SBI Education Loan:- If you want to take advantage of the State Bank of India education loan, this article is for you.
Education Loan comes under the category of an unsecured loan. The remarkable thing about SBI Education Loan is that you have to make repayment 1 year after completing the course for which you take this loan. Before that, you do not need to make a repayment.
We can apply for the loan both online and offline. In this article, we will know the SBI education loan, the interest rates, eligibility, documents, how we can apply for this loan, etc., so read this article till the end.
SBI Education Loan
If you are a student and you want to do higher studies, but you do not have money, then in this situation, you can take an SBI student loan. Whether you are studying in India or want to study outside India, you can take this education loan for any type of course.
State Bank of India offers various types of Education loans to customers. You can apply for the loan which is right for you.
You do not have to pay any fee for the SBI Education Loan prepayment. Girls are given a special discount on the interest rate.
Loan repayment starts 1 year after completing the course for the loan.
You can take this loan for anything related to your education. The CIBIL Score of the applicant is also checked for the loan. Under this loan, you can take a loan amount up to Rs 1.5 crore.
The maximum loan tenure of SBI Education Loan is 15 years. Loan tenure starts after your course duration + 12 months.
Suppose you are doing a course whose duration is 4 years and you take this loan within the first year.
Then you get the following type of total loan tenure: Course duration + 12 months + 15 years = 20 years.
Highlights:-
| Loan Name | SBI Education Loan 2022 |
| Lender Name | State Bank of India |
| Moratorium period | Course duration + 12 months |
| Interest Rate | Starting from 6.85% p.a. |
| Loan Amount | Up to Rs.1.5 Crore |
| Processing Charge | Various for Different Loan Scheme |
| Application Mode | Online /offline |
| official website | https://www.sbi.co.in/ |
SBI Education Loan Interest Rates
State Bank of India offers many types of student loan schemes, for which the interest rate can be different.
Girls are given a discount of up to 0.50% in the interest rate. SBI education loan interest rate starts from 6.85% p.a.
You can understand more about SBI education loan interest rate from the table given below:
| Loan Name | Interest Rate Per annum |
|---|---|
| SBI Student Loan Scheme | 8.65% |
| SBI Scholar Loan Scheme | 6.85% to 8.15% |
| SBI Skill Loan Scheme | 8.15% |
| SBI Global Advantage Scheme | 8.65% |
| SBI Takeover of Collateralized Education Loan Scheme | 8.65% |
Read here For more details about the SBI education loan interest rates.
Types of SBI Student Education Loans
State Bank of India offers many types of education loans which are as follows:
- SBI Student Loan Scheme
- SBI Scholar Loan Scheme
- SBI Skill Loan Scheme
- SBI Global Advantage Scheme
- SBI Takeover of Collateralized Education Loan Scheme
1. SBI Student Loan Scheme
This loan is for higher education in India or abroad. There is no processing fee, and the loan repayment tenure is up to 15 years after completing the course period and 12 months repayment holiday.
UGC/ AICTE/IMC/Govt.in the case of higher education in India under this loan. Graduation including technical and professional degree/diploma from recognized colleges/universities, post-graduation courses, regular degree/diploma courses in institutions like IITs/IIMs, teacher training/nursing courses recognized by the Central Government or State Government, DGCA/Shipping/ Regular degree/diploma courses like aeronautical, pilot training, shipping, etc., recognized by the relevant regulatory authority, are covered.
In case of studies abroad, reputed university’s job oriented professional/technical graduation degree courses/post-graduation degree and diploma courses like MCA, MBA, MS, etc., Chartered Institute of Management Accountants- London, Certified Public Accountant-USA, etc. Courses are covered.
The expenses covered under this loan include all the costs of the scholar loan plus pass money for studies abroad, cost of two-wheeler up to Rs 50000, and expenditures like study tour, project work, etc.
Features of SBI Student Loan Scheme:
- Any citizen of India who wants to study in India or outside India can take advantage of this loan.
- The tenure of this loan is a maximum of 15 years after the course duration + 12 months.
