SBI Education Loan

When it comes to pursuing higher education, the State Bank of India (SBI) stands as a reliable financial option offering comprehensive education loan schemes tailored to meet the diverse needs of parents and students. The loan schemes are available for various courses, including undergraduate, postgraduate, and professional courses.

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Investing in your child's future:A wise decision & a loving choice
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SBI Education Loan Schemes

Loan schemes  Loan limit  Interest Rate 
SBI Student Loan Scheme  Up to Rs.50 lakh 8.15% to 11.15%
SBI Scholar Loan Scheme 
  • A list: Rs.40 lakh
  • B list: Rs.30 lakh
  • C list: Rs.7.5 lakh to Rs.30 lakh
  • AA list: Rs.50 lakh
  • A list: IITs: 8.15% Other institutions: 8.65%
  • B list: NITs: 8.65%Other institutions: 9.15%
  • C list: NITs: 8.65%Other institutions: 9.65% 
  • AA list: IITs: 8.15% Other institutions: 8.20%
SBI Skill Loan Scheme  Up to Rs.1.5 Lakh  10.65% 
SBI Global Ed- Vantage  Rs.20 lakh-Rs.1.5 crore 11.15% 
SBI Takeover of Education Loan Scheme  Above Rs.10 lakh & up to Rs.1.5 crore  11.15%
SBI Shaurya Education Loan 
  • Up to Rs.40 lakh (studies in India) 
  • Up to Rs.1.5 crore (studies abroad)  
11.15% to 11.75%

What are the Features of SBI Education Loan?

Here are the key features of SBI Education Loans:

  1. Loan Amount:

    • Studies in India: The maximum loan limit can be considered up to Rs.50 lakh.

    • Medical Courses: Up to Rs.30 lakh can be availed.

    • Other Courses: Loans of up to Rs.10 lakh are available.

    • Studies Abroad: SBI extends support for international education with loans up to Rs.7.50 lakh.

    • Global Ed-vantage Scheme: For certain specialized courses abroad, a maximum limit of Rs.1.50 crore is applicable.

  2. Processing Charges:

    • Loans up to Rs.20 lakh incur no processing charges.

    • For loans above Rs.20 lakh, a nominal fee of Rs.10,000 plus tax is applicable.

  3. Repayment Period:

    • A flexible repayment period of up to 15 years is offered after the completion of the course.

    • A grace period of 12 months is provided as a repayment holiday.

  4. Security:

    • Loans up to Rs.7.5 lakh require only the parent or guardian as a co-borrower.

    • Amounts above Rs.7.5 lakh necessitate tangible collateral security in addition to a parent or guardian as a co-borrower.

  5. Margin:

    • No margin is required for loan amounts up to Rs.4 lakh.

    • For studies in India and abroad, the margin is 5.00% and 15%, respectively, for amounts above Rs.4 lakh.

  6. Courses Covered:

    In India:

    • UGC/AICTE/IMC/Government-approved graduation, post-graduation, including diploma courses.

    • Regular or degree courses by autonomous institutions such as IITs, IIMs, etc.

    • Central government or state government-approved teacher’s training or nursing courses.

    • Courses approved by the Director General of Civil Aviation or Shipping.

    Abroad:

    • Professional or technical graduation degree courses.

    • Post-graduation degree and diploma courses such as MCA, MBA, MS, etc.

    • Courses like the Chartered Institute of Management Accountants (CIMA) and Certified Public Accountant (CPA).

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  7. Expenses Covered:

    • College, school, or hostel fees.

    • Examination, library, or laboratory charges.

    • Books, equipment, instruments, or uniforms.

    • Purchase of computers and other essentials for course completion.

    • Caution Deposit/Building Fund/Refundable Deposit (up to 10% of total tuition fees).

    • Travel expenses for studies abroad, two-wheelers cost up to Rs.50,000.

    • Other expenses, including study tours and project work.

