Sbi Education Loan

Last modified:2019-09-16


SBI Education Loan attracts low interest rates and is feasible for the applicants to pursue higher education. SBI Education Loan itself has varied schemes for the convenience of the customers. Complete information on different types of SBI Education Loan and other important details are given in this article.

You Can Also Search for Education Loan

#1. Education Loan

Key Details of SBI Education Loan 

SBI Education Loans have been benefiting major population of India for achieving their educational dreams. It helps both the students who wish to continue their education in India as well as the ones who aspire to fly abroad for acquiring knowledge. SBI Education Loan is given at comparatively lower rate of interest. The speciality of the SBI Education Loan is that it can varied schemes and types. SBI Education Loan is flexible with the repayment procedure and provides multiple benefits and financial support to their customers.

Interest Rates

8.45% - 10.5%

Loan tenure

Varies upto 15 years

Loan amount

Upto 1.5 Crores based of Scheme of the Sbi education loan

Pre-payment or foreclosure charges

Nil

Security

Required for some schemes and it is based on the loan amount

Loan processing charges

Nil


What are the Interest Rates of  SBI Education Loan ?

SBI Education Loans can be procured at low interest rates of 10.15% for a loan amount of Rs.7.5 lakhs for a reset period of 1 year. Whereas for a loan amount that exceeds Rs.7.5 lakhs, the interest charged is 10.90%. Apart from the lowest interest rate, the SBI Bank provides various concessions. To encourage the female children’s education, the SBI Education Loan is provided at a discount of 0.5% for girls. When the applicants promptly repay their loan EMI, then are assured to be given a extra discount of 1% for full tenure of the loan when applied during the moratorium period including the course duration. The SBI Education Loan Interest Rates for different Education Loan Schemes are provided in the below table.
 

Student Loan

  • Upto 7.5lakhs 10.25% interest
  • Above 7.5 lakhs 10.5%

Global Ed-Vantage

  • 10.50% interest
  • For girls, 0.50% concession

Scholar loan

  • List AA 8.45% interest
  • List A 8.60% to 8.75% interest
  • List B 8.75% to 9.25% interest
  • List C 8.75% to 9.75% interest

Skill Loan

9.75% rate of interest

Take-over of Education Loans

  • 9.75% interest rate
  • For girls, 0.50% concession


What are the Other Charges of SBI Education Loan and its MCLR rates ?

SBI Education Loan does not charge any amount for processing the loan application. This is very useful for the students and they save a lot of amount. In the same way, the SBI bank does not charge for any prepayment of loan amount. With the thought of encouraging the students, SBI Education Loan is not levied with any extra charges. SBI Education loans are provided at low interest rates. There are no hidden charges in the SBI Education Loan. Only for the SBI Global Ed-Vantage scheme, a processing fee of Rs.10000 is collected. Other than that, no prepayment or foreclosure charges are levied for SBI Education Loan. The SBI Education Loan has its Marginal Cost for Lending Rates is 8.15% for 1 year. It is mostly common for all the SBI Education Loan Schemes. SBI Education Loan is financially a better option when compared to any other bank or financial institutions.


SBI Education Loan Eligibility Criteria

To avail a SBI Education Loan, one should satisfy the eligibility criteria listed for different SBI Education Loan schemes. SBI Education Loans are provided with minimal procedures. To financially support the students, the SBI bank has eliminated unnecessary charges. Also the SBI Education Loan are lended at low interest rates. The basic eligibility conditions are listed below.
  • The applicant is eligible for the SBI Education Loan if the student is an Indian. 
  • The parent or the guardian must have a regular income in order to the EMI every month.
  •  Also for the Student Scholar Loan, one should have secured good marks.
  • For the vocational educational loan, student must have got an admission at a government certified training institute. 


What are the Documents Required to apply for SBI Education Loan? 

The applicant must provide the following documents along with the loan application form in order to obtain the SBI Education Loan. SBI Education Loan are quickly sanctioned if the proper documentation are submitted at the time of application of the SBI Education Loan. Keep your recent photographs ready. Get the school and college certificate photocopies attested. If the admission letter is not received physically, keep the printouts of the email that shows the consent of the admission in the educational institutions and attach it along with the SBI Education Loan application form. The required document checklist are provided below.
  • Admission Letter
  • Aadhar Card of student and parent/guardian
  • Statement of cost of study
  • Passport size photos
  • PAN Card of student and parent/guardian
  • Identity Proof
  • Address Proof
  • Age Proof
  • Income Proof of Parent/guardian
  • IT returns of the parent/guardian for the past 2 years
  • Statements of assets and liabilities


What are the Features of SBI Education Loan ?

