State Bank of India (SBI) provides a variety of education loans with interest rates starting at 8.15%. These loans feature flexible repayment options, including a moratorium period after course completion. Borrowers can repay the loan early without any penalty charges. Some loans offer interest concessions specifically for female students.

SBI's student loans are available for both domestic and international studies, covering professional and vocational courses. Additionally, SBI supports takeover loans, letting you exchange high-interest loans for SBI loans at more competitive rates. Explore below to discover the features, interest rates, and application details for SBI education loans.

Compare SBI Education Loan Schemes for Students

Here are the details of the various education loan schemes offered by SBI:

• SBI Student Loan Scheme
  • Loan limit: Up to ₹50 lakh
  • Interest Rate: 8.15% p.a. to 11.75% p.a.
• SBI Scholar Loan Scheme
  • Loan limit:
    • AA list: ₹50 lakh
    • A list: ₹40 lakh
    • B list: ₹30 lakh
    • C list: ₹7.5 lakh to ₹30 lakh
  • Interest Rate:
    • AA list: IITs: 8.15%, Other institutions: 8.20%
    • 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%
• SBI Skill Loan Scheme
  • Loan limit: Up to ₹1.5 Lakh
  • Interest Rate: 10.65%
• SBI Global Ed-Vantage
  • Loan limit: ₹20 lakh to ₹1.5 crore
  • Interest Rate: 11.15%
• SBI Takeover of Education Loan Scheme
  • Loan limit: Above ₹10 lakh & up to ₹1.5 crore
  • Interest Rate: 11.15%
• SBI Shaurya Education Loan
  • Loan limit:
    • Up to ₹7.50 lakh
    • Above ₹7.50 lakh & up to ₹1.50 crore
  • Interest Rate: 11.15% to 11.75%

Features of SBI Education Loan

Common features of SBI education loans include:

• Loan Amount:
  • Studies in India: Maximum ₹50 lakh
  • Medical Courses: Up to ₹30 lakh
  • Other Courses: Up to ₹10 lakh
  • Studies Abroad: Up to ₹7.50 lakh
  • Global Ed-vantage scheme: Up to ₹1.50 crore
• Processing Charges:
  • Loans up to ₹20 lakh: Nil
  • Loans above ₹20 lakh: ₹10,000 plus tax
• Repayment Period: Up to 15 years after course period, including a 12-month repayment holiday
• Security:
  • Up to ₹7.5 lakh: Only parent or guardian as co-borrower
  • Above ₹7.5 lakh: Guardian or parent as co-borrower and tangible collateral security
• Margin:
  • No margin for amount up to ₹4 lakh
  • For studies in India and abroad: 5% and 15%, respectively, for amounts above ₹4 lakh
• Courses Covered:
  • India: UGC/ AICTE/IMC/Govt. Approved graduate, post-graduate including diploma courses, IITs, IIMs, etc.
  • Abroad: Professional or technical graduate degree courses, post-graduate degree and diploma courses such as MCA, MBA, MS, CIMA, CPA, etc.
• Expenses Covered: Tuition fees, examination, library, or laboratory charges, books, equipment, uniforms, computer purchase, travel expenses for studies abroad, two-wheeler cost up to ₹50,000, study tour, project work, etc.

Note: No collateral security or third-party guarantee is required for amounts above ₹7.5 lakh.

Documents Required to Avail SBI Education Loan

• Mark sheets of 10th, 12th, graduation, and entrance exams
• Admission or offer letter as proof of course admission
• Course expense details
• Scholarship or freeship documents
• Self-declaration for gap in studies (if applicable)
• One passport-size photograph of the student and parent/co-borrower/co-applicant
• Asset-liability statement of co-applicant or guarantor for loans above ₹7.5 lakh
• Latest salary slips and Form 16 or IT Return for salaried applicants
• Business address proof and latest salary slip for non-salaried applicants
• Last six months' bank account statements of parent, guarantor, or guardian
• Copy of Sale Deed if offering immovable property as collateral
• PAN of student, parent, guarantor, or co-borrower
• Aadhar card, Passport, Driving licence, Voter ID card, NREGA job card, or Letter from National Population Register

SBI Education Loan EMI Calculator

Use the SBI Education Loan EMI Calculator to manage your finances better. This easy-to-access online tool instantly provides your EMI details. Simply enter your loan amount, term, and interest rate offered by SBI. You may also opt for prepayments. For instance:

• Loan Amount: ₹15 lakh
• Tenure: 15 years
• Interest Rate: 11.15% p.a.
• Monthly EMI: ₹17,191
• Total Interest Due: ₹15,94,291
• Total Amount Payable: ₹30,94,291

How to Apply for SBI Education Loan

Offline:

1. Visit the nearest SBI branch with all required documents.
2. Complete and submit the application form available there.

Online:

1. Go to the SBI official website.
2. Navigate to the Education Loan section.
3. Select your desired loan option.
4. Click on 'Apply Now'.
5. You will be redirected to the Vidya Lakshmi website.
6. Register by entering all your details.
7. Apply for the loan. A bank representative will contact you.

SBI Scholar Loans: Available in select campuses or mapped branches.

Subsidy Schemes on SBI Education Loan

SBI features interest subsidy schemes for education loans, including:

• Central Scheme for Interest Subsidy for Economically Weaker Sections: Applicable to programs in accredited technical and professional schools in India. Assistance is given during the EMI moratorium.
• Padho Pardesh: Offers interest subsidy for minority students studying abroad at Masters, M.Phil, and Ph.D. levels.
• Dr. Ambedkar Central Sector Scheme: Provides interest subsidy on overseas studies for students from Economically Backward Castes (EBCs) and Other Backward Castes (OBCs).

SBI Education Loan Repayment Rules

SBI education loans feature a moratorium period of six months post course completion. Repayment starts six months after completing your education under both the SBI Student Loan Scheme and the SBI Global Ed-Vantage Scheme. Unlike private banks and NBFCs, SBI doesn't require partial interest payments during study periods.