You have to pay 8.65% interest on loan up to Rs.7.5 lakh. The same rate of interest is applicable for loans above 7.5 lakhs. At the same time, 0.50 percent interest exemption is also given for girl students.
Education has been affected a lot due to Covid-19. After the closure of schools, universities and colleges for two years, now the institutes are reopening. In such a situation, education has also become more expensive than before. Where once degree was available for less money, now lakhs of rupees have to be paid. According to the ‘All India Survey of Higher Education’, the cost of doing an MBA from a leading private business school is around Rs 20 lakh. Whereas a few years back it was Rs 10 to 12 lakhs.
In such a situation, many families need a loan. If you are thinking of taking an education loan, then here is the information about a student loan scheme offered by SBI Bank for you. On which you can get a loan of up to Rs 7.5 lakh.
Repayment time up to 15 years at zero processing
fee Will have to pay tax. In this, 15 years time is given to repay the loan. Which starts from one year after taking the loan.
No guarantee needed
. Loans up to Rs 7.5 lakh are given by SBI only on the basis of parents and guardian of the house. It does not require any third party. But if you take a loan above Rs 7.5 lakh, you need a guarantor along with your parents.
Exemption
No margin is given on loans up to Rs.4 lakh. But if you take a loan above Rs 4 lakh, then you can get a margin of up to 5% for studies in India, up to 15% for studies abroad.
EMI generation
If the full interest is paid before the commencement of the repayment, the EMI is decided on the basis of the principal amount only. Otherwise, the EMI is fixed by adding it to the interest.
Loan Interest Rate Loans
up to Rs 7.5 lakh are charged an External Benchmark Based Lending Rate (EBLR) with an interest rate of 6.65% and a speed rate of 2.00%. That is, you have to pay 8.65% interest on the loan up to Rs 7.5 lakh. The same rate of interest is applicable for loans above 7.5 lakhs. At the same time, 0.50 percent interest exemption is also given for girl students.