The SBI Education Loan has various advantages and if chosen, one does not lose anything more, as it already supports the student financially with low interest rates.SBI Education Loan assures hassle- free repayment of the loan amount. SBI Education Loan helps the students to concentrate on the studies in a full fledge by avoiding unnecessary charges and fees towards the SBI Education Loan. The features of the SBI Education Loan are given below.
  • SBI Education Loan is provided at low interest rates.
  • The amount provided as loan is 10 lakhs for students who study in India for students who go abroad is given upto 30 lakhs as loan.
  • For schemes like Student Loan Scheme, the interest is 3.50% above base rate for an amount upto 4 lakhs.
  • SBI Education Loan is provided without any charges.
  • Repayment tenure is given a maximum of 12 years for making the repayment much easier for their customers.


Different Schemes of SBI Education Loan

SBI Education Loan has provided different Schemes. SBI Education Loan can be chosen according to the needs of the borrower. The different schemes has varied interest rates and loan amount. Students choose the  SBI Education Loan schemes based on your eligibility for easy and quick sanctioning of the loan amount. The interest rates, loan tenure as well as the features of different SBI Education Loan schemes vary slightly. The following are the different types of SBI Education Loan.
  • Scholar Loan
  • Global Ed-Vantage
  • Student Loan
  • Skill Loan
  • Take-over of Education Loans


SBI Scholar Loan Scheme

SBI scholar loan scheme is provided for students for pursuing higher education in premier institutions of the country. Check the premier institutions of the country from the given link - SBI Scholar Loan Scheme Premier Institutions. Students who gets admission in any of the institutions in the list can apply for this SBI Scholar Loan Scheme. SBI Scholar Loan Scheme provides 100% financing to the students. There is no processing fee charged for the SBI Scholar Loan Scheme. Quick sanctioning of the SBI Scholar Loan Scheme is possible at 5000 selected branches all over the country.
  • Eligibility - Applicant must be a Indian . Must have got an Admission to professional or technical courses in the premier institutions through entrance exams.
  • Interest Rate - 8.50% p.a
  • Tenure - 15 years after completion of the course
  • Expenses Covered:
    • Fees payable to College, School and also cover Hostel expenses.
    • Examination fees
    •  Library Fees
    •  Laboratory fees
    • Purchase of Books
    • Purchase of Equipments and Instruments
    • Caution deposit 
    •  Building fund
    •  Any refundable deposit supported by Institution bills (not more than 10% of the tuition fees for the entire course)
    • Travel expenses
    • Purchase of laptop 
    • Any other expenses related to education 
  • Expense receipt need to be self-certified. Expenses must not be more than 25% of the total loan amount and maximum expense amount is Rs.1 lakh.
  • Courses Covered - Regular full time course and management courses like PGPX. Part time courses are not covered.
Loan Amount and Security:

Category

Loan amount

List AA

35 lakh

List A

20 lakh with Rs.30 lakh worth collateral

List B

20 lakh

List C

7.5lakh with Rs.30 lakh worth collateral

In case of married people, co-applicant can be the spouse or parents-in-law.
  • Repayment: Repayment must be made within 15 years after the course completion. If the second loan for higher education is availed, then the total loan amount is to be repaid within 15 years of the completion of the second course.
Documents Required: For students who is the applicant for the SBI Education Loan, one should require the following documents.

Identity proof

PAN

Passport

Driver’s license

Voter ID

Address Proof

Recent copy of telephone bill

Recent copy of EB bill

Water bill

Gas bill

Passport

Driving license

Aadhar card

Passport (compulsory)

Academic certificates

10th marksheet

12th marksheet

Graduation certificate along with semester marksheets

Entrance exam results for exams like CAT, CMAT, JEE, NEET, CET, GMAT, GRE, TOEFL, etc.

Admission letter from the Premier Institutions

Statement of cost of Study

Passport size photos

Previous loans from any bank and its loan statement for 1 year is to be submitted.

For the Co-Applicant

Previous loans from any bank and its loan statement for 1 year is to be submitted.

Passport size photos

Identity proof

PAN

Passport

Driver’s license

Voter ID

Address Proof

Recent copy of telephone bill

Recent copy of EB bill

Water bill

Gas bill

Passport

Driving license

Aadhar card

Income Proof required from the guarantor/co-applicant

All the below listed documents must be self-attested.

