SBI Education Plus is a type of loan which is specially designed for employed persons who want to pursue distance education, part-time or evening courses for career enhancement.The scheme provides finance to such persons who aim at career growth through these courses but are unable to pay the fees in one lump sum.
Who is eligible to avail this loan?
Individuals who are below the age of 45 and who are permanent employees of State, Central, PSUs or Reputed Private Sector Companies with a minimum service of 2 years and who have secured seat for pursuing higher studies in the distance education and also part time courses (evening, etc).
A consent letter from the employer for pursuing the proposed course will be required.
What are the courses eligible?
Course which are eligible are distance education and Part Time Courses (evening, etc.) leading to Diploma/ Degree/Post Graduation conducted by colleges or universities which are approved by UGC, Govt, AICTE, AIBMS, ICMR, IGNOU, etc., and other reputed approved institutions.
Loan amount will depend on your net monthly income (NMI) which will be usually 5 times you NMI and maximum of Rs 1, 00,000/-. and minimum amount will Rs.25,000/-. Indivdiuals will have to pay 10% of margin.
Repayment should be done within 60 months in Equated Monthly Installments (EMI) commencing from one month from the date of disbursement. There will be no penal charges will be levied in case of early repayment of loan by borrowers.