Investing in your future through education is important, and good institutions are available in India and abroad. To help you get the education you deserve, SBI offers education loans at affordable rates. The SBI education loans will provide the financial support needed to pursue quality education, covering tuition fees, living expenses, and other related costs.
The SBI education loan interest rates start at 8.05% making it easier for students to access funds for their studies. With flexible repayment options and various loan schemes, SBI supports students in achieving their educational aspirations.
The SBI education loan interest rates are competitive, ranging from 8.05% to 11.75% p.a. The interest rates differ for various education loan schemes based on several factors. Moreover, SBI offers an EMI calculator to help students calculate their EMIs for future payments.
SBI Education Loan Interest Rates
SBI education loans offer various schemes that will help students studying in India and abroad get the financial support they need. Below is an overview of the education loan schemes along with the SBI education loan interest rates:
| Scheme | Interest Rate (p.a.) | Loan Amount |
|---|---|---|
| SBI Student Loan | 11.15% | No Minimum or Maximum limit |
| Scholar Loan (IIT, IIM, NIT, etc.) | 8.05% to 9.65% | ₹7.5 Lakhs above |
| Studies Abroad | 11.15% | Up to ₹1.50 Crores |
| Skill Loan | 10.65% | ₹5000 to ₹1.5 Lakhs |
| Takeover of Education Loan | 11.15% | Up to ₹1.50 Crores |
| Shaurya Education Loan | 11.15% to 11.75% | Up to ₹1.50 Crores |
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SBI Education Loan EMI Calculator
With competitive SBI education loan interest rates, you can get low EMIs on your loans. Helping to make the repayments affordable and manageable for students. To understand the cost of the loan, students will need to know the estimated EMI amount. For this, SBI offers an education loan EMI calculator to help them with financial management for future payments.
The calculator is simple and easy to use, all they need to do is enter the loan amount, interest rate, and tenure of the loan. After which they will get an estimated EMI amount.
Your Amortization Schedule (Yearly/Monthly)
SBI Education Loan Schemes for Students
SBI offers a range of education loan schemes to support students pursuing higher studies in India and abroad. These schemes are designed to provide financial assistance with flexible repayment options and competitive interest rates.
SBI Student Loan Scheme
A term loan that a student can get for studying in India and abroad, here are the features of the loan:
| Features | Details |
|---|---|
| Loan Amount | No minimum or maximum amount. |
| SBI Education Loan Interest Rate | 11.15% p.a. |
| Repayment Term | Up to 15 years after course completion + 12 months repayment holiday. |
| Repayment Start | 1 year after course completion. |
| Processing Fee | Loans up to ₹20 lakhs: NIL Loans above ₹20 lakhs: ₹10,000 (plus taxes) |
| Security | Up to ₹7.5 lakhs: No collateral Above ₹7.5 lakhs: Collateral loan |
| Margin | Up to ₹4 Lakhs: Nil Above ₹4 Lakhs: 5% for studies in India, 15% for studies in abroad |
SBI Scholar Scheme
This loan is offered to students who are pursuing higher education in Select Premier Institutions in India. The features of the loan are:
| Features | Details |
|---|---|
| Loan Amount and Security | List AA: ₹50 lakhs (no security), no upper limit (with collateral) List A: ₹40 lakhs (no security), no upper limit (with collateral) List B: ₹30 lakhs (no security), no upper limit (with collateral) List C: ₹7.5 lakhs (no security), ₹30 lakhs (with collateral) |
| Interest Rate | 8.05% to 9.65% p.a |
| Repayment Term | Up to 15 years after course completion + 12 months repayment holiday. |
| Processing Fee | No processing fee |
SBI Global Ed-vantage Scheme
Students can get financial aid for studying a regular graduate degrees, postgraduate degrees, diplomas, certificates, or doctoral degrees in various countries. The features are as follows:
| Features | Details |
|---|---|
| Loan Amount | Above ₹7.5 lakhs to ₹1.50 Crores. |
| Interest Rate | 11.15% p.a. |
| Repayment Term | Up to 15 years after course completion + 12 months repayment holiday. |
| Tax Benefits | Under Section 80(E) |
| Processing Fee | ₹10,000 per application |
| Security | Collateral loan |
| Margin | Scholarships can be included |
SBI Skill Loan
This loan is offered to students who are pursuing skill development courses in India. The features of the loan are:
| Features | Details |
|---|---|
| Loan Amount | ₹5000 to ₹1,50,000. |
| Interest Rate | 10.65% p.a |
| Repayment Term | For up to ₹50,000: 3 years For loans between ₹50,000 – ₹1 lakh: 5 years For loans above ₹1 lakh: Up to 7 years |
| Security | No collateral required |
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SBI Takeover of Education Loan
Students can reduce their monthly EMIs by switching their high-cost education loans to SBI. The features of the loan are:
| Features | Details |
|---|---|
| Loan Amount | ₹10 lakhs to ₹1.50 Crores |
| Interest Rate | 11.15% p.a. |
| Repayment Term | Up to 15 years. |
| Top-Up Loan Facility | Available |
| Security | No collateral required |
Shaurya Education Loan
The Shaurya education loan offers financial support to Defence and Indian Coast Guard personnel for studying in India and abroad. The features of the loan are:
| Features | Details |
|---|---|
| Loan Amount | For studying in India: Maximum ₹40 lakhs For studying abroad: Maximum ₹1.50 Crore |
| Interest Rate | 11.15% to 11.75% |
| Repayment Term | Up to 15 years after course completion + 6 months grace period. |
| Income Tax Benefit | Under Section 80(E) |
| Processing Fee | Loans up to ₹20 lakhs: NIL Loans above ₹20 lakhs: ₹10,000 (plus taxes) |
| Margin | Up to ₹4 Lakhs: Nil Above ₹4 Lakhs: 5% |
SBI Education Loan Eligibility
Several eligibility criteria must be met so that students can get an SBI education loan. These criteria will differ from different schemes, as each scheme will have various requirements. The eligibility criteria are as follows:
SBI Student Loan Eligibility
- Must be an Indian National
- Must have secured admission for higher education in India or abroad.
