SBI Scholar Loan: State Bank of India allows repayment period of loan up to 15 years.

State Bank of India, the country's largest lender, offers different types of education loans to cover various needs of students. Scholar Loan, Global Ed-Vantage, Student Loan, Skill Loan and Take-over of Education Loans are some of the loan offerings for purpose of pursuing higher education. Among these, SBI Scholar Loan provides 100 per cent financing for pursuing higher education in select premier institutions of the country, State Bank of India noted on its website - sbi.co.in. (Also Read: ATM Card Rules: Transaction Charges Levied By SBI, Post Office Compared Here)

Here are details of interest rates, EMIs, eligibility for availing SBI Scholar Loan:

SBI provides 100 per cent financing facility for pursuing higher education under SBI Scholar Loan in select premier institutions of the country at zero processing fees. The loan can be availed by any Indian national upon securing admission to professional/technical courses in select premier institutions through entrance test or selection process.

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The 'select premier institutions' include IITs, IIMs, National Institute of Technology (NITs), Army College of Medical Sciences, Manipal Institute of Technology, Delhi College of Engineering and BITS Pilani among other institutions.

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Under Scholar Loans, State Bank of India allows repayment period of loan up to 15 years after course period and 12 months of repayment holiday.

Here are the details of loan amount and security required under the SBI's Scholar Loan:

Category Maximum Loan Limit No Security, only Parent/ Guardian as co-borrower With tangible collateral of full value and Parent/ Guardian as co-borrower List AA Rs. 40 lakh List A Rs. 20 lakh Rs. 30 lakh List B Rs. 20 lakh List C Rs. 7.5 lakh Rs. 30 lakh sbi.co.in

SBI Scholar Loan covers expenses like fees payable to college, school or hostel, examination, library or laboratory fees, purchase of books/equipment/instruments, caution deposit, building fund or refundable deposit supported by institution bills/ receipts and purchase of computer or a laptop.

Here are interest rates charged under SBI Scholar Loan facility:

SBI SCHOLAR LOAN SCHEME List 1 year MCLR Spread Effective Interest Rate Reset Period AA ROI 8.50% 0.20% 8.70% 1 year A All IIMs & IITs 8.50% 0.35% 8.85% 1 year Other institutes 8.50% 0.50% 9.00% 1 year B All NITs 8.50% 0.50% 9.00% 1 year Other institutes 8.50% 1.00% 9.50% 1 year C All NITs 8.50% 0.50% 9.00% 1 year Other institutes 8.50% 1.50% 10.00% 1 year sbi.co.in

The accrued interest during the moratorium period and course period is added to the principle and repayment is fixed in equated monthly instalments (EMI), SBI noted on its website.

If full interest is serviced before the commencement of repayment; EMI is fixed based on principle amount only, SBI added.