Industry News Skills Development

SBI Skill Loan Up To Rs. 1.5 Lakh: Interest Rate, Repayment And More

State Bank of India or SBI is offering loans for professionals so that they can add new skills to their profile. SBI’s Skill Loans scheme enables “you to get professional certification from any college or course affiliated with the various institutions”, according to a tweet by India’s largest bank. The Skill Loans covers training at various training institutions besides National Skill Development Corporation and State Skill Corporation, said SBI, which recently updated its branding with a new monogram after its merger with six banks.

State Bank of India offers loans up to Rs. 1.5 lakh under the Skill Loan scheme. The Skill Loan comes with an effective interest rate of 9.5 per cent, based on an MCLR or marginal cost of funds-based lending rate of 8 per cent.

SBI’s Skill Loan scheme also offers a concession of 1 per cent for a full term, in case the interest is serviced promptly “as and when applied during the moratorium period, including course duration”, as per the bank’s website.

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State Bank of India is also offering 100 per cent financing on education loans up to Rs. 30 lakh with a repayment period of up to 15 years. Students can apply for term loans under SBI’s scholar loan scheme for pursuing higher education in select 120 premier institutions in the country – including several IIMs and IITs.

Meanwhile, five associate banks – State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and State Bank of Travancore (SBT) – and Bharatiya Mahila Bank are now part of SBI. With the merger effective March 31, 2017, SBI said it will join the league of top 50 banks globally in terms of assets.

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