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.
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%
For loans up to Rs.20 lakh
Processing fee of Rs.10,000 plus applicable taxes for loans above Rs.20 lakh
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 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|
Apply Online/Offline for SBI Education Loan
You can apply for SBI education loan online or offline as follows
- Visit your nearest SBI branch with all the required documents.
Fill and submit the application form which you can get from there.
- 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