SBI Offers various types of education loan for studies in India and abroad. Check ✔ Interest Rate ✔ Eligibility ✔ Processing Fee ✔ Tenure ✔ Documents ✔ Amount ✔ Security. State Bank of India provides loans to students who secure admissions in recognized universities, Colleges in India and abroad.

SBI Education Loan Details

SBI Education Loan Interest Rates

SBI Student Loan Scheme
Up to Rs 7.5 Lacs 9.95%
Above Rs 7.5 Lacs 10.70%
Up to Rs 1.5 Lacs 9.45%
Up to Rs 1.5 Lacs 9.45%
SBI Scholar Loan Scheme
List AA ROI 8.30%
List A All IIMs & Other Institute 8.30% -8.45%
List B All NITs & Other Institute 8.45% – 8.95%
List C All NITs & Other Institute 8.45% – 8.95%
SBI Skill Loan Scheme
Up to Rs 1.5 Lacs 9.45%
SBI Global ED-Vantage Scheme
Above Rs. 20 lacs & Up to Rs 1.5 Cr 10.45%
SBI Takeover of Education Loans Scheme
Above Rs 10 lacs & Up to Rs 1.5 Cr 9.45%
Concession 0.50% concession in interest for girl students
Further Concession 1% concession for full tenure of the loan, if interest is serviced promptly as and when applied during the moratorium period, including course duration
Tenure Up to 15 Years

Types of SBI Education Loan

Features of SBI Scholar Loan Scheme
  1. 100% Financing
  2. NO Processing Fee
  3. Quick sanction at Designated Campus Branch or more than 5000 Selected Branches all over the country
  4. No Security, only Parent/ Guardian as co-borrower
Loan Amount & Security
Category Maximum Loan Limit
No Security, only Parent/ Guardian as co-borrower With tangible collateral of full value and Parent/ Guardian as co-borrower
List AA Rs. 35 lacs -
List A Rs. 20 lacs Rs. 30 lacs
List B Rs. 20 lacs -
List C Rs. 7.5 lacs Rs. 30 lacs
Note - In case of married person, co-obligator can either be spouse or parent/ parent-in-law. Parental co-obligation can also be substituted by a suitable third party guarantee.
EMI Generation
  1.  The accrued interest during the moratorium period and course period is added to the principle and repayment is fixed in Equated Monthly Installments (EMI).
  2. If full interest is serviced before the commencement of repayment; EMI is fixed based on principle amount only.
A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.
No processing / upfront charges will be levied on Education loans.
Loan Amount
  1. For studies in India - maximum Rs. 10 lacs
  2. Studies abroad - maximum Rs. 20 lacs
  3. Higher loan limit for studies in India are considered on case-to-case basis
  4. Higher loan limit for studies abroad are considered under our SBI Global Ed-Vantage Scheme
Security
Particular
Security
Up to Rs. 7.5 Lacs: Only Parent/ Guardian as co-borrower. No Collateral Security or third party guarantee
Above Rs. 7.5 Lacs: Parent/ Guardian as co-borrower and tangible collateral security
Note- In case of married person, co-obligator can be either spouse or the parent(s)/ parents-in-law. Margin
  1. Up to Rs.4 Lacs: Nil
  2. Above Rs. 4 Lacs : 5% for studies in India, 15% for studies abroad.
EMI Generation
  1. The accrued interest during the moratorium period and course period is added to the principle and repayment is fixed in Equated Monthly Installments (EMI).
  2. If full interest is serviced before the commencement of repayment; EMI is fixed based on principle amount only.
A term loan granted to Indian Nationals for pursuing Skill development courses in India.
Amount of Loan
  1. Minimum Loan Amount: Rs. 5000
  2. Maximum loan amount: Rs. 1,50,000
Timeline for Disposal of Loan Application Maximum 6 days, after the receipt of duly completed application with supporting documents.
  1. Processing Fees: Nil
  2. Margin: Nil
Moratorium Period
Course Duration Moratorium Period
Courses of duration up to 1 year 6 months from the completion of the course
Courses of duration up to 1 year Courses of duration above 1 year
Repayment Tenure
Loan Amount Repayment Period in Years
Loans up to Rs 50,000 Up to 3 years
Loans between Rs 50,000 to Rs 1 lakh Up to 5 years
Loans above Rs. 1 lakh Up to 7 years
Security
  1. No collateral or third party guarantee will be taken
  2. However, the Parent/ Guardian will execute loan documents along with the student, as joint borrower (co-borrower). Spouse will be included as co-applicant wherever applicable, in addition to Parent/ Natural Guardian.
SBI Global Ed-Vantage is an overseas education loan exclusively for those who wish to pursue full time regular courses at foreign colleges/universities.
Key features include
  1. Online application process
  2. Loan amount of Rs. 20 lakhs to Rs. 1.5 Cr
  3. Loan sanction prior to i20/Visa
  4. Tax Benefit- under section 80(E)
Quantum Of Finance
  1. Minimum Loan Amount: Rs. 20 Lacs
  2. Maximum Loan Amount: Rs. 1.5 Cr
Processing Fee- Rs. 10,000/- per application.
  1. Tangible collateral security
  2. Collateral security offered by Third Party (other than parents) can also be accepted.
Repayment And Repayment Holiday (Moratorium)
  1. Accrued interest during the moratorium to be added to the principal and repayment in EMI fixed
  2. Repayment will commence 6 months after completion of course
  3. Repayment up to maximum of 15 years
With SBI Take-over of Education Loans, you can switch your existing high cost Education Loan to SBI and reduce your monthly EMIs.
Special Features
  1. Education Loans upto Rs. 1.5 Crores can be considered
  2. Competitive Interest Rate
  3. Flexible repayment tenure upto 15 years
  4. No Processing Fee
  5. No Hidden Charges
  6. Facility to avail top up loan for further study.
Benefits
  1. Switch to SBI and reduce your monthly obligation
  2. Pay your EMIs through Net Banking/ Mobile Banking/ Cheques
  3. Avail of top up loan after take over for pursuing further studies subject to submission of required documents with extended repayment period for that course
Quantum of Finance
      1. Minimum: Rs. 10 Lakhs
      2. Maximum:Rs. 1.5 Crores
      3. Covers Outstanding in the account
          • Limits sanctioned as Top Up Loan (if any)
          • Prepayment Penalty (if any)
    Security The collateral security acceptable to the bank to be minimum 100% of the value of the proposed loan.

