There’s good news for students aspiring to get into the top B-Schools in India. State Bank of India (SBI) has slashed the education loan interest rate for top B-Schools to as low as 9.95%.These interest rates would be applicable to debt taken under the SBI Scholar Loan Scheme for studying at B-Schools falling under ' List A' . Loans for B-Schools falling under ' List B'would be available at 11.45%. Courses Covered Regular full time Degree /Diploma Courses through entrance test/ selection process. Full time Executive Management Courses like PGPX are also covered. No Certificate/Part-time courses are covered under this scheme. Interest rates List A
1% above base rate i.e., 10.70% p.a. at present Further concessions: 0.25% – work experience of more than 2 years 0.50% – with parent/ spouse/ guardian as co-borrowers 0.75% – collateral security >= the loan amount (effective rate of interest with all 3 concessions above not to be lower than 0.25%above base rate, presently 9.95% p.a.)
List B
1.75% above base rate i.e., 11.45% p.a. at present
Loan amount & Security Category
Maximum Loan Limit No Security, only Parent/ With tangible collateral of full value and Guardian as co-borrower Parent/ Guardian as co-borrower
List A List B
Rs. 20 lacs Rs. 7.5 lacs
Rs. 30 lacs Above Rs. 7.5 Lacs & upto Rs. 30 Lacs
Expenses covered • • • • • • •
Fees payable to college/school/hostel Examination/ Library/ Laboratory fees Purchase of books/equipment/instruments Caution deposit / building fund/ refundable deposit supported by Institution bills/ receipts [not to exceed 10% of the tuition fees for the entire course]. Travel expenses/expenses on exchange programme Purchase of computer/laptop Any other expenses related to education
B-Schools in List A Department of Management Studies, IIT Delhi Indian Institute of Management (IIM) Lucknow, Noida Campus Indian Institute of Management (IIM), Ahmedabad Indian Institute of Management (IIM), Bangalore Indian Institute of Management (IIM), Indore Indian Institute of Management (IIM), Kashipur Indian Institute of Management (IIM), Kolkata Indian Institute of Management (IIM), Kozhikode Indian Institute of Management (IIM), Lucknow Indian Institute of Management (IIM), Raipur Indian Institute of Management (IIM), Ranchi Indian Institute of Management (IIM), Rohtak Indian Institute of Management (IIM), Trichy Indian Institute of Management (IIM), Udaipur Indian School of Business (ISB), Hyderabad Indian School of Business (ISB), Mohali Campus Management Development Institute (MDI), Gurgaon Rajiv Gandhi Indian Institute of Management (RGIIM), Shillong SJSOM, IIT Mumbai Xavier Labour Relations Institute(XLRI), Jamshedpur B-Schools in List B Faculty of Management Studies (FMS), Delhi Indian Institute of Foreign Trade (IIFT), Delhi Indian Institute of Foreign Trade (IIFT), Kolkata Campus Indian Institute of Forest Management (IIFM), Bhopal Institute of Management Technology (IMT), Ghaziabad Institute of Rural Management, Anand (IRMA) Jamnalal Bajaj Institute of Management Studies (JBIMS), Mumbai Loyola Institute of Business Administration (LIBA), Chennai Mudra Institute of Communication (MICA), Ahmedabad NarseeMonjee Institute of Management & Higher Studies (NMIMS), Mumbai National Institute of Industrial training (NITIE), Mumbai Nirma Institute of Management, Ahmedabad S P Jain Institute of Management and Research (SPJIMR), Mumbai Symbiosis Centre For Management & HRD (SCMHRD), Pune Symbiosis Institute of Business Management (SIBM), Pune Tata Institute of Social Sciences (TISS), Mumbai Xavier Institute of Management (XIM), Bhubaneswar More details regarding the SBI Scholar Loan Scheme can be obtained by visiting the URL given below. https://www.sbi.co.in/user.htm
