avail loan under this Scheme of an amount up to Rs 7.5 lacs for studies in India and Rs. 15 lacs for studies abroad.

How to Apply

Online

  • Visit official Web Site of SBI Commercial and International (Click Here)
  • Find the Educational Loan Section Apply Now Button
  • Fill online Application Form

Offline

  • Visit the nearest branch of SBI Commercial and International to get offline Education Loan form.
  • You may also download the form from official web handle.
  • Submit the Application Form to Nearest Branch along with document needed.

Eligibility

  • The applicant should be an Indian national.
  • Applicant must have secured admission in a Government recognized educational institution.

Documents Needed

  • Mark sheet of last qualifying examination for school and graduate studies in India
  • Academic Records: 10th Result, 12th Result, Graduation result-semester Wise (if Possible) Entrance Exam Result through which admission is being taken
  • Proof of admission: Offer Letter or Admission Letter from the Institution.
  • Schedule of expenses for the course
  • Copies of the letter confirming scholarship, etc.
  • Copies of foreign exchange permit, if applicable.
  • 2 passport size photographs
  • Statement of Bank account for the last six months of borrower
  • Income tax assessment order not more than 2 years old
  • A brief statement of assets and liabilities of the borrower.
  • If you are not an existing bank customer you would also need to establish your identity and give proof of residence.

Expenses Considered

  • Tuition and course fee
  • Examination, library and laboratory fees
  • Caution deposit
  • Cost of books, Uniforms, Equipment and other instruments.
  • Travel Expenses

Return Policy

  • In case of SBI Commercial and International Education loan, repayment will start after the completion of course period and moratorium period. Repayment will commence 6 months after completion of Course.

EMI Calculator

EMI Calculator is used for calculating the periodic payment amount due on a loan. For calculating EMI one must input data like Amount, Interest Rate, tenure, Processing Fee etc.

  • If you want to calculate EMI for SBI Commercial and International Educational Loan: Click Here

Security

  • Collateral security by way of mortgage of immovable property / any other specified securities to cover 100% of the loan amount.

Contact Details

Head office  Maker Chambers III, Nariman Point, Mumbai, Maharashtra 400021
Official website www.sbici.com
Apply for Loan  Click Here
Contact Number 40043226

SBI Commercial and International Student Loans FAQs

We hope that the information furnished above will guide you to get the best educational loan for your studies. In case of any doubt regarding the loan procedure and other related terms, read our FAQ’s session.

Q1. Who can be my co-borrowers?

Ans. Your parents/guardian can be a co-borrower as well as the spouse in case of a married applicant. The co-borrower should have a steady source of income and a good credit history in order to improve the applicant’s chances of a successful loan application.

Q2. How long does it take to process Education Loan?

Ans. Generally, the time taken for the education loan to process is somewhat between 7-10 working days. Often, the whole process can be easily completed within 3 to 5  Working days, once the student fulfils all documentation.

Q3. What all expenses will be covered by education loans?

Ans. Apart from the tuition fees, other aspects of expenses such as hostel charges, equipment purchases and other course-related expenses may also be covered by the education loan.

Q4. What are the courses for which an education loan can be availed?

Ans. An education loan can be availed for all courses recognized by the UGC in case of India and all regular courses abroad. Each lender has its own list of educational institutions and courses that they would provide a loan for whether overseas or within India.

Q5. Can a student avail another loan for further studies?

Ans. Yes, this is possible. You can borrow a loan for a bachelor’s degree followed by one for master’s without repaying the first loan. This loan can be taken as a top-up loan against the already existing loan; however, it is subject to the lending bank’s discretion and the internal rules and regulations of the lender.

Q6. Do education loans have any Income Tax benefits?

Ans. Loan borrowers can avail tax benefits on interest paid on education loan under Sec 80E of the Income Tax Act. This benefit is available over and above the Rs. 150,000 deduction allowed under Section 80C. Tax benefits can be availed once the borrower starts paying the interest on the education loan. Further, the deduction is available until the borrower pays off the full interest amount on the loan or for a maximum period of 8 years, whichever is earlier.

Q7. Why do banks require an insurance policy?

Ans. Banks usually prefer that students avail a life insurance policy equivalent to, or more than, the loan amount. The policy acts as a security feature and forms a part of the collateral. In case of the untimely demise of the borrower, the bank recovers the outstanding loan amount from the student’s life insurance policy and the remaining amount, if any, is paid out to the beneficiary of the policy.

Q8. Is any incentive available for a girl student applying for education loan?

Ans. Banks generally provide a 0.5% concession on the applicable education loan interest rate to girl students pursuing higher education in India and abroad.

Q9. Are there any special privileges for students of SC/ST category who avail education loans?

Ans. Yes, eligibility criteria and loan margins on education loan are relaxed for Scheduled Caste/Scheduled Tribe students availing education loans in India. The eligibility criteria are lowered from first/second class to pass class for SC/ST category students seeking education loan for graduate and postgraduate studies, while, margin money is sometimes lowered than the regular percentage or nil.

Q10. Where can I avail on a SBI Commercial and Internationa education loan?
Ans. The loan is available from all branches in metro/urban areas as well as those having personal banking divisions.

Best of luck..!!

 

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