SBI will offer skill loans for professionals of up to Rs. 1.5 lakh with an effective interest rate of 9.5 per cent, based on its MCLR or marginal cost of funds-based lending rate of 8 per cent. SBI’s skill loans scheme will enable professionals to get their certification from reputed institutions. The scheme will cover various training institutions besides National Skill Development Corporation and State Skill Corporation.
India largest lender SBI, which recently adopted a new brand identity after merger with its five associate banks and Bharatiya Mahila bank, said that they are offering 100 per cent financing on its education loans with a repayment period of up to 15 years. Under SBI loan offering, Indian students can apply for term loans up to Rs. 30 lakh for pursuing higher education in selected 120 premier institutions in the country including IIMs and IITs.
Nitish kumar launches a student credit card scheme for the students who have passed senior secondary education and wish to persue higher studies. This will be treated as Education Loan. The withdrawing limit will be upto 4 lakhs where interest rate will be born by the Bihar government.
The state cabinet gave its nod to Student Credit Card Scheme. Under this scheme, the 12th passout students can take education loans of up to Rs 4 lakh for pursuing higher education. The government will act as guarantor and provide support to the students to get loan from banks. The students who take admission to any recognised institution will be eligible for loan, irrespective of their financial background. The Bihar government will sign a memorandum of understanding this month with the banks and the interest rate will be kept at 2 per cent above the benchmark rate.
State Bank of India has increased its limit for overseas education loans to Rs. 1.5 crore from Rs. 30 lakh currently. SBI is also increasing loan amount of government guarantee loan to Rs. 7.5 lakh from Rs. 4 lakh. SBI is an improving demand for education loans since it combined with the government Vidya Lakshmi portal, and 10 percent of its education loan applications are already through the portal. The current education loan book of SBI stands at Rs. 15,000 crore and it is expecting a growth of 15 per cent and 20 per cent in number of loans disbursements respectively
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