SBI Education Loan [Interest Rate, Processing Fees, Tenure, Prepayment Charges 2022]



SBI Education Loan

About State Bank of India : On July 1, 1995, the State Bank of India (SBI) was established. State Bank of Saurashtra combined with SBI on August 13, 2008, bringing down the number of state banks from seven to six. The bank has gone through numerous mergers, renaming’s, and other changes. SBI's board of directors approved the absorption of State Bank of Indore on June 19, 2009, with SBI owning 98.3 percent of the bank. SBI is the world's 43rd largest bank and 221st on the Fortune Global 500 ranking of the world's largest firms in 2020

Headquarter: The State Bank of India is headquartered in State Bank Bhawan, M.C. Road, Nariman Point, Mumbai, Maharashtra, India

Number of employees: The State Bank of India has hired a maximum of 245,642 employees. This is understandably a huge number because the bank has an approximate number of 45 crores customers and has captured a whopping one-fourth of the market share in the banking sector.

Number of Branches & ATM: In India, the State Bank of India has 22,219 branches and 62,617 ATMs. Internationally, the State Bank of India has 229 branches in 31 countries.

Education Loan [Rate of Interest] : 8.15% to 8.65% Per Annum

Loan Amount : Up to Rs.7.5 Lakh & Above

Collateral security : If it's less than Rs. 7.5 Lakhs, only Parent/ Guardian as co-borrower. No need for Collateral Security or a third-party guarantee. If it’s above Rs. 7.5 Lakhs, you will need to prove that your parent/ Guardian is a co-borrower and has tangible collateral security.

Maximum Tenure : Repayment period extendable up to a maximum of 15 years after the end of course Period + 12 months of repayment holiday

Processing Fee : If the loan is less than 20 lakhs, there is no processing fee. If more, you will need to pay Rs 10000 + applicable taxes.

Prepayment Charges : Nil

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