SBI Scholar Loan Eligibility
- Must be an Indian citizen
- Must have secured admission for professional or technical courses in select premier institutions through an entrance examination or selection process.
SBI Studies Abroad (Global Ed-Vantage Scheme) Eligibility
- Students can get funds for regular graduate, post-graduate, diploma, certificate, or doctorate courses from recognized foreign institutes in the USA, UK, Canada, Australia, Singapore, Japan, Hong Kong, New Zealand, and select European countries covered under the scheme.
Skill Loan Eligibility
- Must be enrolled in schools, training institutions or courses affiliated with the National Skill Development Corporation (NSDC) or other sectors where they can get certificates, diplomas, or degrees as per the National Skill Qualification Framework (NSQF) and are eligible for a Skilling Loan.
Takeover of Education Loan Eligibility
- The loan must be a first-time takeover.
- The student-borrower should be a legal adult at the time of transfer.
- The loan should have been fully disbursed.
- Repayment must already have begun with regular EMIs recorded by the other bank or financial institution.
Shaurya Education Loan Eligibility
- Must be wards of Defense & Indian Coast Guard Personnel.
- The parents who are co-borrowers must have a Defense Salary Package or an Indian Coast Guard Salary Package account in SBI.
- The Salary or Pension account of the co-borrower should be with SBI throughout the loan tenure.
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Document Required For SBI Education Loan
Several documents are required to get an SBI education loan, the documents required may differ from one scheme to another. These are:
- Academic Documents: Mark sheets of 10th, 12th, and Graduation (if applicable) and entrance exam results (if applicable).
- Proof of Admission: Offer letter, admission letter, or student ID card (if available) and schedule of course expenses.
- Financial Documents: Salary slip (for salaried individuals), form 16 or latest IT returns (ITR-V), bank account statement for the last six months (for parents/guardians/co-borrowers), and asset-liability statement (for loans above ₹7.5 lakhs).
- Scholarships & Financial Aid: Copies of letters granting scholarships, free-ships, etc.
- Photographs: Passport-sized photographs of student, parent, co-borrower, and guarantor (1 copy each).
- Gap Certificate (if applicable): Self-declaration from the student for any gap in studies.
- Identification Documents: Passport (mandatory for studies abroad), Aadhaar Card (mandatory for interest subsidy schemes), PAN card (for student, parent, co-borrower, and guarantor).
- Collateral Documents: Sale deed and title documents for immovable property (if offered as collateral) and photocopy of liquid security if applicable.
- Other Documents: Utility bills (for address proof if the address on the provided OVD is not updated), pension payment orders, property tax receipts, or employer accommodation allotment letters.
- Officially Valid Documents (OVDs): One attested copy of passport, driving licence, aadhaar card, voter ID, job card (NREGA), or letter from the National Population Register containing name and address details.
- Proof of Address (if OVD lacks updated address): If the Officially Valid Document (OVD) does not have an updated address, you can provide a recent utility bill (not older than two months), property or municipal tax receipt, pension, or family pension payment orders (PPOs) from government departments or public sector undertakings, with address details or letter of accommodation allotment from the employer.
- Updated OVD: If the temporary address proof is provided, the customer must submit an updated OVD with the current address within three months.
Documents Needed for Takeover of Education Loan
The documents required for availing of a Takeover of Education loan scheme from SBI are:
- Completely filled-in Loan Application Form
- 2 passport-size photographs
- PAN Card of the student and Parent or Guardian or other co-borrower
- Aadhaar Card of the student and Parent or Guardian or other co-borrower
- Proof of Identity (Driving Licence, Passport, Aadhaar, or any other acceptable photo identity as per KYC norms)
- Proof of Residence (Driving Licence, Passport, Electricity bill, or Telephone bill)
- Proof of Income: Salary slips or Form 16 of Parent, Guardian, or other co-borrower.
- 6 months bank account statement of the Student, Co-borrower, or Guarantor.
- IT return or IT assessment order, of previous 2 years, of Parent, Guardian, or other co-borrower (if IT Payee)
- Brief statement of assets & liabilities of Parent, Guardian, or other co-borrower.
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