Upto Rs.20 Lakh – SBI Education Loans

SBI Education loans are for both domestic and international courses. You can get a loan to study for both vocational and professional degrees. Offers interest rates start at 6.65%.

SBI Education Loans Schemes 

1] SBI Student Loan

  • Maximum loan amount more than 20 lakhs
  • Repayment period up to 15 years after completion of the course with 12 months grace period.
  • Processing fee applied above 20 lakhs of Rs.10,000 + GST.
  • Up to loan amount Rs. 7.5 lakhs no collateral or guarantor required.
  • Interest rates applied 8.65% pa 
  • For Girls 0.5% discount on interest rate

2] Scholar Loans

  • Maximum loan amount more than 40 lakhs
  • Repayment period up to 15 years after completion of the course with 12 months grace period.
  • Processing fee applied – NIL.
  • No collateral needed, only guardian as co-borrower.
  • Interest rates applied 6.65%- 8.15% pa 
  • Indian National who is chosen via passing entrance exam or selection process.
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3] Studies abroad – SBI Global ED-vantage

  • Maximum loan amount more than 1.5 crores 
  • Repayment period up to 15 years after completion of the course with 12 months grace period.
  • Processing fee applied – Rs.10,000
  • Tax Benefit under section 80(E)
  • Interest rates applied 6.65%- 8.65% pa 
  • Online application process

4] Skill Loan

  • Minimum loan amount Rs.5,000 and Maximum 1.5 lakhs
  • Loan Repayment
    • Up to 50,000 – 3 years
    • 50,000 to 1 lakh – 5 years
    • More than 1 lakh – 7 years
  • No collateral needed
  • Processing fee applied – NIL.
  • Interest rates applied 6.65%- 8.15% pa 

5] Takeover Education Loan

  • Switch your education loan to SBI and you can reduce your EMIs
  • Minimum loan amount Rs.5,000 and Maximum 1.5 lakhs
  • Repayment period up to 15 years after completion of the course with 12 months grace period.
  • Processing fee applied – NIL.
  • Interest rates applied 6.65%- 8.65% pa
  • For Girls 0.5% discount on interest rate

Eligible Courses for studying abroad

  • Regular Graduate Degrees
  • Regular Post-Graduate Degrees
  • Diploma Courses
  • Certificate Courses
  • Doctorate

How to apply for SBI Education Loans

Offline Application

  • Visit your nearest SBI branch.
  • Take all the required documents with you.
  • Understand the terms and conditions applied.
  • Fill out the application form and submit it. 
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Online Application

  • Go to the SBI website 
  • Click on loans, Select Education loans
  • You will be directed to the educations loans various schemes page
  • Choose the scheme you required
  • Click on Apply now
  • An application form will be opened
  • Fill in the details asked 
  • Submit the documents asked
  • Submit the application

Basic Documents required for SBI Education loans

For student

  • ID proof (Voter id/adhar card/passport/PAN card/Driving license)
  • Address proof
  • Passport size photo
  • Academic records 
  • Admission proof – offer letter/admission letter
  • Bank statements of past 1 year
  • If any other loan is taken, that loan details

For Co-applicant

  • ID proof (Voter id/adhar card/passport/PAN card/Driving license)
  • Address proof
  • Passport size photo
  • Bank statements of past 1 year
  • If any other loan is taken, that loan details

SBI Interest Subsidy Schemes

Dr. Ambedkar Central Sector Scheme – This scheme is applied for higher studies abroad linked with an education loan scheme for students who want to pursue a master’s degree. This scheme is for Economically week class. 

Padho Pradesh Scheme – This scheme is also applied for higher studies abroad linked with an education loan scheme for students who want to pursue a master’s degree. This scheme is for the Economically weak class and minority section of society.

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Contact Details

Call – 1800110009/ 18004253800

Official Website – SBI Education Loans

FAQs

1] What are the SBI education loan concession rates for girls?

SBI provides a 0.5% concession on education loans for girls.

2] If any computer or laptop is required for the related course, is this purchase covered in the education loan scheme?

Yes, you can buy the computer or laptop required. It is covered in the loan scheme.

3] Did I get my loan in lump sum amount?

No, SBI provides loans in parts according to your fee structure and requirement, not in a lump sum.

4] Can I get any further concession?

Yes, you will get a 1% concession if you repay your loan within the repayment period.

5] If students don’t complete the course during the course duration, will an extension of the period be granted?

If students do not complete the course in a given duration for any reason 2 years extension period will be granted. But, if more than 2 required you need to avail special sanction from Bank. 

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