- The repayment period of the loan starts 1 year after completing the course.
- You have to repay your loan within 15 years.
- You have to pay the loan in EMI.
Processing charges:
- On loan up to Rs.20 lakh – Nil
- On loan above 20 lakhs – Rs 10,000 (plus tax)
Security: - Up to Rs.7.50 lakh: Only parent/guardian as co-borrower. No collateral security or third-party guarantee is required.
- Above Rs 7.50 lakh: Parent/Guardian as co-borrower and actual collateral security.
Margin:
- Up to Rs.4 Lakh: Nil
- Above Rs 4 lakh: 5% for studies in India and 15% for outside India
The loan amount is as follows for studying in India:
- Medical course: Up to Rs 30 lakh
- Other courses: Up to Rs 10 lakh
- Maximum Rs.50 lakh can be considered.
- Studying Abroad: Up to Rs.1.5 Crore.
Interest rates:
| Loan Limit | EBLR Rate | Spread | Effective Interest Rate | Rate Type |
|---|---|---|---|---|
| Up to Rs 7.5 Lacs | 6.65% | 2.00% | 8.65% | Floating |
| Concession | 0.50% concession in interest for girl students | |||
| Above Rs 7.5 Lacs | 6.65% | 2.00% | 8.65% | Floating |
| Concession | 0.50% concession in interest for girl students | |||
| 0.50% concession for students availing of SBI Rinn Raksha or any other existing policy assigned in favor of our Bank | ||||
2. SBI Scholar Loan Scheme
This loan of SBI is for higher education, i.e., higher education in selected country institutions. Under this, SBI provides 100% financing of the course and no processing fee.
The repayment tenure of this loan is up to 15 years after completing the course period and 12 months, including repayment holidays. Any Indian citizen can take it.
Under this loan, college/school/hostel fees, examination/library/lab fees, books/equipment/instruments, caution deposit/building fund/refundable deposit, travel expenses, purchase of computer or laptop, and other education-related expenses are covered.
Features of SBI Scholar Loan Scheme:
- This SBI Education Loan is given to the beneficiary for pursuing higher education (IIT, IIM, NIT, etc.) in selected premier institutes of the country.
- 100% Financing.
- Processing Charge – Nil.
- Loan tenure – 15 years.
- Regular Full-Time Degree / Diploma Courses through Entrance Test / Selection Process.
- Full-time Executive Management courses like PGPX.
- Part-time Undergraduate / Postgraduate courses offered by selected institutes.
- For the fee to be paid in the college/school/hostel.
- This loan can be taken for examination/library/lab fee, purchase of books/instruments/equipment.
- You can apply for this student loan for travel expenses/other expenses on exchange programs.
- You can take this loan for any expenses related to purchasing a computer/laptop education.
Interest rates:
| List | EBLR Rate | Spread | Effective Interest Rate | Rate Type | |
|---|---|---|---|---|---|
| AA | ROI | 6.65% | 0.20% | 6.85% (With co-borrower) |
Floating |
| ROI | 6.65% | 0.30% | 6.95% (Without co-borrower) |
Floating | |
| A | All IIMs & IITs | 6.65% | 0.35% | 7.00% | Floating |
| Other institutes | 6.65% | 0.50% | 7.15% | Floating | |
| B | All NITs | 6.65% | 0.50% | 7.15% | Floating |
| Other institutes | 6.65% | 1.00% | 7.65% | Floating | |
| C | All NITs | 6.65% | 0.50% | 7.15% | Floating |
| Other institutes | 6.65% | 1.50% | 8.15% | Floating | |
3. SBI Skill Loan Scheme
Under the Sbi Skill Loan Scheme, you can take a loan to improve your skills or do any professional course. For this, a maximum loan of up to Rs 1.5 lakh can be taken.
Features of SBI Skill Loan Scheme
- This loan can be taken for pursuing skill development courses in India.
- It can also be called SBI Skill Loan Scheme.
- The loan can be taken for tuition/course fee, examination/library/lab fee, security deposit, purchase of books, equipment.
