Last Updated on January 30, 2022 by azamqasim
Ever thought of pursuing your education internationally? We know the discussions and the research one does. We have decided to make the journey easier for you. Let’s at length talk about SBI education loan interest, its types, and what is specifically SBI RinN Raksha.
In today’s time and age, it is advisable to arrange for funds for education through an educational loan. Wait! there’s a cherry on the cake and that is – to make sure you take a loan insurance coverage. It is an added advantage because in any untoward situation your immediate family need not repay your outstanding loan. Yes! You read that right. In simple words, the insurer repays the entire outstanding amount. So, let’s discuss one such bank that has such a promising scheme lined up for you. SBI, under its RinN Raksha, proves to be beneficial since it has a fixed interest rate which can further be lowered through the RinN Raksha policy.
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SBI education loans with the lowest interest rates
The google friendly youth on typing, ‘Top Education Loan Providers in India for Study Abroad’ – get nothing but SBI as the first option. The ruling factor is SBI proposes fixed and low-interest rates which are hassle-free and easily available. The SBI RinN Raksha under its policy pays off the full loan in the event of death. Furthermore, this can be availed under the umbrella of RinN Raksha Ed-loan and SBI is by far the biggest nationalized lender across the nation. All aspiring students need to do is pay a one-time premium to initiate the cover.
How does SBI offer educational loans?
SBI funds global higher education for ambitious professionals and technical graduates as well as postgraduate degree courses. The loan amount that SBI RinN Raksha offers takes care of tuition, exam, library fee, caution deposit and equipment cost, travel overheads, etc. SBI makes it hassle-free for those availing loans by offering a moratorium period where the full interest can be paid-up so that when the real loan payment tenure begins the scheduled installment is just the principal amount. Get more details here.
Why RinN Raksha?
SBI is nationally recognized dependable and significant when procuring an educational loan. SBI education loan interest rates have all doors open to avail user-friendly loans that have a floating rate of interest. The RinN Raksha covers the primary as well as the life of 2 co-borrowers. The best part is an aspiring student can opt to add tax benefits under the Income Tax Act, 1961. SBI routinely holds insurance awareness seminars to educate its customers about the advantages of insurance protection. RinN Raksha has the gold and platinum schemes to choose from. The RinN Raksha has a free trial period of 15 days from the date you receive the policy document. One receives a refund on the date of allocation along with deductions of balanced risk charges and the stamp duty charges.
Advantages of SBI RinN Raksha
This scheme can be availed by Indian students who have taken admission to any university in India or abroad. The key feature is that the repayment starts after the completion of one year in the enrolled program. The borrower has the option to increase the coverage of the loan to up to 120% of the loan at the beginning. The Gold plan permits you to a minimum 5-year policy term. As long as the premium is paid in full, in any possibility SBI pays the complete unsettled amount. In order to activate the RinN Raksha, the premium is paid. The premium can be paid off monthly, quarterly, or annually.
How SBI offers the lowest interest rate?
SBI education loan interest is the lowest as compared to the other contenders. It offers Flexi options and easy repayment options which make it the most resourceful and trusted name in India. One does not pay interest himself. In fact, the education loan pays for it. The premium being 1% of the loan amount, the candidate gets an additional 0.50% discount on the educational loan. SBI RinN Raksha literally comes with wings for students seeking education overseas. Right from the cover amount to premium to who you choose to cover under the scheme can be tailored by the applicant itself.
Moratorium and Duration:
The SBI education loan interest offers a moratorium of 3 months and can be extended to a maximum of 72 months. The term duration for the SBI RinN Raksha policy is a minimum of 2 years and goes to a maximum of 30 years.
The monetary security and relief that SBI RinN Raksha has to offer to an aspiring student and the immediate family members makes the policy a steal deal. Moreover, it keeps intact all rights of the possessions offered as collateral to the guarantor. This coverage scheme can be availed if a candidate is 16 or above and wants to pursue education internationally.
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