SBI Education Loan

Purpose of the Loan

1. Financial assistance is available for deserving students pursuing higher education in India and abroad.

Eligible Courses

1. India: Graduate or post-graduate degrees, Diplomas, professional courses (ICWA, CA, CFA), courses from recognised institutions (IIM, IIT, NIFT), and more.

1. Abroad: Job-oriented professional or technical courses, post-graduate studies (MCA, MBA, MS), Ph.D. programs, and recognised diploma courses like aeronautical, pilot training.

Student Eligibility

1. Indian nationals (including NRIs) with admission to a recognised institution. For PIOs or OCIs, loans are for studies in India only.

Eligible Expenses

1. Tuition, hostel fees, exam fees, library fees, lab fees, books, equipment, travel expenses, study tours, project work, and a two-wheeler (up to Rs. 50,000), among others.  

Loan Amount

1. India: Up to Rs. 10 lakh (medical courses up to Rs. 30 lakh). Higher limits are possible on a case-by-case basis.

1. Abroad: Maximum Rs. 7.50 lakh (higher limits under SBI Global Ed-Vantage Scheme).

Margin

1. Up to Rs. 4 lakh: No margin required.

1. Above Rs. 4 lakh: 5% for studies in India, 15% for studies abroad.

Security

1. Up to Rs. 7.50 lakh: Co-obligation of a parent or guardian, no security needed.

1. Above Rs. 7.50 lakh: Co-obligation of a parent or guardian with tangible collateral security.

Processing & Disbursement

1. Applications processed through the Vidya Lakshmi Portal.

1. Loan disbursed directly to institutions or vendors in stages.

1. Reimbursement of fees paid within six months of payment.

Processing Charges

1. Up to Rs. 7.50 lakh: No charges.

1. Above Rs. 20 lakh: Rs. 10,000 (plus taxes).

1. Penalties: Penal interest of 2% per month on overdue amounts for loans above Rs. 4 lakh.

Repayment Terms

1. Repayment begins after course completion, plus a one-year moratorium or months after getting a job, whichever is earlier.

1. Repayment period of up to 15 years.

Top-up Loan

1. Additional loan for further studies during the moratorium period of the first loan, subject to security requirements.

Application Timeline

1. Maximum 15 days after receiving the completed application and documents.

2. SBI Scholar Loan Scheme

Purpose of the Loan

1. Financial assistance for deserving students pursuing full-time courses at selected premier institutions.

1. A list of eligible institutions is available at the SBI Scholar Loan Portal.

Eligible Courses

1. Regular full-time degree or diploma courses through entrance tests or selection processes.

1. Full-time executive management courses like PGPX.

1. Part-time graduate or postgraduate courses at select institutions.

Student Eligibility

1. Indian nationals (including NRIs) who have secured admission through an entrance test or selection process.

Eligible Expenses

1. Tuition, hostel fees, examination fees or library fees or laboratory fees, books, equipment, caution deposits, travel, exchange programs, and purchase of computers or laptops.

Maximum Loan Amount & Security

1. List 'AA': Up to Rs. 40 lakh, no security is required with the parent or guardian as co-borrower.

1. List 'A': Rs. 20 lakh (no security); Rs. 30 lakh (with security).

1. List 'B': Up to Rs. 20 lakh, no security is required with the parent or guardian as co-borrower.

1. List 'C': Rs. 7.5 lakh (no security); Above Rs. 7.5 lakh (with security).

1. The co-obligator must be the parent(s) or guardian or spouse or parents or parents-in-law for married students.

Margin

1. Up to Rs. 4 lakh: NIL.

1. Above Rs. 4 lakh & up to Rs. 7.5 lakh: 5%.

1. Above Rs. 7.5 lakh: NIL.

Processing & Disbursement

1. Applications are through the Vidya Lakshmi Portal (VLP) of the Government of India.

1. Loans are primarily sanctioned and disbursed from campus or designated branches.

1. Disbursement in stages directly to institutions or vendors; fee reimbursement is possible within six months. 

Processing Charges

1. NIL 

Penalty

1. Penal interest of 2% per month on overdue amounts for loans above Rs. 4 lakh. 

Repayment Terms

1. Repayment Holiday or Moratorium: Course period plus one year; optional interest servicing during course and moratorium. 

1. Repayment Period Up to 15 years after course completion and moratorium. Course completion extension of up to two years allowed. 

Top-up Loan

1. Second loan for further studies, subject to conditions. Combined loan repayment over a maximum of 15 years. 

Application Timeline

1. Maximum 15 days after receipt of completed application and documents. Timelines exclude time taken for document submission or external verifications. 