- This SBI Education Loan can be taken for any other expenses related to the course.
- The minimum loan amount under this loan is Rs.5000, and the maximum loan amount is Rs.1,50,000.
- No collateral/guarantee is required.
The repayment period of the loan is as follows:
- Up to Rs.50,000: Up to 3 years.
- Fifty thousand to 1 lakh rupees: up to 5 years.
- For loans above 1 lakh: Up to 7 years.
Interest rates:
| Loan Limit | EBLR Rate | Spread | Effective Interest Rate | Rate Type |
|---|---|---|---|---|
| Up to Rs 1.5 Lacs | 6.65% | 1.50% | 8.15% | Floating |
| Concession | No Further Concession | |||
4. SBI Global Advantage Scheme
This loan is for studies abroad. Under this, a loan of Rs 20 lakh to Rs 1.5 crore can be taken. The repayment period of this loan is up to 15 years. The processing fee for this loan is Rs. 10000 per application.
The loan covers regular graduate/postgraduate/doctoral courses offered by universities/foreign institutes in the US, UK, Canada, Australia, Europe, Singapore, Japan, Hong Kong, and New Zealand.
The expenses covered under this are the same as those of the SBI Student Loan.
Features of SBI Global Advantage Scheme
- You can apply for this loan online.
- Under this loan, you can take a maximum loan amount of up to Rs 1.5 crore.
- Loan Tenure: Up to 15 years
- Loan sanctioned before i20/Visa.
- Tax benefits under section 80(E).
- This loan covers expenses like direct fees to college/school/hostel, examination/library/laboratory fees, travel expenses for studying abroad/passage expenses, etc.
- SBI Global Advantage Scheme can be availed for everything you need to complete your course.
- Minimum loan amount: Rs. 7.50 lakh.
- Maximum loan amount: Rs. 1.5 crore.
- Processing Fee: Rs.10,000 per application.
- Under this loan, simple interest will be charged during the course period + moratorium period.
- Actual Collateral Security.
Interest rates:
| Loan Limit | EBLR Rate | Spread | Effective Interest Rate | Rate Type |
|---|---|---|---|---|
| Above Rs. 7.50 lacs & up to Rs 1.5 Cr | 6.65% | 2.00% | 8.65% | Floating |
| Concession | 0.50% concession for students availing of SBI Rinn Raksha or any other existing life policy assigned in favor of our Bank | |||
| Further Concession | 0.50% concession for girl students | |||
5. SBI Takeover of Collateralized Education Loan Scheme
Under this scheme, you can transfer the expensive education loan already taken from any bank or financial institution to SBI.
Features of this Loan:
- Loans up to Rs.1.5 crore can be considered.
- Competitive interest rate.
- The minimum amount of finance: Rs 10 lakh.
- The maximum amount of finance: Rs 1.5 crore.
- Repayment Period: Maximum 15 years.
- Processing Fee: Nil.
- Hidden Charge: Zero.
- Top-up loan facility for further studies.
- You can reduce your EMI by switching your existing loan to the State Bank of India.
- You can pay your EMI through Net Banking / Mobile Banking / Cheque.
- Top Up Loan Facility.
- The collateral security acceptable to the bank shall be a minimum of 100% of the loan amount sanctioned.
Interest rates:
| Loan Limit | EBLR Rate | Spread | Effective Interest Rate | Rate Type |
|---|---|---|---|---|
| Above Rs 10 lacs & up to Rs 1.5 Cr | 6.65% | 2.00% | 8.65% | Floating |
| Concession | 0.50% concession for girl students | |||
SBI Education Loan Eligibility
You can apply for the State Bank of India Education Loan only when fulfilling all its eligibility. The eligibility for different types of loans can also be different.
Detailed information of all the loans has been given above, and its eligibility has also been given along with it. You can apply for the loan that you want to take advantage of and the loan for which you are eligible.
SBI Education Loan Documents Required
Before applying for an SBI student loan, you should keep all your documents together so that whenever the bank asks you for documents, you can show them all the documents immediately. To apply for a loan, you must have the following documents:
- Duly filled application form.
