SBI Education Loan

SBI Education Loan
SBI Education Loan

SBI Education Loan: State Bank of India is an Indian multinational banking and financial services company. It is owned by the Government of India and the State Bank of India has several attractive schemes for education loans that cater to domestic and foreign students aspiring to take skill development classes. State Bank of India offers a wide range of education loans with interest rates. Students can avail of loans for studying vocational courses as well as professional courses.

SBI Education Loan Interest Rates

Education Loan Scheme Maximum Loan Amount Interest Rates
SBI Student Loan Rs.20 lakh 10.05%
SBI Scholar Loan Rs.40 lakh 7.95% to 9.25%
SBI Global Ed- Vantage Rs.1.5 crore 10.05%
SBI Skill Loan Rs.1.5 lakh 9.55%
SBI Takeover Collateralised Education Loan Rs.1.5 crore 10.05%

 

>SBI education loan for girls offers a discount of 0.50% on the interest rate. There is a discount of 0.50% for students availing of SBI Loan Raksha or any other policy in favor of the Bank.

SBI Education Loan Schemes for Students

SBI has come up with several schemes that aim to meet the diverse needs of the youth of India. And these schemes help target specific groups of students who wish to pursue higher education in India and abroad, or simply develop a specific vocational skill.

SBI Student Loan Scheme

Under the SBI student loan scheme, the bank provides loans to students who want to pursue higher education in the country and abroad but currently do not have the finances or distribute the financial burden over a longer time. This student loan scheme can be availed by any prospective student pursuing education in India or abroad. The maximum loan amount for pursuing education in India is ₹ 10.00 lakhs. It is ₹ 20.00 lakhs if one is following in a foreign land. If students want to pursue higher education and want additional loan amounts, they can apply for the Global Add-Vantage Scheme.

Eligible Courses & Domestic Courses
Bachelor’s degree including regular technical and professional degree or diploma courses conducted by colleges or universities recognized by UGC, AICTE, IMC, Govt. etc.

Regular degree or diploma courses are conducted by autonomous institutions like IITs, IIMs, etc.

Regular degree or diploma courses like aeronautics, pilot training, shipping, etc approved by the Directorate General of Civil Aviation/Shipping or the concerned regulatory authority.

Teacher training or Nursing courses that are approved by the Central Government or the State Government.

International Courses

Job oriented professional, technical undergraduate degree courses, postgraduate degree, and diploma courses like MCA, MBA, MS, etc which are offered by reputed universities

Courses conducted by CIMA (Chartered Institute of Management Accountants) – CPA (Certified Public Accountant) in London, USA, etc.

  • interest rate 10.05%
    processing fee
    For loans up to Rs.20 lakh
    Processing fee of Rs.10,000 plus applicable taxes for loans above Rs.20 lakh
    collateral
    For loans up to Rs 7.5 lakh:- none
    For loans above Rs 7.5 lakh:- tangible collateral
    Loan tenure:- 15 years after the end of the course and 12 months repayment leave
    Eligibility:- Indian Citizen
SBI Education Loan
SBI Education Loan

SBI Scholar Loan

SBI Scholar Loan Scheme was a scheme brought by the bank to provide financial assistance to meritorious students seeking admission to a premier institute of India.

Interest Rate :- 7.95% to 9.25%
Processing Fee:- Nil
Collateral:- Required only for List A and List C colleges
Loan Tenure:- 15 years after the completion of the course and 12 months repayment leave
Eligibility:- Indian Nationals who are selected through Entrance Test/Selection Processes

SBI Global Ed- Vantage

SBI has also brought out schemes that cater to students that plan to go abroad to pursue their education. This scheme only caters to them and has faster application review and offers a better interest rate. Also under this scheme students can avail of a loan before their I-20 visa/Visa is approved.

  • Interest Rate:- 10.05%
  • Processing Fees:- Rs.10,000 per application
  • Collateral:- Tangible collateral as security
  • Loan Tenure:- 15 years
  • Eligibility:- Indian nationals

SBI Skill Loan

SBI has also brought out a Skill Loan scheme to cater to those individuals that want to develop their future by acquiring vocational skills. Individuals can avail of this loan at an attractive interest rate. The maximum loan amount is Rs 1.50 Lakh. However, individuals can also seek loan amounts as little as Rs 5,000.

  • Interest Rate:- 9.55%
  • Collateral:- None
  • Loan Tenure:- Up to 7 years
  • Eligibility:- Indian nationals

SBI Takeover Collateralised Education Loan

SBI has come up with a scheme in its drive to help students secure their academic careers, where they help financially struggling families by purchasing student loans from their creditors and charging small interest rates. This scheme is really useful for those people who have taken an education loan and after the completion of the course, they face difficulty in getting a job or they face huge financial loss. The scheme lets the user take the burden off the student and get an extension of the loan. The plan covers the outstanding amount, sanctioned limit as top-up loan, and prepayment penalty if any.

  • Interest Rate:-10.05%
  • Processing Fees:- Nil
  • Collateral:- Minimum 100% of the proposed loan’s value
  • Loan Tenure:- 15 years
  • Eligibility:- Indian nationals who are majors at the loan switchover time with regular EMIs being paid

SBI Education Loan EMI Calculator

Knowing what your Equated Monthly Installment (EMI) will be on your SBI education loan will help you plan your expenses and manage your student finances better. Calculate your EMIs using the Education Loan EMI Calculator. Get a detailed amortization table with a breakdown.

It is an easy-to-use, online EMI calculator that instantly displays your EMI details on the page. All you have to do is enter your desired or sanctioned loan amount, tenure, and the interest rate offered by SBI in the respective fields (use the slider for the loan amount and tenor and key in the interest rate and processing fee figures). Also, choose whether you are planning to make any prepayment. Click on ‘Calculate’ and you can check your EMI details from there.

Year Principal Paid(a) Interest Paid(b) Total Payment (a+b) Outstanding Loan Balance
2020 22,354 74,638 96,992 9,77,647
2021 32,539 96,782 1,29,321 9,45,108
2022 35,961 93,354 1,29,315 9,09,145
2023 39,750 89,572 1,29,322 8,69,397
2024 43,932 85,387 1,29,319 8,25,464
2025 48,557 80,762 1,29,319 7,76,907
2026 53,668 75,652 1,29,320 7,23,239
2027 59,318 70,003 1,29,321 6,63,921
2028 65,560 63,759 1,29,319 5,98,360
2029 72,461 56,857 1,29,318 5,25,898
2030 80,090 49,229 1,29,319 4,45,808
2031 88,519 40,801 1,29,320 3,57,288
2032 97,836 31,480 1,29,316 2,59,451
2033 1,08,135 21,184 1,29,319 1,51,315
2034 1,19,518 9,801 1,29,319 31,796
2035 31,795 534 32,329 0

 

Apply Online/Offline for SBI Education Loan

You can apply for SBI education loan online or offline as follows

Offline

  • Visit your nearest SBI branch with all the required documents.
    Fill and submit the application form which you can get from there.

Online

  • Visit the official website of SBI
    Navigate to Education Loan Section
    Click on the ‘Apply Now button under the loan you wish to apply for
    You will be redirected to the next page where you have to enter your contact details
    A bank representative will contact you

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