3. SBI Skill Loan Scheme 

Purpose of the Loan

1. The SBI Skill Loan Scheme provides financial assistance for individuals pursuing skill development courses as per eligibility criteria.

Courses & Institution Eligibility

1. Courses from ITIs, Polytechnics, NSDC-affiliated training partners, Sector Skill Councils, State Skill Missions, and State Skill Corporations.

1. Schools are recognised by the central board or state boards, and colleges are affiliated with recognised universities.

1. Courses should ideally lead to a certificate or diploma or degree under the National Skill Qualification Framework (NSQF).

1. No minimum course duration is required.

Eligible Expenses

1. Tuition fees and course fees, examination fees or library fees or laboratory fees, caution deposits.

1. Purchase of books, equipment, instruments, and other necessary expenses for course completion.

Maximum Loan Amount

1. Minimum loan amount: Rs. 5,000.

1. Maximum loan amount: Rs. 1,50,000.

Margin & Processing Fee

1. Margin: NIL.

1. Processing Fee: NIL.

Security

1. Co-obligation of parent or guardian required.

1. No security or third-party guarantee is needed.

1. Loan documents are to be executed by both the student and the parent or the guardian as joint borrowers.

Insurance

1. Life insurance for the borrower, with the policy assigned in favour of SBI, is optional.

Moratorium Period

1. Courses up to one year: six months from course completion.

1. Courses above one year: 12 months from course completion.

Repayment Terms

1. Loans up to Rs. 50,000: Repayment within three years.

1. Loans between Rs. 50,000 to Rs. 1 lakh: Repayment within five years.

1. Loans above Rs. 1 lakh: Repayment within seven years.

1. Interest accrued during the moratorium period is added to the principal and repaid through EMIs.

Application Timeline

1. Maximum 15 days after receiving the complete application and supporting documents. 

1. The timeline starts after the complete submission of documents. Additional verification may extend the timeline by 15 working days. 

4. SBI Global ED-Vantage Scheme

Purpose of the Loan

1. Loans for deserving or meritorious students to pursue full-time regular courses at foreign colleges or universities.

Eligible Courses

1. Graduate or postgraduate degrees, diplomas, certificates, and doctorates in any discipline at foreign institutions in the USA, UK, Canada, Australia, Singapore, Japan, Hong Kong, New Zealand, and Europe.

1. Courses in other countries may be considered on a case-by-case basis.

Student Eligibility

1. Indian nationals (including NRIs) who have secured admission to foreign universities or institutions.

Eligible Expenses

1. Tuition fees, examination fees, library fees, and laboratory fees.

1. Travel expenses for studies abroad.

1. Purchase of books, equipment, uniforms, and computers.

1. Caution deposits, building funds, and refundable deposits.

1. Insurance premiums for 'Rinn Raksha' policy.

1. Contingency expenses up to 5% of the loan amount.

Loan Amount

1. Minimum: Above Rs. 7.50 lakh.

1. Maximum: Rs. 1.50 crore.

Margin

1. 15% for loans from Rs. 7.50 lakh to Rs. 20 lakh.

1. 10% for loans from Rs. 20 lakh to Rs. 1.50 crore.

1. Scholarships or assistantships are included in the margin, brought in on a pro-rata basis during disbursement.

Processing Fee

1. Rs. 10,000 + applicable taxes.

Appraisal, Sanction, & Disbursement

1. Applications are received through the Vidya Lakshmi Portal (VLP).

1. Loans are generally sanctioned at the branch nearest to the student's permanent address.

1. Disbursements are made directly to institutions or vendors in stages.

1. Sanction letters or admission documents may be issued before obtaining a visa.

1. Reimbursement of fees paid by the borrower from personal sources can be considered within six months, with supporting documents.

Security

1. Co-obligation of parents or guardians with tangible collateral security.

1. Security can be land, buildings, government securities, bonds, LIC policies, mutual funds, bank deposits, or other appropriate assets.

