State Bank of India (SBI) has announced through a recent tweet that it is offering an interest rate of 8.5 per cent on education loans for studying in select business schools.
The B.School in this list include Indian Institute of Management (IIM)-Ahmedabad, IIM-Calcutta and Indian School of Business-Hyderabad or ISB-Hyderabad among others. SBI which recently unveiled a new brand identity after merging its operations with six other banks, as reported in NDTV
Following are the list of AA Institutes that are listed on SBI Education loan Website. Students who have got admission to these B. Schools are eligible for education loan with an interest rate of 8.5%
1. Indian Institute of Management (IIM), Ahmedabad
2. Indian Institute of Management (IIM), Calcutta
3. Indian Institute of Management (IIM), Bangalore
4. Indian Institute of Management (IIM), Kozhikode
5. Indian School of Business (ISB), Hyderabad
6. Indian School of Business (ISB)-Mohali Campus
7. Xavier Labour Relations Institute (XLRI), Jamshedpur
For studying in other IIMs, IITs and Institutes of Higher Learning as categorized under List of A Graded Institutes, the interest rate hs been fixed fro, 9.35% to 9.55%. For these Institutes SBI gives a maximum upto Rs. 20 Lacs without collateral and upto Rs. 30 Lacs with collateral
The repayment would begin one year after the course period or six months after you get a job, whichever is earlier. You are expected to pay a minimum amount equivalent to the EMI on a monthly basis. However, you can choose to pay more than the EMI, and we do not charge any prepayment penalty.
The loan is available from all branches in metro/urban areas as well as those having personal banking divisions.