  • Salary certificate for last 3 months (for salaried people)

  • Form 16 for last 2 years or IT returns of last 2 years

  • Bank statement of last 6 months

  • Business address proof (for self-employed)

  • TDS Certificate (for self-employed)

  • Qualification certificate for professions like doctor, auditor


SBI Global Ed-Vantage Loan 

SBI Global Ed-Vantage Loan is lended for students who wish to study abroad. Students who had got admission in foreign countries, can try for this SBI Global Ed-Vantage Loan. SBI Global Ed-Vantage Loan can be easily applied online.SBI Global Ed-Vantage Loan can be sanctioned easily prior to visa approval. Tax benefits are attached with this SBI Global Ed-Vantage Loan .
  • Features - Easy and quick online application process.
  • Expenses Covered - Fees payable to the college, travel expenses, purchase of books and computer, fees payable for hostel and library fees. Building fund, caution fund should not exceed 10% of the total course tuition fee amount.
  • Courses Covered - Regular graduate or postgraduate offered by foreign universities in USA, UK, Hong Kong, New Zealand, Canada, Australia, Europe, Singapore and Japan.
  • Loan Amount - Loan amount provided minimum 20 lakhs and given upto Rs.1.5 Crore.
  • Repayment - Through EMI upto 15 years.
  • Interest Rate - 10.65%p.a.
Documents Required: For students who is the applicant for the SBI Education Loan, one should require the following documents.
 

Identity proof




 

Any one from the below,

  • PAN

  • Passport

  • Driver’s license

  • Voter ID

Address Proof

Any one  from the below,

  • Recent copy of telephone bill

  • Recent copy of EB bill

  • Water bill

  • Gas bill

  • Passport

  • Driving license

  • Aadhar card

Passport (compulsory)

Academic certificates

Everything must be submitted.

  • 10th marksheet

  • 12th marksheet

  • Graduation certificate along with semester marksheets

  • Entrance exam results for exams like CAT, CMAT, JEE, NEET, CET, GMAT, GRE, TOEFL, etc.

Admission letter from the premier institutions

Statement of cost of Study

Passport size photos

Previous loans from any bank and its loan statement for 1 year is to be submitted.

For the Co-Applicant

Previous loans from any bank and its loan statement for 1 year is to be submitted.

Passport size photos

Identity proof

Any one from the below,

  • PAN

  • Passport

  • Driver’s license

  • Voter ID

Address Proof

Any one  from the below,

  • Recent copy of telephone bill

  • Recent copy of EB bill

  • Water bill

  • Gas bill

  • Passport

  • Driving license

  • Aadhar card

Income Proof required from the guarantor/co-applicant

All the below listed documents must be self-attested:

  • Salary certificate for last 3 months (for salaried people)

  • Form 16 for last 2 years or IT returns of last 2 years

  • Bank statement of last 6 months

  • Business address proof (for self-employed)

  • TDS Certificate (for self-employed)

  • Qualification certificate for professions like doctor, auditor


SBI Student Loan

Anyone who wishes to pursue higher education in India as well as abroad can apply for SBI Student Loan.
  • Tenure - 15 years
  • Expenses Covered - Fees payable to the college, travel expenses, purchase of books and computer, fees payable for hostel and library fees. Also for purchasing a two wheeler, the expense is covered upto Rs.50000.
  • Courses Covered :
    • 1.Courses in India
      • Graduation, Post-graduation including regular technical and professional Degree/Diploma courses conducted by colleges/universities approved by UGC/ AICTE/IMC/Govt. Etc in India. Regular Degree/ Diploma Courses conducted by autonomous institutions like IIT, IIM etc.
      • Teacher training/ Nursing courses approved by Central government or the State Government. Regular Degree/Diploma Courses like Aeronautical, pilot training, shipping etc. approved by Director General of Civil Aviation/Shipping/ concerned regulatory authority.
    • 2. Studies Abroad
      • Job oriented professional courses like MBA, MCA, MS, CIMA by reputed institutions.
      • Loan Amount and Security - For studying in India- Rs.10 lakhs and studying abroad Rs.20 lakhs.
      • Repayment -  Through EMI upto 15 years.
      • Interest Rate - For amount upto 7.5 lakhs the rate of interest is 10.15%, above 7.5 lakhs the rate of interest is 10.90%

Documents Required:

For students who is the applicant for the SBI Education Loan, one should require the following documents.
 

Identity proof

Any one from the below,

  • PAN
  • Passport
  • Driver’s license
  • Voter

Address Proof

Any one  from the below,

  • Recent copy of telephone bill
  • Recent copy of EB bill
  • Water bill
  • Gas bill
  • Passport
  • Driving license
  • Aadhar card

Passport

Compulsory to be submitted

Academic certificates

Everything must be submitted.

  • 10th marksheet
  • 12th marksheet
  • Graduation certificate along with semester marksheets
  • Entrance exam results for exams like CAT, CMAT, JEE, NEET, CET, GMAT, GRE, TOEFL, etc.

Admission letter from the premier institutions

Statement of cost of Study

Passport size photos

Previous loans from any bank and its loan statement for 1 year is to be submitted.

For the Co-Applicant

Previous loans from any bank and its loan statement for 1 year is to be submitted.