- 10th and 12th Marksheet, Graduation (if applicable), Entrance Exam Result.
- Proof of admission to the course [Offer Letter/Admit Card/ID Card if available].
- Expense date for the course.
- Copies of the scholarship award letter.
- Gap certificate, if applicable (self-declaration from the student for the gap in studies).
- Passport size photographs of the student/parent/co-borrower/guarantor (copy of each).
- Asset-liability details of the co-applicant/guarantor (applicable for loans above Rs.7.50 lakh).
- Bank Account Details for the last six months of the Parent/Guardian/Guarantor Student/Parent/Co-borrower/Guarantor
- Copy of sale deed of the property and other documents of title of the property in respect of photocopy of security/liquid security offered as surety.
- Permanent Account Number (PAN) of the student/parent/co-borrower/guarantor
- Aadhar Card
- Passport (mandatory for study abroad)
For Salaried Persons:
- Latest salary slip
- Form 16 or the latest IT return
For other than salaried person:
- Business Address Proof (if applicable)
- Latest IT Returns (if applicable)
Submission of OVD (Officially Valid Document). The OVD document is as follows:
Proof of Identity and Address:
- Passport
- Driving license
- Proof of Aadhar number
- Voter ID card issued by the Election Commission of India
- Job card issued by NREGA duly signed by an officer of the State Government
- Letter issued by National Population Register containing details of name and address.
In case the OVD submitted by the customer does not contain the updated address, the following documents can be provided as proof of address:
- Utility bills (electricity, telephone, post-paid mobile phone, piped gas, water bill) should not be more than two months old.
- Property or Municipal Tax Receipt.
- If they have the address, pension, or Family Pension Payment Order (PPO) issued by Government Departments or Public Sector Undertakings to retired employees.
- Letter of allotment of accommodation from the employer issued by lease and license agreements with State Government or Central Government departments, statutory or regulatory bodies, public sector undertakings, scheduled commercial banks, financial institutions, listed companies, and such employers as allottees of government accommodation.
How to apply for SBI Education Loan?
If you fulfill all the conditions of this loan, you can apply for it both online and offline. The procedure to apply is given below.
SBI Education Loan Apply Online
- To apply online, first, you have to visit the bank’s official website. Click here
- On the website’s home page, Under the loan, the option of education loan will appear. Click on it.
- On the next page, the list of all education loans will open in front of you.
- Apply now button will appear in front of the loans you want to apply for. Click on it.
- The loan application form will open in front of you on the next page.
- Enter the requested information in it and submit the form.
- After this, the bank employees will contact you, and the loan process will be issued further.
How to apply offline?
- For this, you have to take all your documents to your nearest State Bank of India branch and contact the bank employee.
- The bank employee will provide you with all the information related to SBI Education Loan.
- After that, your documents will be verified.
- Then you have to fill out a form, attach the documents with it, and submit it to the same bank.
- In this way, your offline application will be completed.
Sbi scholar loan scheme college list
The list of major institutions covered under this scheme is given below.
SBI Education Loan Customer Care Number
Toll Free Number : 1800 1234 / 1800 11 2211 / 1800 425 3800 / 080-26599990
Sbi scholar loan scheme college list
The list of major institutions covered under this scheme is given below.