People also read: Child Education Plan

How to Apply for SBI Education Loan?

Here’s how you can apply for SBI education loan online and offline: 

  1. Offline Application:

    • Visit SBI branch: Walk into your nearest SBI branch with the required documents.

    • Fill and submit form: Obtain the application form at the branch, fill it out, and submit it with necessary documents.

  2. Online Application:

    • Visit SBI website: Go to the official SBI website.

    • Navigate to the Education Loan section: Find the 'Education Loan' section under 'Loans' or 'Personal Banking.'

    • Choose loan option: Select your preferred loan option.

    • Apply online: Click 'Apply Now' and complete the application on the Vidya Lakshmi website.

    • Register: Create a Vidya Lakshmi account by entering your details.

    • Await bank contact: After applying, a bank representative will contact you.

**SBI Scholar Loans are available in select campuses or mapped branches. Inquire at your institution or the specified branch for details.

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Standard T&C Apply *

What are the Documents Required to Get the SBI Education Loan?

To apply for an SBI Education Loan, ensure you have these documents ready:

  • Aadhar card

  • Passport

  • Course expense details

  • Self-declaration for a gap in studies (if applicable)

  • Officially Valid Documents (OVD) like driving license, voter ID card, and NREGA job card

  • One passport-size photograph of each of the student and parent/co-borrower/co-applicant

  • Mark sheets of 10th, 12th, graduation, and entrance examination

  • Latest salary slips and Form 16 or IT Return for salaried applicants

  • For loans above Rs 7.5 lakh, an asset-liability statement of the co-applicant or guarantor

  • Documents confirming scholarship or free ship

  • PAN of student and parent, guarantor, or co-borrower

  • Business address proof and latest salary slip for non-salaried applicants

  • Admission Letter or offer letter from the educational institution

  • If immovable property is offered as collateral, a copy of the Sale Deed is needed

  • The last six months' bank account statements of the parent, guarantor, or guardian

  • Letter with name and address issued by the National Population Register

What is the SBI Education Loan EMI Calculator?

Planning your educational expenses becomes more manageable when you have a clear understanding of your Equated Monthly Installments (EMI) on your State Bank of India (SBI) education loan. The SBI Education Loan EMI Calculator provides a comprehensive amortization table, breaking down your EMIs and helping you make informed financial decisions.

This user-friendly online tool provides quick insights into your Equated Monthly Installments (EMIs). Just input your loan amount, tenure, interest rate, and processing fee, along with any prepayment details, and click 'Calculate' for an instant breakdown of your EMIs.

People also read: Sukanya Samriddhi Yojana

FAQ's

  • Is it possible to secure additional interest concessions?

    Yes, a 1% interest concession is offered throughout the loan tenure if the interest amount is repaid during the course and moratorium period.
  • Will the SBI education loan cover on-campus accommodation expenses?

    Yes, the education loan from the State Bank of India covers fees for on-campus accommodation provided by the school, college authorities, or in a hostel facilitated by the educational institution.
  • If a student is not able to complete the course within its time duration, will an extension of time be permitted for its completion?

    Yes, if, for any reason beyond the control of the student, the course cannot be completed within its scheduled time duration, then the time required to complete it can be extended for up to two years. However, anything beyond the two years will require special sanction from the bank authorities and will be given according to their discretion.
  • Is there any discount on interest rates available, aside from those for female students?

    An interest rate reduction of 0.50% is applicable for students purchasing the SBI Rinn Raksha or other life insurance policies through the bank. This concession is accessible to applicants of both the SBI Student Loan Scheme and the SBI Global Ed-Vantage Scheme.
  • Does the moratorium period extend if a student pursues another course after completing the first one?

    Yes, if a student enrolls in another course after completing the first, the moratorium period extends for the entire duration of the second course. Repayment of the education loan commences only one year after completing the second course or six months after gaining employment, whichever comes first.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.
+Returns Since Inception of LIC Growth Fund
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^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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