State Bank of Patiala was founded in the year 1917 by Bhupinder Singh, Maharaja of erstwhile Patiala State. The bank became a subsidiary of State Bank of India in the year 1960 and was renamed as State Bank of Patiala


The State bank of Patiala offers the Education Loan To attend to the financial needs of students studying in the country’s premier management, medical, law, engineering colleges and other reputed institutes, SBP provides ‘Scholar Loans’.

The details of the Education Loan of the State bank of Patiala is given below :

Eligibility Criteria :

The student/applicant should be a citizen of India.
Applicant/student needs to secure admission to the course (for which the loan is availed) through a formal entrance test/selection process, after completion of his/her Class 10 and Class 12 exams (or equivalent).
If a reputed institute doesn’t conduct a formal entrance test selection procedure, it is still considered eligible to avail the loan.


Expenses Considered for SBP Education Loan

Fees payable to the student’s college/school.
Student’s hostel fees, provided he/she opts to stay in the residential campus.
Fee payable for the purpose of examination, library and laboratory.
Purchase of books, equipment, instrument and uniform required for the course pursued.
Cost of laptops/computers only if essential for completion of the course (maximum 20% of the total tuition fee payable for completion of the course).
Any caution deposit/refundable deposit/ building fund charged by the institution (maximum 10% of the tuition fee for the entire course).
For students studying abroad, travel expenses and passage money.
Cost incurred up to Rs. 50,000 for buying a two wheeler by/for the student’s use.
Other expenses incurred for completing the course. For instance, cost of project work, study tours, etc.
For students seeking admission under management quota seats (considered within the scheme), fees as approved by any Government approved regulatory or State Government for payment seats will be taken, subject to viability of repayment.

Quantum of Loan Amount:

For studies in India, the maximum loan amount that can be availed is Rs. 10 lakhs.
For studies abroad, the maximum loan amount that can be availed is Rs. 20 lakhs.

Interest rates

Loan Amount Interest Rates

Up to Rs. 7.50 lakhs Base Rate + 2.75% = 12.85% (currently)

Above Rs. 7.50 lakhs Base Rate + 1.75% = 11.85% (currently)

For more details you may visit to the Nearest branch of the State bank of Patiala