Expenses Covered Under SBI Education Loan

  1. Fees payable to college/school/hostel
  2. Examination/library/laboratory fees
  3. Purchase of books/ equipment/instruments/ uniforms, computers- essential for completion of the course (maximum 20% of the total tuition fees payable for completion of the course)
  4. Caution deposit/building fund/refundable deposit (maximum 10% of tuition fees for the entire course)
  5. Travel expenses/ passage money for studies abroad
  6. Cost of a two-wheeler up to Rs. 50,000/-
  7. Any other expenses required to complete the course like study tours, project work etc

Eligibility For SBI Education Loan

  • Applicant must be a citizen of India.
  • Applicant must have obtained admission in any of the recognized universities in the world.
  • Eligible Courses – Job oriented professional degree courses or diploma courses or technical degree courses. Courses conducted by CPA & CIMA.

Courses Covered Under Education Loan From SBI

  1. Graduation, post-graduation including regular technical and professional degree/diploma courses conducted by colleges/universities approved by UGC/ AICTE/ IMC/ Government etc.
  2. Regular Degree/ Diploma Courses conducted by autonomous institutions.
  3. Nursing courses and Teacher training approved by Governments.
  4. Regular degree/ diploma courses.
  5. Job oriented professional
  6. Technical graduation degree courses
  7. Post-graduation degree courses like MCA, MBA, MS, etc.
  8. Courses conducted by Chartered Institute of Management Accountants – London, CPA (Certified Public Accountant) in USA etc.

Documents For SBI Education Loan

    1. Letter of admission.
    2. Completely filled in Loan Application Form.
    3. 2 passport size photographs.
    4. Statement of cost of study.
    5. PAN Card of the student and Parent/ Guardian.
    6. Aadhaar Card of the student and Parent/ Guardian.
    7. Proof Identity Proof-  Driving Licence | Passport | Aadhaar | photo identity.
    8. Proof of residence Driving Licence | Passport | Electricity bill | Telephone bill.
    9. Student/Co-borrower/ guarantor’s bank account statement for last six months.
    10. IT return/ IT assessment order, of previous 2 years of Parent/ Guardian/ other co-borrower (if IT Payee).
    11. Brief statement of assets & liabilities of Parent/ Guardian/ other co-borrower.
    12. Proof of income (i.e. salary slips/ Form 16) Parent/ Guardian/ other co-borrower.
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SBI Education Loan Interest Rates Oct 2018

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