SBI Education Loan - Schemes, How to Apply, Documents Required & Repayment Rules

The State Bank of India, popularly known as the SBI, is India's biggest publicly held multinational commercial bank with public sector banking and financial services. Its headquarters are in Mumbai and Maharashtra. The bank offers a wide range of services such as loans, advances, asset management, insurance, brokerage services, and investment banking, among many others, globally. The most opted loans are SBI Education Loans and Personal Loans.

SBI Education Loan for Domestic and International Studies

The State Bank of India provides a range of banking products within India and overseas and has 16 regional hubs and 57 zonal offices in important cities around India. SBI has the largest employee count of more than 2L, with about 23% female employees and 1.5% of people with disabilities. A remarkable service provided by the bank would undoubtedly be educational loan assistance.

SBI Education Loan Interest Rates

Schemes	Loan Amount	Interest Rates
SBI Student Loan	Up to Rs.7.5 lakh and above	8.65%
SBI Scholar Loan	-	6.85% to 8.15%
SBI Global ED-Vantage	Rs.1.5 crore	8.15% to 8.65%
SBI Skill Loan	Rs.1.5 lakh	8.15%
SBI Take Over of Education Loan	Rs.1.5 crore	8.15% to 8.65%

Compare SBI Education Loan Schemes for Students

Educational loans offered by SBI banks are as follows.

1. SBI Student Loan Scheme
2. SBI Scholar Scheme
3. SBI Global Ed-vantage Scheme
4. SBI Skill Loan
5. SBI Takeover of Education Loan

• SBI Student Loan Scheme

• Interest rate: 8.15% to 8.65% 
• Processing Fee: 
• For loans up to 20 Lakhs: Nil
• Processing fee for loans above 20 lakhs: Rs 10,000 plus applicable taxes.
• Collateral 
• For loan amount up to Rs 7.5 lakhs: None
• For loan amount above Rs 7.5 lakhs: Tangible Collateral
• Eligibility: Indian
• Loan Tenure: 15 years after the course ends plus a repayment holiday of 12 months. 

• SBI Scholar Loan Scheme

• Interest rate: 6.65% to 8.65%
• Processing fee: Nil
• Collateral: Required for List A & List C colleges
• Eligibility: Indian nationals who have been selected through the selection process/test.
• Loan Tenure: 15 years after the course ends plus a repayment holiday of 12 months.

Note: If the applicant is a married person, the co-obligor may be either the spouse or parent/parent-in-law. A suitable third-party guarantee may be considered as a substitute for parental co-obligation.

• SBI Global Ed-vantage Scheme

• Interest rate: 8.15% to 8.65%
• Processing fee: Rs.10,000 per application
• Collateral: Tangible collateral 
• Eligibility: Indian
• Loan Tenure: 15 years

• SBI Skill Loan

  • Interest rate: 8.15%
  • Collateral: None
  • Eligibility: Indian Nationals

• SBI Takeover of Education Loan

• Interest rate: 8.15% to 8.65%
• Processing fees: Nil
• Collateral: Minimum 100% of the proposed loan amount
• Eligibility: Indian nationals who are majors at the loan switchover time with regular EMIs being paid.
• Loan Tenure: 15 years

Please note that: 

• Interest concession of 0.50% for students who avail SBI Rinn Raksha or other life policy assigned by SBI.
• 0.50% interest concession for girl students

SBI Education Loan Scheme for Abroad

• Interest rate: 8.65% (floating)
• Processing Fees: Rs.10,000 per application
• Collateral: Tangible collateral security
• Minimum Loan Amount: Rs.7.50 Lakhs
• Maximum Loan Amount: Rs.1 crore
• Eligibility: Indian nationals who are majors at the loan switchover time with regular EMIs being paid.
• Loan Tenure: 15 years

How to Apply for SBI Educational Loan?

There are several benefits of choosing an SBI education loan. For instance, the takeover Education Loan Scheme covers the students already availing of the loan facility under other banks. The SBI takes the loan under its aegis, and the student becomes the loanee of the SBI. Students may think the procedure to apply for a loan to be a tedious process, and well, it's not!!.

Given below are the steps to apply for an SBI Educational loan through Online and Offline methods.

Online Method

If you intend to apply for the SBI Educational loan online, here is the same procedure.

