SBI Education Loans provide flexible and affordable financing options for students pursuing higher education in India and abroad. With various schemes offered to meet different needs and profiles, SBI ensures that financial constraints do not hinder students from achieving their academic goals. The loans come with competitive interest rates, tax benefits, and flexible repayment options, making them a popular choice among students and parents alike.
SBI Education Loans help students achieve their educational goals in India and abroad, offering flexible loan options with interest rates starting from 8.50% per annum. The bank provides loans up to ₹1.5 crore, covering expenses like tuition fees, books, and travel.
SBI Education Loan Interest Rates
SBI offers various education loan schemes with competitive interest rates. The interest rates are linked to the External Benchmark Rate (EBR) and will vary (i.e. floating) for the entire loan period. Here is a table showing the interest rates for SBI Student Loan schemes:
| Schemes | Loan Amount | Interest Rates (p.a.) | Processing Fees |
|---|---|---|---|
| SBI Student Loan | Up to ₹7.5 Lakh & Above | 11.15%. | Loans up to ₹20 lacs: NIL Loans above ₹20 lakhs: ₹10,000 (plus taxes) |
| SBI Scholar Loan | ₹7.5 to ₹50 Lakhs & Above | 8.05% to 9.65% | Nil |
| SBI Skill Loan | ₹1.5 lakh | 10.65% | Nil |
| Studies Abroad (SBI Global Ed-Vantage) | Above ₹7.5 Lakhs to ₹1.5 Crore | 11.15% | ₹10,000/- per application. |
| SBI TakeOver Education Loan | Above ₹10 Lakhs to ₹1.5 Crore | 11.15% | Nil |
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SBI Education Loan Eligibility
To qualify for an SBI education Loan, applicants must meet specific criteria:
- Nationality: The applicant must be an Indian citizen.
- Age: While there’s no strict age limit, the student should have secured admission to an eligible course.
- Course: The loan is available for students pursuing professional, technical, and regular academic courses at recognized institutions in India or abroad. Courses eligible include graduation, post-graduation, and professional courses like medicine, engineering, management, etc.
- Institution: The educational institution must be recognized by the appropriate authorities in India or abroad.
- Co-borrower: A parent, guardian, or spouse needs to act as a co-borrower for the loan.
SBI Education Loan EMI Calculator
The SBI Education Loan EMI (Equated Monthly Installment) Calculator is a handy tool that helps applicants estimate the monthly repayment amount for their loan. Utilize the EMI calculator to calculate your EMI easily.
Your Amortization Schedule (Yearly/Monthly)
Here’s how it works:
Step 1: Enter the amount you plan to borrow.
Step 2: Input the applicable interest rate. SBI offers rates starting from 8.50% per annum.
Step 3: Specify the loan repayment period, typically ranging from 10 to 15 years.
Step 4: The calculator will instantly compute the EMI based on the provided inputs, giving you an idea of how much you’ll need to repay monthly.
Documents Required For SBI Education Loan
When applying for an SBI Education Loan, the following documents are typically required:
- Identity Proof: Passport, Voter ID, PAN Card, or Aadhaar Card.
- Address Proof: Utility bills, Aadhaar Card, Passport, or Voter ID.
- Academic Records: Mark sheets of the last qualifying examination, proof of admission, and entrance exam results (if applicable).
- Fee Structure: A detailed fee structure from the educational institution.
- Income Proof of Co-borrower: Salary slips, Form 16, bank statements, and Income Tax Returns of the co-borrower.
- Collateral Documents: If the loan amount exceeds ₹7.5 lakhs, documents related to the property or any other collateral offered must be provided.
- Passport-size Photographs: Recent photographs of the applicant and the co-borrower.
- Loan Application Form: The duly filled and signed application form provided by the bank.
Please note that the eligibility criteria and the required documents may vary depending on the specific SBI Education Loan scheme you choose. It’s important to review the details of each loan type to ensure you meet all the requirements and have the appropriate documentation ready when applying.
SBI Education Loan Schemes
Here’s a comparative overview of the various SBI Education Loan schemes, highlighting their interest rates, processing fees, collateral requirements, eligibility criteria, and loan tenures to help you make an informed decision.
SBI Student Loan Scheme
Indian Overseas Bank Gold Loans have simple eligibility criteria that are simple, making it easy for you to access funds by pledging their gold. These are:
- Loan Amount: Up to ₹7.5 Lakhs & Above
- Interest Rate: 11.15% p.a.
