SBI Education Loan In India and Abroad, Interest, Eligibility 2023

SBI Education Loan: The State Bank of India is the primary nationalised lender in the country. It provides five types of SBI education loans: Scholar Loan, Global Ed-vantage Education Loan, Candidates Loan, Skill Loan, and Education Fund Take-over. While Scholar Loan and Skill Loan are available to candidates who want to further their education in either a premier institute or a vocational college in India, Global Ed-vantage and Candidates Loan are available to candidates who want to study abroad. SBI primarily provides education loans with collateral for overseas education. Unsecured loans, or loans without collateral, are available only to the best of the best colleges, and only up to 7.5 lakhs.

SBI provides return rate subsidies to female candidates as well as holders of the RiNn Raksha credit life insurance policy. In addition, as a scheduled commercial bank, SBI has provided government schemes such as the Dr. Ambedkar Interest Subsidy Scheme for Overseas Studies for OBCs (non-creamy layer) and EBCs, CSIS, and the Padho Pradesh Return Subsidy Scheme with the majority of SBI education fund offerings.

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SBI Education Loan In India 2023

State Bank of India (SBI) provides a variety of education credit with interest rates starting at 8.00% p.a. The flexible Return tenures include a moratorium period following course completion. There are no penalty charges for pre-paying the Fund at any time during the Fund’s tenure. Some loans also provide interest discounts to female candidates.

SBI provides candidates with loans for both domestic and international studies. You can get funding to study for both professional and vocational subjects. There are also takeover loans that allow you to repay your high-interest loans using SBI Loan with lower return rates.

SBI Education Loan Specifications

SBI Education Loan Details
Interest Rate 9.7% for females and 10.2% for male students after Insurance
Loan Amount 8 Lacs to 1.5 Cr
Processing Fees Rs. 10,000 (payable at the bank directly) + legal and valuation charges
Loan Period 15 years maximum
Moratorium Period Course duration + six months
Processing Time 14-18days with We Make Scholars (35-50 days if applied directly at the branch)
Category Career Guide
Eligible Expenses Everything- Tuition fee, Travel, Living expenses/ Hostel fee, Examination fee/ Purchase of Stationery laptop
Official Web Site sbi.co.in
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SBI Overview

The State Bank of India, founded in 1806, is one of Asia’s largest and oldest commercial banks. It is a large public sector banking and money services company with over 24,000 branches and 59, 000 ATMs. It is India’s largest bank, with a 20% market share in deposits and funds among commercial banks, and is truly a bank for every Indian.

Education Loans from State Bank of India (SBI)

Students from all over the world can apply for State Bank of India (SBI) Education Loans. State bank education loans are an excellent choice if you need a dependable and affordable source of funding for your education. There are numerous options available, so you can find the best loan for your needs. You can get the money you need to cover your tuition, fees, and other educational costs with state bank education loans. Furthermore, these loans have flexible terms and low interest rates.

What Exactly Is an Education Loan?

An Education Fund is a loan or funds obtained by an individual in order to pursue higher education in India or abroad. After completing their education, students begin repaying their loans, and candidates have a 6-month grace period to find or join a job.

Your Return amount will be determined by your Return selection; you must decide how you want to repay the Credit. That is, whether you want to begin paying during the moratorium Time or after it has expired. The moratorium period is the length of your education plus 6 months or a year to find work. You are only required to pay the Fund after this time. The loan return begins to accrue at the time of loan disbursement, so when you graduate, you will have a large amount to repay. Another option is for your parents or guardians to begin repaying the loan during the moratorium period, which is calculated as a simple return.

SBI Education Loan In India 2023 comes in four varieties.

  • Graduate education loans
  • Loan for postgraduate education
  • Parents seeking an education loan
  • Education loans for career advancement

Table Summarizing the SBI Education Fund

SBI Education Fund Summary
SBI Education Loan Limit For India – INR 10 Lacs
For Abroad – 20 Lacs
(Up to ₹ 7.5 lakh without collateral)
SBI Education Loan Interest Rate 9.65% per Years
SBI Education Loan Margin For loan above INR 4 Lacs
In India: 5%
In abroad: 15%
SBI Education Loan Processing Fee Up to INR 4 Lacs: Nil
Above INR 4 Lacs: INR 5000
SBI Education Loan Security Up to 7.50 Lacs: Only Parent/ Guardian as co-borrower. No Collateral Security or third party guarantee. Above INR 7.50 Lacs: Tangible security along with parents as co-Taker
SBI Education Loan Repayment Ready After 1 year of course completion or 6 months after getting a job
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Eligibility for SBI Education Loans

SBI Education Loan Eligibility
Parameters Eligibility Criteria
Applicant’s Age
  • Non-employed personnel: Up to 35 years
  • Working employees / Executives: Up to 45 years
Who Can Apply?
  • An Indian National: With secured admission to professional/technical courses in recognized institutions.
  • Permanent employees: Who are employed for not less than three years with any organization and have secured admissions in a reputed institute or who intend to acquire higher professional qualifications.
Maximum Loan Amount
  • For studies in India: Up to Rs. 1,000,000
  • For studies in Abroad: Up to Rs. 2,000,000
  • For studies at IIT’s, IIM’s and ISB’s: Upto Rs. 4,000,000
Frequency Of Repayment
  • Quarterly or monthly rests.
  • Starts 1 year after completing the course or six months after getting a job, whichever is first.
  • Loan interest re‐payment will start immediately after disbursement of the first instalment of the loan.
Repayment Period
  • Tenure: Education Loan consists of Duration of Study, Grace Period after the Study, and Repayment Period.
  • For Indian courses: Repayment tenure is a maximum of 12 years after the commencement of repayment.
  • For Abroad courses: Repayment tenure is a maximum of 12 years after the commencement of repayment.