| S. No. | List AA Institutions |
| 1 | Indian Institute of Management (IIM), Ahmedabad |
| 2 | Indian Institute of Management (IIM), Bangalore |
| 3 | Indian Institute of Management (IIM), Calcutta |
| 4 | Indian Institute of Management (IIM), Indore |
| 5 | Indian Institute of Management (IIM), Indore- Mumbai Campus |
| 6 | Indian Institute of Management (IIM), Kozhikode |
| 7 | Indian Institute of Management (IIM), Lucknow |
| 8 | Indian Institute of Management (IIM), Lucknow- Noida Campus |
| 9 | Indian School of Business (ISB), Hyderabad |
| 10 | Indian School of Business (ISB), Mohali |
| 11 | Xavier Labour Relations Institute (XLRI), Jamshedpur |
| S. No. | List A Institutions |
| 1 | Birla Institute of Technology & Sciences (BITS), Pilani |
| 2 | BITS (Pilani) – Goa Campus |
| 3 | BITS (Pilani) – Hyderabad Campus |
| 4 | Indian Institute of Foreign Trade (IIFT), Delhi |
| 5 | Indian Institute of Foreign Trade (IIFT), Kolkata |
| 6 | Indian Institute of Management (IIM), Amritsar |
| 7 | Indian Institute of Management (IIM), Bodhgaya |
| 8 | Indian Institute of Management (IIM), Jammu |
| 9 | Indian Institute of Management (IIM), Kashipur |
| 10 | Indian Institute of Management (IIM), Nagpur |
| 11 | Indian Institute of Management (IIM), Raipur |
| 12 | Indian Institute of Management (IIM), Ranchi |
| 13 | Indian Institute of Management (IIM), Rohtak |
| 14 | Indian Institute of Management (IIM), Sambalpur |
| 15 | Indian Institute of Management (IIM), Shillong |
| 16 | Indian Institute of Management (IIM), Sirmaur |
| 17 | Indian Institute of Management (IIM), Trichy |
| 18 | Indian Institute of Management (IIM), Udaipur |
| 19 | Indian Institute of Management (IIM), Visakhapatnam |
| 20 | Indian Institute of Technology (IIT), Bhilai |
| 21 | Indian Institute of Technology (IIT), Bhubaneshwar |
| 22 | Indian Institute of Technology (IIT), Chennai |
| 23 | Indian Institute of Technology (IIT), Delhi |
| 24 | Dept of Management Studies, IIT Delhi |
| 25 | Indian Institute of Technology (IIT), Dharwad |
| 26 | Indian Institute of Technology (IIT), Gandhinagar |
| 27 | Indian Institute of Technology (IIT), Goa |
| 28 | Indian Institute of Technology (IIT), Guwahati |
| 29 | Indian Institute of Technology (IIT), Hyderabad |
| 30 | Indian Institute of Technology (IIT), Indore |
| 31 | Indian Institute of Technology (IIT), Jammu |
| 32 | Indian Institute of Technology (IIT), Jodhpur |
| 33 | Indian Institute of Technology (IIT), Kanpur |
| 34 | Department of Industrial & Management Engineering, IIT Kanpur |
| 35 | Indian Institute of Technology (IIT), Kharagpur |
| 36 | Indian Institute of Technology (IIT), Mandi |
| 37 | Indian Institute of Technology (IIT), Mumbai |
| 38 | Indian Institute of Technology (IIT), Palakkad |
| 39 | Indian Institute of Technology (IIT), Patna |
| 40 | Indian Institute of Technology (IIT), Roorkee |
| 41 | Indian Institute of Technology (IIT), Rupnagar (Ropar) |
| 42 | Indian Institute of Technology (IIT), Tirupati |
| 43 | Indian Institute of Technology (IIT), Varanasi |
| 44 | Indian School of Mining (ISM), Dhanbad |
| 45 | Institute of Management Technology (IMT), Ghaziabad |
| 46 | Kasturba Medical College (KMC), Mangalore |
| 47 | Management Development Institute (MDI), Gurgaon |
| 48 | Management Development Institute (MDI), Murshidabad |
| 49 | National Institute of Industrial Engineering (NITIE), Mumbai |
| 50 | Nirma Institute of Management, Ahmedabad |
| 51 | S P Jain Institute of Management and Research (SPJIMR), Mumbai |
| 52 | Shailesh J. Mehta School of Management (SJSOM), IIT Mumbai |
| 53 | Symbiosis Centre for Management & HRD (SCMHRD), Pune |
| 54 | Symbiosis Institute of Business Management (SIBM), Pune |
| 55 | T. A. Pai Management Institute (TAPMI), Manipal |
| 56 | Xavier Institute of Management (XIM), XUB-Bhubaneswar |
| 57 | Xavier School of Human Resource Management (XSHRM), XUB-Bhubaneswar |
