SBI Education Loan 2024: Updated Schemes, Interest Rates, How to Apply?

State Bank of India (SBI) provides a variety of education loans, with interest rates beginning at 8.15%. Student loans are available from SBI for both domestic and foreign education. Finances for professional and vocational courses are also available to you.

A moratorium period follows the conclusion of the course and is included in the variable repayment tenures. Prepayment of the loan, which is possible at any point throughout the loan term, is free of penalty. For female students, some loans additionally provide interest reductions. Read on to learn about the SBI education loan. 

Compare SBI Education Loan Schemes for Students

Here is comprehensive information about the various education loan programs that State Bank of India offers.

Loan schemes	Loan limit	Interest Rate
SBI Student Loan Scheme	Up to Rs.50 lakh	8.15% p.a. to 11.75% p.a.
SBI Scholar Loan Scheme	AA list: Rs.50 lakhA list: Rs.40 lakhB list: Rs.30 lakhC list: Rs.7.5 lakh to Rs.30 lakh	AA list: IITs: 8.15% Other institutions: 8.20%A list: IITs: 8.15% Other institutions: 8.65%B list: NITs: 8.65%Other institutions: 9.15%C list: NITs: 8.65%Other institutions: 9.65%
SBI Skill Loan Scheme	Up to Rs.1.5 Lakh	10.65%
SBI Global Ed- Vantage	Rs.20 lakh to Rs.1.5 crore	11.15%
SBI Takeover of Education Loan Scheme	Above Rs.10 lakh & up to Rs.1.5 crore	11.15%
SBI Shaurya Education Loan	Up to Rs.7.50 lakh Above Rs.7.50 lakh & up to Rs.1.50 crore Up to Rs.40 lakh (studies in India) Up to Rs.1.5 crore (studies abroad)	11.15% to 11.75%

SBI Education Loan- Key Features 

The general characteristics of the SBI education loan are as follows:

Features	Details
Loan Amount	Study in India: Maximum limit can be considered up to Rs.50 lakhMedical Courses: Up to Rs.30 lakhOther Courses: Up to Rs.10 lakhStudies in Abroad: Up to Rs.7.50 lakhThe maximum limit is Rs.1.50 crore under Global Ed-vantage scheme
Processing Charges	Loans up to Rs.20 lakh: NilLoans above Rs. 20 lakh: Rs.10,000 plus tax
Repayment period	Up to 15 years after Course Period along with 12 months of repayment holiday
Security	Up to Rs.7.5 lakh: Only parent or guardian as co-borrower.Above Rs.7.5 lakh: Guardian or parent as co-borrower and tangible collateral security
Margin	No margin for amounts up to Rs.4 lakhFor studies in India and abroad the margin is 5.00% and 15%, respectively, for amounts above Rs.4 lakh
Courses covered	India: UGC/ AICTE/IMC/Govt. Approved graduation, post-graduation including diploma courses, Regular or degree courses by autonomous institutions such as IITs, IIMs, etc.Central government or the State Government approved teacher’s training or nursing courses, Director General of Civil Aviation or Shipping approved regular degree or diploma courses such as shipping, pilot training, aeronautical, etc.Abroad: Professional or technical graduation degree courses, post-graduation degrees and diploma courses such as MCA, MBA, MS, etc. Chartered Institute of Management Accountants (CIMA) courses- London Certified Public Accountant (CPA) courses- USA
Expenses covered	Examination fees for college, school, or dorms, costs for libraries or laboratories, Literature, tools, gear, or clothes, 20%  of the total tuition payments go toward the purchase of computers and other necessities for finishing the course. 10% of the total cost of tuition is the maximum amount for a caution deposit, building fund, or refundable deposit. travel costs for overseas study Two-wheelers can cost as much as Rs. 50,000. Additional costs, such as project labor and research tours.

Documents Required for SBI Education Loan

The list of documents needed to apply for an education loan from State Bank of India (SBI) is as follows:

• Grade report for grades 10 through 12, graduation, and entrance exam
• Admittance letter or offer letter proving enrollment in the course Details about the cost of the course
• Documents attesting to a free ship or scholarship
• Self-statement on study pause (if applicable)
• One passport-sized photo of each co-applicant, co-borrower, and parent for the student
• An asset-liability statement from a co-applicant or guarantor is necessary for loans exceeding Rs 7.5 lakh.
• Most recent pay stubs, Form 16, or IT Return for candidates who are salaried
• Proof of business address and most recent pay stub for candidates who are not paid
• Bank account statements of the parent, guardian, or guarantee for the last six months
• If real estate is pledged as collateral, a copy of the sale deed is required.
• Parent’s, co-borrower’s, or guarantor’s Permanent Account Number (PAN)
• Officially Valid Documents (OVD): Aadhar Passport
• Driving licence
• Voter ID card
• Passport
• Aadhar Card
• NREGA job card signed by a State Government officer
• Letter containing name and address issued by the National Population Register

SBI Education Loan EMI Calculator

If you are aware of the precise amount of your Equated Monthly Instalment (EMI) for your SBI school loan, you can better manage your student expenses and make cost plans. Using the Education Loan EMI Calculator, you may obtain a comprehensive amortisation table that breaks down your EMIs.

This easy-to-use online EMI calculator displays your EMI details immediately on the screen. To apply, simply fill in the appropriate boxes with the loan amount, tenure, and interest rate that you have been approved for or requested from SBI (use the slider to adjust the loan amount and tenure and enter the interest rate and processing fee figures). Make a decision regarding any prepayments you wish to make. You can view your EMI information by selecting ‘Calculate’.

How to Apply Both Online and Offline for an SBI Education Loan?

Offline

Step 1: Enter the SBI branch that is closest to you while carrying the required paperwork. 

Step 2: Complete the application form that may be downloaded from that location. 

Online 

The first step is to go to the SBI website. 

Step 2: Find and select the Education Loan section. 

Step 3: Decide which loan choice you want. 

Step 4: Select ‘Apply Now’. 

Step 5: Vidya Lakshmi’s website will be accessed by you. 

Step 6: Register by filling out all of your information. 

Step 7: At last, submit a loan application. 

Step 8: You will hear from a bank representative. 

SBI Scholar Loans: accessible through mapping branches or a few designated campuses.

Also Read: Education Loan for Studying Abroad in 2024

SBI Education Loan Repayment Rules

Under the SBI education loan policy plan, courses lasting longer than six months are subject to a moratorium period. During this period, there is no requirement to make any payments. Under both the SBI Student Loan Scheme and the SBI Global Ed Advantage Scheme, your loan repayment for SBI Education begins six months after your studies are over.

The majority of commercial banks and NBFCs demand at least a partial payment of interest even if your studies abroad are still underway. There isn’t a moratorium on anything.

FAQs

Other than for female students, are there any other interest rate concessions available?

Students who purchase an SBI Rinn Raksha or any life insurance policy from the bank are eligible for an interest rate reduction of 0.50%. Students who are applying for the SBI Global Ed-Vantage Scheme and the SBI Student Loan Scheme can use this. 

Is there a method to obtain further interest concessions?

If you repay the interest throughout your course and moratorium, you will receive a 1% interest reduction for the duration of your loan. 

Will the costs of living on campus be covered by the SBI education loan?

The education loan issued by State Bank of India includes reimbursement for living expenses paid by the college or school administration or for lodging in a dorm onsite.