: The State Bank of India (SBI) has identified its branch at One Town in the city to process education loans. The bank would soon announce a few more branches for the convenience of students, who were looking for bank loans to pursue higher education.
Addressing a press conference here on Friday, SBI Regional Director Vijayawada (rural) S. Ravi Kumar said the SBI provides student loans up to Rs. 4 lakh which does not require any collateral collateral.
Loans between Rs. 4 lakh and Rs. 7.5 lakh would require a third party guarantee. For loans over Rs. 7.5 lakh, the borrower will need to produce tangible assets such as a house or land as collateral.
The SBI would also provide unsecured loans to students enrolled in leading institutions such as IITs and IIMs, he said.
‘SBI Global Ed-Vantage’
SBI AGA (Marketing) N. Subbarayan stated that the âSBI Global Ed-Vantageâ is a study abroad loan for students who wish to pursue higher education abroad. The loan amount ranges from Rs 20 Lakh to Rs 1.5 crore, up to 80% of the cost, of course, is eligible for funding with a 0.5% concession for female students, he said.
SBI PL officials Sivaramakrishna and Venkateswara Rao spoke.