| 58 | Xavier School of Rural Management (XSRM), XUB-Bhubaneswar |
| S. No. | List B Institutions |
| 1 | Army College of Dental Sciences (ACDS), Secunderabad |
| 2 | Army College of Medical Sciences (ACMS), Delhi |
| 3 | Army Institute of Law (AIL), Mohali |
| 4 | Army Institute of Management (AIM), Kolkata |
| 5 | Army Institute of Technology (AIT), Pune |
| 6 | Bharathidasan Institute of Management (BIM), Tiruchirapalli |
| 7 | Birla Institute of Technology (BIT), Mesra, Ranchi |
| 8 | College of Engineering, Pune |
| 9 | Delhi College of Engineering (DCE), Delhi |
| 10 | Dhirubhai Ambani Institute of Information & Communication Technology (DAIICT), Gandhinagar |
| 11 | Faculty of Engineering & Technology, Jadavpur University, Kolkata |
| 12 | Faculty of Management Studies (FMS), Delhi |
| 13 | Goa Institute of Management (GIM), Goa |
| 14 | Indian Institute of Science (IISc), Bangalore |
| 15 | Indraprastha Institute of Information Technology (IIIT), Delhi |
| 16 | International Management Institute (IMI), Kolkata |
| 17 | International Management Institute (IMI), New Delhi |
| 18 | Jamnalal Bajaj Institute of Management Studies (JBIMS), Mumbai |
| 19 | Kasturba Medical College (KMC), Manipal |
| 20 | Kirloskar Institute of Advanced Management Studies (KIAMS), Bangalore |
| 21 | Manipal Institute of Technology (MIT), Manipal |
| 22 | Marine Engineering & Research Institute, Kolkata |
| 23 | Mudra Institute of Communication (MICA), Ahmedabad |
| 24 | Narsee Monjee Institute of Management Studies (NMIMS), Mumbai |
| 25 | National Institute of Technology (NIT), Surathkal |
| 26 | National Institute of Technology (NIT), Tiruchirapalli |
| 27 | National Law School of India University (NLSIU), Bangalore |
| 28 | National Law University (NLU), Jodhpur |
| 29 | Prin. L. N. Welingkar Institute of Management, Development & Research (WeSchool), Mumbai |
| 30 | Visvesvaraya National Institute of Technology (VNIT), Nagpur |
| S. No. | List C Institutions |
| 1 | Centre for Environmental Planning & Technology (CEPT), Ahmedabad |
| 2 | Chandragupt Institute of Management, Patna |
| 3 | Dr. B R Ambedkar National Institute of Technology (NIT), Jalandhar |
| 4 | Indian Institute of Forest Management (IIFM), Bhopal |
| 5 | Indian Institute of Petroleum and Energy (IIPE), Vishakhapatnam |
| 6 | International Institute of Information Technology (IIIT), Hyderabad |
| 7 | Kalinga Institute of Industrial Technology (KIIT) University School of Management (SOM) |
| 8 | Kalinga Institute of Industrial Technology (KIIT) University School of Technology (SOT) |
| 9 | L N Mittal Institute of Information & Technology (LNMIIT), Jaipur |
| 10 | Loyola Institute of Business Administration (LIBA), Chennai |
| 11 | Maharishi Markandeshwar University (MMU) Medical College, Haryana |
| 12 | Malaviya National Institute of Technology (NIT), Jaipur |
| 13 | Maulana Azad National Institute of Technology (NIT), Bhopal |
| 14 | Motilal Nehru National Institute of Technology (NIT), Allahabad |
| 15 | National Institute of Construction Management & Research (NICMAR), Pune |
| 16 | National Institute of Food Technology Entrepreneurship and Management (NIFTEM), Sonepat |
| 17 | National Institute of Technology (NIT), Agartala |
| 18 | National Institute of Technology (NIT), Arunachal Pradesh |
| 19 | National Institute of Technology (NIT), Calicut |
| 20 | National Institute of Technology (NIT), Delhi |
| 21 | National Institute of Technology (NIT), Durgapur |
| 22 | National Institute of Technology (NIT), Goa |
| 23 | National Institute of Technology (NIT), Hamirpur |
| 24 | National Institute of Technology (NIT), Jamshedpur |
| 25 | National Institute of Technology (NIT), Kurukshetra |
| 26 | National Institute of Technology (NIT), Manipur |
| 27 | National Institute of Technology (NIT), Meghalaya |
| 28 | National Institute of Technology (NIT), Mizoram |
| 29 | National Institute of Technology (NIT), Nagaland |
