How is education loan interest applied?

Generally the interest rate for educational loans is a percentage (usually around 1.5 \% to 2.5 \%, termed as spread) that is added on the existing MCLR (marginal cost of lending rate). Accordingly, the interest rates applicable on education loans can start from a low percentage of 11.25 \% of the principle amount.

Is SBI Education loan Fixed or floating?

Interest rates on Education Loans are floating, and vary with the changes in MCLR. SBI Education loan interest rates are in the range of 7.00\% and 9.30\%.

What is SBI education loan subsidy?

SBI Education Loan Subsidy is applicable to you if you belong to the following groups: Students need not pay interest accrued during the moratorium period. Students do not have to pay interest accrued during the moratorium period. According to SBI Education Loan details, the student must apply for these subsidy schemes.

What is the SBI education loan interest rate for international students?

The SBI Education loan interest rate for both Student loan scheme and the Global Edvantage scheme is 10.2\% for female students and 10.7\% for male students. Yes, for female students there is a 0.5\% reduction in the SBI Education Loan for abroad studies interest rate.

What is the repayment period for a SBI student loan scheme?

The repayment period for a SBI Student Loan Scheme is 15 years The interest rate is charged on base rate fixed by SBI as per RBI guidelines. Base rate fixed by SBI is 9.05\% The bank charges 10.55\% interest for loan amount upto INR 7.50 lacs

Do I have to pay back my SBI education loan while abroad?

There is no need to make any payment during this period.Your SBI Education loan repayment begins six months after course completion for both SBI Student Loan Scheme and SBI Global Edvantage Scheme. In most private banks and NBFCs, at least a partial amount of interest must be paid while your abroad studies is still in progress.