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 |
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 |
Eligibility for SBI Education Loans
| SBI Education Loan Eligibility | |
|---|---|
| Parameters | Eligibility Criteria |
| Applicant’s Age |
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| Who Can Apply? |
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| Maximum Loan Amount |
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| Frequency Of Repayment |
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| Repayment Period |
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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 |
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| Residence Proof |
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| Income Proof in case of salaried co-borrower |
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| Income proof for self-employed co-applicant |
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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.