- Processing Charges: No charges up to ₹20 lakhs. Above ₹20 lakh, a fee of Rs. 10,000 + GST.
- Collateral: Only parent/guardian as co-borrower, no collateral or third party guarantee up to ₹7.5 lakhs. Above ₹7.5 lakhs parent/guardian as co-borrower and tangible collateral security.
- Loan Repayment Period: Up to 15 years after the course period + 12 months of repayment holiday.
- If full interest is serviced before the commencement of repayment; EMI is fixed based on principle amount only.
SBI Scholar Loan Scheme
The scheme provides loans to students for higher education in selected premier organizations of the country.
- Loan Amount: ₹7.5 to ₹50 Lakhs & Above
- Interest Rate: 8.05% to 9.65% p.a.
- No Processing Fee
- Loan Repayment Period: Up to 15 years after the course period + 12 months of repayment holiday.
| College Category | No Security, only Parent as co-borrower | tangible collateral of full value + Parent/ Guardian as co-borrower |
|---|---|---|
| List AA | ₹50 Lakhs | No upper limit |
| List A | ₹40 Lakhs | No upper limit |
| List B | ₹30 Lakhs | No upper limit |
| List C | ₹7.5 Lakhs | No upper limit |
SBI Skill Loan
A skill loan is offered by SBI for Indian nationals to pursue skill development courses in India.
- Loan Amount: Up to ₹1.5 lakh
- Interest Rate: 10.65% p.a.
- Collateral: No collateral or third-party guarantee is required.
- No Processing Fee
| Up to ₹50,000 | Up to 3 years |
| ₹50,000 to 1 lakh | Up to 5 years |
| Above 1 lakh | Up to 7 years |
SBI Global Ed-Vantage Scheme
This scheme provides loan to study abroad for Graduate Degree / Post-Graduate Degree / Diploma / Certificate / Doctorate courses.
- Loan Amount: Above ₹7.5 lakhs to ₹1.5 crore.
- Interest Rate: 11.15% p.a.
- Processing Charges: ₹10,000/- per application
- Collateral: Tangible collateral security is required. Collateral provided by a third party (other than parents) is also acceptable.
- Loan Repayment Period: 15 years.
- Tax Benefit: Under Section 80(E)
SBI Takeover of Education Loan
- Loan Amount: Above ₹10 lakhs to ₹1.5 crore
- Interest Rate: 11.15%
- No Processing Fee, No Hidden Charges
- Collateral: The bank requires collateral security of at least 100% of the proposed loan amount for acceptance.
- Loan Repayment Period: Flexible repayment options upto 15 years.
- You can also switch your existing high-cost education loan to SBI and reduce your monthly EMIs.
Features & Benefits of SBI Education Loan
SBI Education Loans come with a range of features and benefits that make them an attractive option for students and parents:
- Flexible Loan Amounts: Loan amounts vary depending on the course and institution, with funding up to ₹1.5 crore for specific cases like the Global Ed-Vantage scheme.
- Competitive Interest Rates: Interest rates start as low as 8.50% per annum, with special rates available for students in premier institutions.
- Comprehensive Coverage: Loans cover a wide range of expenses, including tuition fees, books, equipment, travel, and living expenses.
- Repayment Flexibility: SBI offers a moratorium period (repayment holiday) that covers the course duration plus 6 months to 1 year after completion. The repayment tenure can extend up to 15 years.
- No Collateral for Smaller Loans: For loans up to ₹7.5 lakhs, no collateral is required, though a co-borrower is necessary.
- Tax Benefits: Interest paid on education loans is eligible for tax deduction under Section 80E of the Income Tax Act.
- Easy Application Process: Both online and offline application processes are available, making it convenient for applicants.
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SBI Education Loan Scheme for Study Abroad
The SBI Global Ed-Vantage scheme is specifically for students aspiring to pursue higher education abroad. Here are the key highlights:
- Loan Amount: Loans above ₹7.5 lakhs to ₹1.5 crore are available, depending on the course and institution.
- Interest Rate: Competitive rates start at 11.15% per annum.
- Repayment: The loan repayment can start 6 months after completing the course, with a tenure of up to 15 years.
- Expenses Covered: The loan covers tuition fees, living expenses, travel, insurance, and other related costs.
- Eligible Courses: The scheme applies to full-time graduate and postgraduate courses in top-ranked institutions in countries like the USA, UK, Canada, Australia, Singapore, Japan, Hong Kong, New Zealand, and various countries in Europe.
