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SBI Education Loan

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SBI Education Loan

Jun 22, 2024

15 Mins

State Bank of India (SBI) offers a variety of education loans with interest rates starting at 8.15%. These loans come with flexible repayment terms, including a moratorium period after course completion. There are no penalty charges for pre-paying the loan at any time during the tenure. Some loans even offer interest concessions for female students.

SBI provides student loans for both domestic and international studies, covering professional and vocational courses. Additionally, SBI offers takeover loans, allowing you to replace high-interest loans with SBI loans at reduced rates. Continue reading to learn about the features, interest rates, and application process of SBI education loans.

Compare SBI Education Loan Schemes for Students

Here are the details of various education loan schemes offered by State Bank of India:

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

General 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 12 months 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 amount above ₹4 lakh
Courses Covered:
- India: UGC/ AICTE/IMC/Govt. Approved graduation, post-graduation including diploma courses, IITs, IIMs, etc.
- Abroad: Professional or technical graduation degree courses, post-graduation 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 letter or offer letter as proof of admission to the course
Course expense details
Documents confirming scholarship or freeship
Self-declaration for gap in studies (if applicable)
One passport-size photograph each 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 immovable property is offered as collateral security
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

Plan your expenses and manage your finances better with the SBI Education Loan EMI Calculator. This user-friendly online tool shows your EMI information immediately. Just enter your requested or sanctioned loan amount, term, and interest rate offered by SBI. You can also decide if you want to make any prepayments. Here's an example:

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:

Visit the nearest SBI branch with all necessary documents.
Fill in and submit the application form available there.

Online:

Visit the SBI official website.
Navigate to the Education Loan section.
Choose your preferred loan option.
Click on 'Apply Now'.
You will be redirected to the Vidya Lakshmi website.
Register by entering all your details.
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 offers 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: Provides interest subsidy for overseas education for minority students pursuing Masters, M.Phil, and Ph.D. levels.
Dr. Ambedkar Central Sector Scheme: For 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 come with a moratorium period of six months after course completion. Repayment starts six months after the completion of your education under both the SBI Student Loan Scheme and the SBI Global Ed-Vantage Scheme. Unlike private banks and NBFCs, SBI does not require partial interest payments during your studies.

Compare SBI Education Loan Schemes for Students

Here are the details of various education loan schemes offered by State Bank of India:

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

General 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 12 months 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 amount above ₹4 lakh
Courses Covered:
- India: UGC/ AICTE/IMC/Govt. Approved graduation, post-graduation including diploma courses, IITs, IIMs, etc.
- Abroad: Professional or technical graduation degree courses, post-graduation 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 letter or offer letter as proof of admission to the course
Course expense details
Documents confirming scholarship or freeship
Self-declaration for gap in studies (if applicable)
One passport-size photograph each 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 immovable property is offered as collateral security
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

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:

Visit the nearest SBI branch with all necessary documents.
Fill in and submit the application form available there.

Online:

Visit the SBI official website.
Navigate to the Education Loan section.
Choose your preferred loan option.
Click on 'Apply Now'.
You will be redirected to the Vidya Lakshmi website.
Register by entering all your details.
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 offers 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: Provides interest subsidy for overseas education for minority students pursuing Masters, M.Phil, and Ph.D. levels.
Dr. Ambedkar Central Sector Scheme: For interest subsidy on overseas studies for students from Economically Backward Castes (EBCs) and Other Backward Castes (OBCs).