| 30 | National Institute of Technology (NIT), Patna |
| 31 | National Institute of Technology (NIT), Puducherry |
| 32 | National Institute of Technology (NIT), Raipur |
| 33 | National Institute of Technology (NIT), Rourkela |
| 34 | National Institute of Technology (NIT), Sikkim |
| 35 | National Institute of Technology (NIT), Silchar |
| 36 | National Institute of Technology (NIT), Srinagar |
| 37 | National Institute of Technology (NIT), Tadepalligudem |
| 38 | National Institute of Technology (NIT), Uttarakhand |
| 39 | National Institute of Technology (NIT), Warangal |
| 40 | National University of Juridical Sciences (NUJS), Kolkata |
| 41 | Netaji Subash Institute of Technology (NSIT), Delhi |
| 42 | Sardar Vallabh Bhai National Institute of Technology (NIT), Surat |
| 43 | School of Planning & Architecture, New Delhi |
| 44 | Thapar University, Patiala |
| 45 | University College of Engineering (UCE), Odisha |
| 46 | Xavier Center For Urban Management and Governance (XUMG) [Post Graduate Programme in Urban Management and Governance (MBAUMG)] |
| 47 | Xavier School of Commerce (XSC) [Master of Business Finance (MBF)] |
| 48 | Xavier School of Sustainability (XSOS) [Post Graduate Programme in Sustainability Management (MBA-SM)] |
Conclusion
This article has provided you with complete information about SBI Education Loan.
Whether you are studying in India or outside India, you can take an education loan from the SBI bank.
The bank offers many types of education loans for which you can apply. If you have any queries regarding this, you can contact SBI Customer Care.
I hope you have found this article informative. If you liked this article, then please share it with your friends.
Faqs
1. What is SBI Education Loan?
Any student can take an education loan to meet the expenses related to his education.
2. What is SBI Education Loan Interest Rate?
The bank offers many types of student loans with different interest rates. The interest rate of this loan starts from 6.85% per annum.
3. What is the processing fee for an SBI student loan?
The processing fee is nil for loans up to Rs.20 lakhs but Rs.10,000+GST for loans above Rs.20 lakhs. Nil for scholar loans.
4. What is the maximum tenure of the State Bank of India Education Loan?
The maximum loan tenure is 15 years.
5. How much loan can I get for education from SBI?
You can take loan amounts up to Rs 1.5 crore under an education loan.
6. What is the moratorium period in SBI education loans?
Course Duration + 12 Months.
7. How to apply for SBI Education Loan in Bank?
You can apply online and offline. The complete procedure to apply is given in this article.
8. For which courses SBI education loan is available?
Sbi education loans are available for post-graduation degree and diploma courses from universities/colleges recognized by UGC, AICTC, and IMC. It also includes IITs IIMs. There is also a loan facility for teacher training/nursing courses recognized by the central government or state government.
Apart from this, aeronautical, pilot training, shipping, etc., courses are recognized by the Director-General of Civil Aviation, loans are also given for their degree/diploma.
9. What is the security in the education loan?
For loans up to Rs 7.5 lakh, the borrower’s parents are security. For the amount above this, there is a provision of tangible collectible security in addition to the parents.
10. What is the margin in the education loan?
There is no margin on loans up to Rs 4 lakh. Above this amount is 5 percent for India and 15 percent for foreign countries.
11. What is the EMI Option in the education loan?
The interest is added to the principal during the moratorium and course period, and repayment is decided accordingly. The EMI is fixed on the principal amount if the full interest is paid before the repayment starts.
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