Passport size photos

Identity proof

Any one from the below,

  • PAN
  • Passport
  • Driver’s license
  • Voter ID

Address Proof

Any one  from the below,

  • Recent copy of telephone bill
  • Recent copy of EB bill
  • Water bill
  • Gas bill
  • Passport
  • Driving license
  • Aadhar card

Income Proof required from the guarantor/co-applicant

All the below listed documents must be self-attested.

  • Salary certificate for last 3 months (for salaried people)
  • Form 16 for last 2 years or IT returns of last 2 years
  • Bank statement of last 6 months
  • Business address proof (for self-employed)
  • TDS Certificate (for self-employed)
  • Qualification certificate for professions like doctor, auditor


SBI Skill Loan

This loan is provided only for pursuing any skill development courses in India.

Courses Covered

Courses run by Industrial Training Institute and Polytechnics affiliated to National Skill Development Corporation,State Skill Mission, NSQF

Loan Amount

Minimum Rs. 5000 and maximum Rs.1.5 lakhs

Repayment

Loan amount

  • Upto Rs.50000

  • Rs.50000 to Rs.1 lakh

  • Above 1 lakh

Repayment Tenure

  • 3 years

  • 5 years

  • 7 years

Interest Rate

9.65% p.a.

Documents Required

  • Filled in application form

  • Passport size photos

  • PAN Card for students and co-borrower

  • Aadhar card of student and co-borrower

  • Identity proof - any one driving license, passport , aadhar or any photo identity as per KYC norms

  • Address proof

  • Bank statement of student / co-borrower

  • IT returns of 2 years of co-borrower

  • Statement of all assets and liabilities of parent/co-borrower

  • Proof income


SBI Take-Over of Education Loans

SBI Take over of education loans helps to switch over high cost education loans to SBI. This helps to reduce your monthly EMI.
 

Features

It has some special features. The loan amount is given upto 1.5 crores. The loan can be topped up for further studies.

Tenure

Upto 15 years

Loan Amount

10 lakhs to maximum 1.5 Crores

Interest Rate

9.65% p.a.

Documents Required

  • Filled in application form

  • Passport size photos

  • PAN Card for students and co-borrower

  • Aadhar card of student and co-borrower

  • Identity proof -any one driving license, passport , aadhar or any photo identity as per KYC norms

  • Address proof

  • Bank statement of student / co-borrower

  • IT returns of 2 years of co-borrower

  • Statement of all assets and liabilities of parent/co-borrower

  • Proof income

 

How to use SBI Education Loan EMI Calculator?

SBI Bank has set up an EMI calculator to calculate monthly EMI. The loan amount, loan tenure and interest rate to be entered to calculate the EMI amount. The online calculator provides the monthly EMI results within seconds with the help of the internet. Follow the steps to use SBI EMI calculator.
  • Visit the direct link https://www.sbi.co.in/portal/web/student-platform/calculator. 
  • Choose repayment calculator. You can choose either repayment during study or repayment after completion.
  • Enter the loan amount, course period and rate of interest.
  • Click "Calculate."


How to Repay SBI Education Loan?

SBI Education Loan repayment starts after 6 months the student acquires the job or one year after completing the course whichever is earlier. This is to help convenient repayment of the loan amount without disturbances in their monthly finances. Also SBI Repayments provides flexibility for the students. This helps the students to concentrate on their education completely. The students should repay the loan amount within 15 years from the course completion. It is advisable to repay the loan amount on time. Since SBI did not levy any charges related to the loan, repayment on time would be expected. Once the student gets a job, then repayment also starts. In case the students avails for any other education loan in SBI, then the repayment tenure will be from the completion of the second course. Also the loan tenure of repayment till upto 15 years of completion of the second course.

Reliance Jio GigaFiber related Articles

Passport related Articles

CIBIL related Articles

Two Wheeler Loan related Articles

HDFC Loan Status related Articles

Gold Loan related Articles

Business Loan related Articles

Car Loan related Articles

Education Loan related Articles

Mudra Loan related Articles

Personal Loan related Articles

Home Loan related Articles

PAN Card related Articles

RRB related Articles

GST related Articles

Link Aadhar With Bank Account related Articles

AADHAR CARD related Articles

Link Aadhar With OTHERS related Articles

Link Aadhar With Mobile Number related Articles






सरकारी नौकरी अब हिंदी में





FreshersLive - No.1 Job site in India. Here you can find latest 2019 government as well as private job recruitment notifications for different posts vacancies in India. Get top company jobs for both fresher and experienced. Job Seekers can get useful interview tips, resume services & interview Question and answer. Practice online test free which is helpful for interview preparation. Register with us to get latest employment news/rojgar samachar notifications. Also get latest free govt and other sarkari naukri job alerts daily through E-mail.