SBI Shaurya Education Loan

About the Scheme

The SBI Shaurya Education Loan is available for the children and spouses of Defence, Coast Guard, and Central Armed Police Force personnel to meet education expenses both in India and abroad. It can be used for undergraduate, postgraduate, diploma, and professional courses, helping families pursue higher education without financial worries.

The loan covers all such expenses that can be used for study, including fees for tuition, transportation, hostel lodging, books, and other related expenses. This makes it an excellent addition to any child investment plan to prepare families to finance their child’s educational future. The loan repayment is also highly flexible, with a one-year moratorium on course completion before borrowers can start repaying. That is to give them time to financially settle down before they can start paying back the loans.

Schemes & Rate of Interest

The SBI Shaurya Education Loan provides reasonably low rates of interest, as well as housing benefits to customers according to their needs. Below are the detailed structures regarding interest rates:

• Without Collateral (up to ₹40.00 lakh): 10.65% to 11.15%

• With Collateral (Above ₹7.50 lakh up to ₹1.50 crore): 10.15%

Additionally, there is a 0.50% concession in interest for female students.

Investment

Secure

Secure your child’s future with or without you

Start Investing

₹10,000/Month

& Get

₹1 Crore^*

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Features of the Scheme

The SBI Shaurya Education Loan offers a variety of benefits that make it an appealing option for eligible borrowers. Here are the key details:

1. Loan Amount

   Up to ₹40 lakh for studies in India and ₹1.5 crore for studies abroad.

2. Tax Benefits

   Eligible borrowers can claim deductions under Section 80E of the Income Tax Act.

3. Flexible Repayment

   Repayment period of up to 15 years through EMI.

4. Loan Security

   The interest rate for educational loans is 10.65% to 11.15% for amounts up to ₹40.00 lakh without collateral and 10.15% for amounts above ₹7.50 lakh up to ₹1.50 crore with collateral.

These features make the loan a great option for families planning their child’s education. It also fits well with a child education plan, giving financial support for a bright academic future.

Eligibility of the Scheme

To apply for the SBI Shaurya Education Loan, applicants must meet specific criteria. Here are the requirements:

• The applicant must be the spouse or child of Defence Salary Package/Indian Coast Guard Salary Package/ Central Armed Police Force Salary Package account holder in SBI Bank.

• The co-borrower must be an account holder with SBI, and their salary or pension account must remain with the bank for the entire loan period.

• The student must be enrolled in a recognised institution for undergraduate, postgraduate, or professional diploma programs.

Documents Required

To apply for the SBI Shaurya Education Loan, the following documents will be required:

• Proof of identity (Aadhar card, passport, etc.)

• Proof of residence (utility bills, rental agreements, etc.)

• Admission letter from the institution

• Proof of income for the co-borrower (salary slips, pension statements, etc.

• Academic records of the student

Most Important Terms and Conditions

Before applying for the SBI Shaurya Education Loan, it’s important to understand the key terms and conditions such as:

1. Repayment Period

   The repayment period extends up to 15 years after the course completion and the moratorium period.

2. Moratorium

   Repayment holiday for the duration of the course plus one year, or six months after job placement, whichever is earlier.

3. Processing Fees

   Free for loans up to ₹20 lakh; ₹10,000 (plus Taxes) for loans above ₹20 lakh.