State Bank of India (SBI) has announced an upgraded version of education loan for students who want to pursue higher education abroad and top grade universities in the city.
For the students, who pursue education in renowned institutes like IIT,IIM, special ‘scholar’ loans are designed on no security. These loans are given based on the reputation of the institutes that they study. Also, a loan of up to Rs 7.5 lakh will be given for education purposes in India on third party assurance, without collateral clause.
With the name ‘SBI Global Ed-vantage’, the loan, will now allow students to apply for Rs 1.5 crore with a repayment period extended up to 15 years. The loans were restricted up to Rs 30 lakh and collateral assurance which might not be sufficient for the student to complete the programme in reputed and top grade universities. Now, with the new scheme, student can avail loans from Rs 20 lakh and up to Rs 1.5 crore. For girl students, there is a 5 per cent reduction in interest rate.