• Go to the Education Loan Platform of State Bank of India's official website.
• Select the type of education loan you want to apply for, which may categorize understudying within the country or overseas.
• On the new page, click on the 'Apply Now Online' tab.
• Fill up the form with all the required information and submit it.
• Select the type of loan you want and then complete the necessities required for fast processing.

Offline Method

If you intend to apply for the SBI Educational loan offline, here is the procedure for the same.

• Go to the Education Loan Platform of State Bank of India's official website.
• Select the type of education loan you want to apply for, which may categorize understudying within the country or overseas
• On the new page, click on the 'Get a Callback' tab.
• Fill out the form and submit it.
• Enter the OTP and click on the confirm tab.
• The student will get a call back from the SBI customer care team specializing in education loans and scholarships provided by the bank. They can discuss with the executive how you want to proceed with the education loan.

Documents Required to Apply for SBI Education Loans

Essential documents that are mandatory to apply for SBI education loans are proof of identity and proof of residence or address.

These are the documents required for student applicants.

• Proof of Residence (Anyone): PAN, Passport, Driver’s License, or Voter ID card
• Proof of Residence or Address (Anyone): Recent copy of Telephone Bill, Electricity Bill, Water Bill, Piped Gas Bill or copy of Passport, Driving License, or Aadhaar Card
• Passport to be mandatorily submitted in case of Studies Abroad
• Academic Records which include 10th, 12th, and graduation results of UG (semester wise if possible)
• Entrance Exam Result through which admission is being taken (e.g., CAT, CMAT, JEE, NEET, CET, GMAT, GRE, TOEFL, etc.)
• Proof of admission: Offer Letter or Admission Letter from the Institution. A conditional admission letter may be considered in the case of studies abroad.
• Statement of cost of study or schedule of expenses
• Two passport-size photographs
• If any previous loan from other banks/Lenders, then the Loan A/C statement for the last year

Co-applicant

Following are the documents to be submitted for the co-applicant

• Proof of Identity (Anyone): PAN, Passport, Driver’s License, or Voter ID card
• Proof of Residence or Address (Anyone): Recent copy of Telephone Bill, Electricity Bill, Water Bill, Piped Gas Bill or copy of Passport, Driving License, or Aadhaar Card
• Two passport-size photographs
• If any previous loan from other Banks/Lenders, then the Loan A/C statement for the last year

Income proof for salaried Co-applicant/Guarantor

These are the income proofs required for salaried Co-applicant

• Salary Slip or Salary Certificate of last three months
• Copy of Form 16 for the last two years or copy of IT Returns for the last two financial years, acknowledged by IT Dept.
• Bank account statement for the last six months (of Salary Account)

Income proof for self-employed Co-applicant/Guarantor

These are the income proofs required for self-employed Co-applicant

• Business address proof (If applicable)
• IT returns for the last two years (if IT payee)
• TDS Certificate (Form 16A, if applicable)
• Certificate of qualification (for CA/ Doctor and other professionals)
• Bank account statement for the last six months

SBI Education Loan Repayment Rules

The State Bank of India provides various education loans to benefit Indian nationality students from studying in reputed universities in India and overseas. The SBI bank, which provides the scholarship loan and scheme, set up a primary payment method for the students to repay the loan amount after completing the course.

SBI Education Loan repayment rules for various educational loans offered by SBI bank are as follows.

SBI Scholar Loan Repayment Rules

Here are the repayment rules for the SBI Scholar loan.

• The repayment period starts 12 months after the completion of the course and lasts up to 15 years.
• If the student takes a second loan for higher education during the above 15 years, they may repay the combined loan amount in 15 years after completing the second course.

SBI Student Loan Repayment Rules

Here are the SBI education loan repayment rules:

• Repayment will commence one year after completion of the course.
• Loan to be repaid in 15 years after the commencement of repayment.
• If the second loan is available for higher studies later, repay the combined loan amount in 15 years after completion of the second course.

SBI Global Ed-vantage Loan Repayment Rules

Following are the repayment rules for SBI Global Ed-vantage.

• The repayment period starts six months after the completion of the course.
• The repayment period lasts up to 15 years.
• The interest accrued in the course and grace period is added to the principal amount, and the EMI is calculated.

SBI Skill Loan Repayment Rules

Here are the repayment rules for the SBI Skill loan.

• Loan amount up to Rs 50,000 can be repaid in 3 years.
• A loan amount between Rs 50,000 to Rs 1 Lakh can be repaid in 5 years.
• The loan amount above Rs 1 Lakh can be repaid in 7 years.