SBI Scholar Loans for IITs, IIMs, NITs, and More

About SBI Scholar Loan Scheme

The SBI Scholar Loan Scheme is a specialised education loan program tailored for students admitted to prestigious institutions like IITs, IIMs, NITs, and other renowned universities, both in India and abroad. This scheme provides attractive interest rates and a streamlined loan processing experience, offering students the financial support they need without stress. Students and parents looking for assistance with managing educational expenses might also be interested in exploring options like the SBI education loan. 

SBI Scholar Loan Rate of Interest

The interest rates under the SBI Scholar Loan Scheme are structured based on the institution's category, ensuring affordable financing for deserving students.

• Prime Institutions (IITs, IIMs, AIIMS, etc.): Rates start as low as 8.15% to 8.90 per annum.

• Other Recognised Institutions: Rates vary slightly but remain competitive.

• Interest Concession: A special 0.5% concession is available for female students.

Investment

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Secure your child’s future with or without you

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₹10,000/Month

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₹1 Crore^*

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Features of SBI Scholar Loan Scheme

• High Loan Amount: Up to INR 40 lakhs for studies in India and higher limits for studying abroad.

• No Collateral for Select Institutions(List C): Loans up to INR 7.5 lakhs are collateral-free.

• Flexible Repayment: Repayment period of up to 15 years.

• Tax Benefits: Avail deductions under Section 80E of the Income Tax Act.

• Moratorium Period: Course duration plus 12 months of grace period before repayment begins.

Planning for your child's future involves more than just choosing the right schools or extracurricular activities. Long-term financial security is just as important. Investing in a child investment plan ensures that their educational journey is supported without financial stress, paving the way for their success.

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Eligibility for SBI Scholar Loan Scheme

To qualify for the SBI Scholar Loan Scheme, the following criteria must be met:

• Nationality: The applicant must be an Indian citizen to be eligible.

• Admission: Admission must be secured in premier institutions like IITs, IIMs, NITs, or internationally renowned universities.

• Co-Borrower: A parent, guardian, or spouse with a stable income must co-sign the loan application.

Documents Required for SBI Scholar Loan

Applicants need to submit the following documents:

• Personal Documents: ID proof, address proof, passport-size photographs.

• Academic Documents: Admission letter, mark sheets, and certificates.

• Financial Documents: Income proof of co-borrower, Form 16, and bank statements.

• Loan-Specific Documents: Duly filled application form, proof of course expenses.

Important Terms and Conditions

Understanding the essential terms and conditions ensures clarity and smooth processing of your application.

• Loan Margin: 5% for Indian institutions and 15% for studying abroad.

• Security: Loans above INR 7.5 lakhs require collateral security.

• Insurance: Optional life insurance covers the student borrower.

• Penalty: Late payment penalties as applicable.

Learn more about education loans.