SBI Education Loan Calculator
State bank of India is one of the largest banker and one of the most reputed service brand in India. Being the largest public sector bank in India, SBI enjoys the trust of millions of retail customers for all their banking needs. They offer a huge array of loan products and offers for serving the requirements of every individual.
SBI education loan is a special-purpose term loan, which is granted to Indian nationals for pursuing higher education in India or abroad where admission has already been secured. The details of SBI education loan are given at the end of this blog post.
EMI Calculator For SBI Education Loan
If you are searching for an online SBI education loan EMI calculator, then please be informed that State Bank of India does not provide an online version of EMI calculator on their official website. All you can find their is a simple and trivial online calculator, which is not easy to search as it is buried deep inside the user menu. Even if you are able to find that calculator page, you may not be fully satisfied with its performance because – it does not take into account the current interest rate as applicable on the loan offer of your choice and also it does not create a loan amortization schedule.
Where To Get An SBI Education Loan Calculator
There are lots of websites on the internet which allow you to calculate the EMI and also provide you the monthly EMI schedule. The EMI schedule clearly tells you the exact date on which you are required to make the EMI payment to the bank and also it lets you know the different components of the EMI.
As you may be aware that the EMI comprises of two components namely – the loan repayment component, which is used to repay a part of the outstanding loan balance to the lender and the interest component, which is used to compensate the lender for providing money to you. An EMI schedule, clearly demonstrates how the interest component goes on decreasing with each successive EMI payment and how the loan repayment component increases with each successive EMI payment.
Here we present to you one such online calculator, which can easily perform as SBI education loan calculator and allow you to get the details of your education loan. This calculator is flexible enough to adjust itself in case you require to make extra payments along with the scheduled EMI payments for reducing your overall interest burden and reduced your loan term.
Documentation Required For Availing Education Loan From SBI
State bank of India offers flexible documentation requirements for providing education loans to Indian nationals. Following is a generalized list of the documents required.
- Completed education loan application form
- Mark sheets of last qualifying examination
- Proof of admission, scholarship, studentship et cetera
- Pan card of the student and the guardian as an identity proof.
- Bank account statement
- Copies of the income tax returns
- Statement of assets and liabilities
- Proof of income
Expenses Which Can Be Incurred With The Availed Education Loan From SBI
The SBI education loan can be used to meet the following expenses.
- Fees payable to do the college
- Examination/library/laboratory fees
- Purchase of books, equipment, instruments, uniforms, computers etc which are essential for the completion of the course
- Caution money deposit,, building fund, refundable deposits et cetera
- Travel expenses for a steady abroad
- Purchase of a two wheeler