The SBI Shaurya Education Loan is made to support the children and spouses of Defence, Coast Guard, and Central Armed Police Service Personnel. It helps them pursue higher education in India or abroad by reducing financial stress with flexible repayment options. This facility is intended to provide easy funds to obtain an excellent education from outside and offer future opportunities for development within families. This loan covers courses that range from undergraduate education to professional programs. Thus, the loan allows families to focus on their educational goals without any hindrance from financial matters.
Read moreNothing Is More Important Than Securing Your Child's Future
Invest ₹10k/month your child will get ₹1 Cr# Tax-Free* on Maturity
The SBI Shaurya Education Loan is available for the children and spouses of Defence, Coast Guard, and Central Armed Police Force personnel to meet education expenses both in India and abroad. It can be used for undergraduate, postgraduate, diploma, and professional courses, helping families pursue higher education without financial worries.
The loan covers all such expenses that can be used for study, including fees for tuition, transportation, hostel lodging, books, and other related expenses. This makes it an excellent addition to any child investment plan to prepare families to finance their child’s educational future. The loan repayment is also highly flexible, with a one-year moratorium on course completion before borrowers can start repaying. That is to give them time to financially settle down before they can start paying back the loans.
The SBI Shaurya Education Loan provides reasonably low rates of interest, as well as housing benefits to customers according to their needs. Below are the detailed structures regarding interest rates:
Without Collateral (up to â‚ą40.00 lakh): 10.65% to 11.15%
With Collateral (Above â‚ą7.50 lakh up to â‚ą1.50 crore): 10.15%
Additionally, there is a 0.50% concession in interest for female students.
The SBI Shaurya Education Loan offers a variety of benefits that make it an appealing option for eligible borrowers. Here are the key details:
Up to â‚ą40 lakh for studies in India and â‚ą1.5 crore for studies abroad.
Eligible borrowers can claim deductions under Section 80E of the Income Tax Act.
Repayment period of up to 15 years through EMI.
The interest rate for educational loans is 10.65% to 11.15% for amounts up to â‚ą40.00 lakh without collateral and 10.15% for amounts above â‚ą7.50 lakh up to â‚ą1.50 crore with collateral.
These features make the loan a great option for families planning their child’s education. It also fits well with a child education plan, giving financial support for a bright academic future.
To apply for the SBI Shaurya Education Loan, applicants must meet specific criteria. Here are the requirements:
The applicant must be the spouse or child of Defence Salary Package/Indian Coast Guard Salary Package/ Central Armed Police Force Salary Package account holder in SBI Bank.
The co-borrower must be an account holder with SBI, and their salary or pension account must remain with the bank for the entire loan period.
The student must be enrolled in a recognised institution for undergraduate, postgraduate, or professional diploma programs.
To apply for the SBI Shaurya Education Loan, the following documents will be required:
Proof of identity (Aadhar card, passport, etc.)
Proof of residence (utility bills, rental agreements, etc.)
Admission letter from the institution
Proof of income for the co-borrower (salary slips, pension statements, etc.
Academic records of the student
Before applying for the SBI Shaurya Education Loan, it’s important to understand the key terms and conditions such as:
The repayment period extends up to 15 years after the course completion and the moratorium period.
Repayment holiday for the duration of the course plus one year, or six months after job placement, whichever is earlier.
Free for loans up to â‚ą20 lakh; â‚ą10,000 (plus Taxes) for loans above â‚ą20 lakh.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance
plan.
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CARG 8%; ₹50,45,591 @ CAGR 4%
+Returns Since Inception of LIC Growth Fund
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.
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