1. Collateral from third parties (other than parents) is also accepted.

Penalty

1. A 2% per month penal interest for loans above Rs. 4 lakh on overdue amounts.

Repayment Holiday or Moratorium

1. Course period plus six months.

1. Interest servicing during the course and moratorium is optional.

Repayment Period

1. Up to 15 years after course completion and moratorium.

1. Possible two-year extension for course completion delays.

1. Unpaid interest during the moratorium is added to the principal and repaid via EMIs.

Loan Application Processing Timeline

1. Maximum 15 days after receiving a complete application with supporting documents.

1. Additional 15 working days for required verifications.

5. SBI Takeover Education Loan Scheme

Purpose of the Loan

1. Switch your existing high-cost education loan to SBI and lower your monthly EMIs.

Key Features

1. Loans up to Rs. 1.5 crore available.

1. Flexible repayment tenure of up to 15 years.

1. There are no processing fees or hidden charges.

1. Option to avail of a top-up loan for further studies.

1. Reduce your monthly payments by switching to SBI.

1. Pay EMIs via Net Banking, Mobile Banking, or Cheques.

1. Top-up loans for additional studies with extended repayment periods upon submission of required documents.

Loan Amount

1. Minimum: Rs. 10 lakh.

1. Maximum: Rs. 1.5 crore.

1. Finance covers outstanding balances, top-up loan limits, and any prepayment penalties.

Collateral Security

1. Collateral must be at least 100% of the loan value.

Eligibility

1. The loan must be a first-time takeover.

1. The student-borrower must be a legal adult at the time of the switch.

1. The original loan should be fully disbursed, with repayment started and EMIs regularly paid at the current bank or financial institution.

6. Shaurya Education Loan (For spouse or wards of Defence, Indian Coast Guard & Central Armed Police Personnel)

Purpose of the Loan

1. Education loan for wards of DSP or ICGSP officers in all ranks for studies in India and abroad.

Eligible Courses

In India:

1. Graduate or postgraduate degrees, diplomas, courses like ICWA, CA, CFA, etc.

1. Courses at institutions like IIM, IIT, IISc, NIFT, and foreign universities with approved courses in India.

1. Professional degrees or diplomas in fields like aeronautics, pilot training, shipping, etc.

Abroad:

1. Graduation and postgraduation in job-oriented professional or technical courses, doctorate programs (Ph.D.), courses from institutions like CIMA (London), CPA (USA), and others recognised by regulatory bodies.

Student Eligibility

1. Wards of DSP or ICGSP officers for studies in India and abroad.

1. The co-borrower must hold a Diamond or Platinum, DSP or ICGSP account with SBI, with a salary or pension account active throughout the loan tenure.

Eligible Expenses

1. Tuition fees, examination/library/laboratory fees, books, equipment, instruments, uniforms, and computers.

1. Additional course expenses include study tours, project work, and thesis.

1. Travel expenses for studies abroad.

1. Two-wheelers cost up to Rs. 50,000, subject to suitable third-party guarantee and/or tangible collateral security.

1. Premium for 'Rinn Raksha' insurance policy.

Loan Amount

1. India: Up to Rs. 40 lakh.

1. Abroad: Up to Rs. 1.5 crore.

Margin

1. Up to Rs. 4 lakh: Nil.

1. Above Rs. 4 lakh: 5%.

1. Borrower bears expenses for the Title Investigation Report (TIR) and valuation.

1. Scholarship or assistantship is included in the margin and can be brought in on a pro-rata basis.

Security

Study in India:

1. Up to Rs. 7.5 lakh: Nil.

1. Above Rs. 7.5 lakh to Rs. 40 lakh: Optional security.

1. For secured loans: 100% liquid collateral or 110% property collateral.

Study in Abroad:

1. Up to Rs. 7.5 lakh: Nil.

1. Above Rs. 7.5 lakh: Optional security, similar to India loans.

1. An Equitable Mortgage (EM) must be created within six months of sanction; a penalty applies for delays.

1. Loan documents must be executed by both the student and the parent as joint borrowers. The co-obligator should be a parent with a Diamond/Platinum DSP/ICGSP salary package account.

Loan Processing

1. Loans are sanctioned at the co-borrower's permanent residence or employment location or where the property is located.

1. Disbursement is in stages based on requirements and is directly sent to institutions or vendors.

1. Reimbursement of fees paid from own sources is possible within six months of payment, with proof.

Processing Charges

1. Loans up to Rs. 20 lakh: Nil.

1. Loans above Rs. 20 lakh: Rs. 10,000 + GST.

Penalty

1. Penal interest of 2% per month on loans above Rs. 4 lakh for defaults over 30 days, applicable to the overdue amount.

Repayment Holiday or Moratorium

1. Course period plus one year or six months after getting a job, whichever is earlier.

1. Interest servicing during the course and moratorium period is optional.

Repayment Period

1. Up to 15 years after course completion and moratorium.

1. Extension of course duration by up to two years may be permitted.

1. Unpaid interest during the course and moratorium are added to the principal for EMI calculation.

Top-up Loan

1. A second (Top-up) loan within the overall limit is allowed for pursuing additional courses, with extended repayment for the second course.

1. Repayment of the first loan can be deferred if further studies are pursued during the moratorium period.

Application Timeline

1. Maximum 15 days after receipt of the completed application with supporting documents.

1. Timelines count only full working days; an additional 15 working days may apply for verification with authorities.