Interest Rates on SBI Education Loans

SBI Education Loan Interest Rate
Loan Amount Range Courses in India Courses Abroad IIT, IIM, ISB Courses
Loans up to Rs. 4 lakh 10.50 %  – 10.00% 10.50 %  – 10.00% 8.85 %
Loans Rs. 4.0 – 7.5 lakh 10.50 % – 10.00% 10.50 %– 10.00% 8.85 % – 10.00%
Loans > Rs. 7.5 lakh 10.75 % – 10.25% 10.75 % – 10.25% 8.85 % – 10.00%

SBI Education Loan Schemes with details, documents, maximum loan, and courses

SBI Education Loan Schemes with detailed features, documents, max loan, courses
Schemes Maximum Loan Amount Interest Rates
SBI Student Loan Rs.20 lakh 10.05%
SBI Scholar Loan Rs.40 lakh 8.95% to 9.25%
SBI Global ED-Vantage Rs.1.5 crore 10.05%
SBI Skill Loan Rs.1.5 lakh 9.55%
SBI Take Over of Education Loan Rs.1.5 crore 10.05%

Documentation for an SBI Education Loan is required.

Under Know Your Customer Policy (KYC), the bank Needs certain documents. These are the documents required by both the candidates and the co-borrower:

SBI Education Loan Documents Required
Identity Proof
  • Passport
  • PAN Card
  • Aadhaar Card
  • Voter’s ID Card
  • Driving Licence
  • Photo Credit Card
  • Central and State Govt. issued Photo ID Proof
  • Defence ID Card.
Residence Proof
  • Aadhaar Card
  • Ration Card
  • Passport
  • Bank Account Statement
  • Voter’s ID Card
  • Letter from any recognized public authority
  • Telephone Bill
  • Electricity Bill
  • Water Bill
Income Proof in case of salaried co-borrower
  • Salary Slips (not more than 3 months old)
  • Bank Statements (not more than 3 months old)
  • ITR
  • Form-16 (for the last 2 years)
  • bank account statement (for the last 6 months of salary account)
Income proof for self-employed co-applicant
  • Business address proof
  • IT returns for the last two years (If IT payee)
  • TDS certificate
  • Form 16A if applicable
  • Certificate of qualification (for CA, doctor, and other professions)
  • Bank account statement for the last 6 months.
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Rules for Repayment of SBI Education Loans

When should I begin filing my SBI Education Loan Return?

The SBI Education Fund Policy Plane includes a moratorium of the course duration plus six months. During this time, there is no need to make any payments. For both the SBI Candidates Loan Scheme and the SBI Global Advantage Scheme, your SBI Education Loan Return begins six months after course completion.

Most private banks and NBFCs require at least a partial total of interest to be paid while your studies abroad are still ongoing. There is no moratorium period.

Many Candidates wonder if they will be charged pre-closure fees on their Candidates loan. Assume a candidate receives an SBI Education Fund sanction for a period of 15 years. If he is able to repay and close the loan in 5 years, he can do so without incurring any additional fees. This is an additional benefit of SBI’s Global Advantage Fund. There are no pre-closure fees.

Charges for SBI Education Loans

Is there a processing fee for the SBI Education Fund?

The processing fee for an SBI Education Loan is Rs. 10,000. However, set aside approximately 7500 rupees for the lawyer and valuator’s fees. Only government banks can offer education funds with low returns and low processing fees, and SBI is the undisputed leader in this regard.

SBI Education Loan Charges
Processing Fee Rs. 10,000 fixed
Extra charges to the SBI Branch approved Lawyer and Valuator Rs. 7,500 approximately

When is the best time to apply for SBI Education Credit?

Ideally, you should begin your SBI education Fund application as soon as your acceptance to a university is confirmed. The earlier you begin the Candidates Fund process, the better! Please do not wait until you have heard from all of the universities to which you have applied! Don’t wait until you’ve decided which university to attend! Prepare your education loan application as soon as you have one admission confirmed. This significantly reduces the processing time for your SBI Education Fund! In some cases, candidates have missing documents or other formalities that must be completed. As a result, the sooner you are ready, the easier it will be to obtain education funding.

Customer Service for SBI Education Loans

Candidates seeking an SBI education loan can contact the Fund’s customer service department for further assistance. Contact SBI’s 24-hour helpline at 1800 11 2211 (toll-free), 1800 425 3800 (toll-free), or 080-26599990. Toll-free numbers are available from any landline or mobile phone in India.

How Do I Apply for an Education Fund at SBI Bank?

How Do I Apply for an SBI Bank Education Fund?

  • First and foremost, go to the SBI Bank’s main website at www.onlinesbi.sbi.
  • Following that, the application Form process is both online and offline, so you don’t have to be concerned.
  • After that, you can either open a direct account with the bank or go to the official website to learn more.
  • Following that, you must carefully complete the application form. If you apply online, you can easily download the application form and fill it out.
  • Following that, you must include your mark sheet, admission proof, and any other required documents.You must also complete an interview with the official website.
  • They will come to see if you are eligible.
  • This step includes documentation and validation of all updates provided in previous steps.
    Your funds will be accepted in this step, and the loan will be disbursed within a few days.