Is there any subsidy in SBI education Loan?
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Is there any subsidy in SBI education Loan?
Eligibility Criteria: The Scheme is available to students whose parents or family’s gross income is a maximum of Rs. 4.50 lakhs annually. The Scheme is available to students who take education loan for studying a professional or technical course in India. The interest subsidy is available to students only once.
How can I close my SBI education Loan Account?
To close a loan account:
- Click Requests > Closure of Loan A/C. A Closure of Loan A/C page appears.
- Select the loan account you wish to close.
- Select the transaction account which will be debited to close the loan. Figure 1 shows sample settings.
- Click [Submit].
What happens if I don’t repay loan?
When you fail to pay off the borrowed amount even after a certain period of time, the lender will report your loan account as a non-performing asset (NPA) to the credit bureaus. This will severely affect your credit history and bring down your credit score as well.
Can I cancel SBI education loan?
If students wish to cancel their loan after six months of disbursement, they will be required to repay the entire principal amount, along with the accrued interest of six months.
What is the SBI education loan prepayment policy?
SBI education loan prepayment: SBI does not charge students with any penalty if they repay the entire education loan before the tenure ends. Till about two years ago, government banks had an education loan repayment support scheme stating that candidates get to avail a 1\% rebate on regular payment of full interest during the moratorium period.
When will the repayment of SBI scholar loan start?
In case of SBI Scholar loans, repayment will start after the completion of course period and moratorium period (6 months after course completion). The accrued interest during the moratorium period and course period is added to the principle and repayment is fixed in Equated Monthly Installments (EMI).
What is the education loan moratorium period in SBI?
The moratorium period is one of the highlights of the education loan procedure in SBI. A moratorium is only applicable to education loans due to the nature of this type of loan. When students borrow an education loan in SBI, or any other similar government banks, they need not begin the loan repayment until after their course period gets over.
How is the SBI education loan interest rate calculated?
The SBI education loan interest rate is calculated on the basis of simple interest for the entire moratorium period which includes their entire course duration, plus six months/ a year post that. The moratorium period interest rate is applied to the education loan amount which is disbursed from time to time.