- Collateral: Collateral security is required for this loan.
SBI Education Loan Scheme to Study in India
SBI offers two primary education loan schemes for students pursuing higher education in India: the SBI Student Loan Scheme and the SBI Scholar Loan Scheme. These schemes are tailored to meet the financial needs of students enrolling in a wide range of academic courses, from undergraduate to postgraduate and professional programs.
SBI Student Loan Scheme
The SBI Student Loan Scheme is designed for students who wish to pursue higher education in recognized institutions across India. This scheme provides financial assistance to cover various educational expenses, ensuring that students can focus on their studies without financial stress.
Key Features:
- Loan Amount: Up to ₹10 lakhs for studies in India.
- Interest Rate: Competitive rates range from 11.15% per annum.
- Security:
- Loans up to ₹7.5 lakhs: No collateral required; only a parent or guardian as a co-borrower.
- Loans above ₹7.5 lakhs: Tangible collateral security required, along with a parent or guardian as a co-borrower.
- Repayment Tenure: Up to 15 years after the completion of the course, with a 12-month repayment holiday.
SBI Scholar Loan Scheme
The SBI Scholar Loan Scheme is specifically designed for students who have secured admission to premier institutions in India, such as IITs, IIMs, NITs, and other top-ranked universities. This scheme offers more favorable terms, including lower interest rates and higher loan amounts, reflecting the potential of these students to secure high-paying jobs post-graduation.
Key Features:
- Loan Amount: Varies based on the institution category, with higher amounts available for students in top-tier institutions.
- Interest Rate: Lower interest rates, ranging from 8.05% to 9.65% per annum, depending on the institution.
- Processing Fee: No processing fee for this scheme.
- Security:
- Collateral is required for students enrolled in List A & List C institutions.
- No collateral is required for students in top-tier institutions (List B).
- Repayment Tenure: Up to 15 years after the course ends, with a 12-month repayment holiday.
- Eligibility: Open to Indian nationals who have been selected through a recognized admission process or entrance test.
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Apply for SBI Education Loan from SBI
Here’s a step-by-step guide on how to apply for an SBI Education Loan, whether you prefer the convenience of an online application or the personalized approach of an offline method.
Apply for SBI Student Loan Online
If you intend to apply for the SBI Educational Loan online, follow these steps:
- Visit the Education Loan Platform on the official website of the State Bank of India.
- Choose the type of education loan you wish to apply for, categorized by studying within the country or abroad.
- On the new page, click on the “Apply Now Online” tab.
- Complete the application form with all the required information and submit it.
- Select the specific loan type you want and provide any additional details needed for quick processing.
Apply for SBI Student Loan Offline
If you prefer to apply for the SBI Educational Loan offline, follow these steps:
- Visit the Education Loan Platform on the official website of the State Bank of India.
- Choose the type of education loan you wish to apply for, categorized by studying within the country or abroad.
- On the new page, click on the “Get a Callback” tab.
- Fill out the form with the necessary details and submit it.
- Enter the OTP received and click on the “Confirm” tab.
- You will receive a callback from the SBI customer care team specializing in education loans. During the call, you can discuss how to proceed with the education loan application.
SBI Education Loan Repayment Process
SBI offers various education loans, each with specific repayment rules tailored to different loan types. Below is an overview of the repayment rules for the various SBI education loans.
SBI Student Loan Repayment Rules
- Repayment starts one year after the completion of the course.
- The loan must be repaid within 15 years from the commencement of repayment.
- If a second loan is taken for higher studies, the combined loan amount must be repaid within 15 years after completing the second course.
SBI Scholar Loan Repayment Rules
- The loan is to be repaid in EMIs over a maximum term of 15 years (180 EMIs). The EMI payments begin 12 months after course completion or 6 months after securing employment, whichever occurs first.
- If a second loan is taken for higher education during this period, the combined loan amount can be repaid over 15 years after completing the second course.
SBI Global Ed-Vantage Loan Repayment Rules
- Repayment begins 6 months after the course is completed.
- The repayment period lasts up to 15 years.
- Interest accrued during the course and grace period is added to the principal amount, with EMIs calculated accordingly.
SBI Skill Loan Repayment Rules
- Loan amounts up to ₹50,000 can be repaid within 3 years.
- Loans between ₹50,000 and ₹1 lakh can be repaid within 5 years.
- Loan amounts exceeding ₹1 lakh can be repaid within 7 years.
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