SBI Education loan

SBI Educational Loan

The State Bank of India, popularly known as the SBI is India’s biggest publically held multinational commercial bank with public sector banking and financial services with its headquarters in Mumbai and Maharashtra. The State Bank of India provides a range of banking products within India and overseas and had 16 regional hubs and 57 zonal offices located in important cities around India. SBI offers a wide range of services such as loans, advances, asset management, insurance, brokerage services, and investment banking among many more for people on a global scale.

SBI, with one of its largest employee count of more than 2L with about 23% of female employees and 1.5% of people with disabilities.

A remarkable service provided by the bank would undoubtedly be educational loan assistance. The SBI Education Loan helps students pursue the degree of their dreams without burdening them with the huge financial responsibility that comes with it. This article explains why SBI Education Loan would be a good choice for students pursuing a degree in India or abroad.

A listed Table of key information on various loan schemes which includes the eligibility criteria, rate of interest on various loan schemes etc are given below to know about

SBI Scholar Scheme 

The SBI Scholar Loan Scheme is for students who have secured a seat with prestigious institutions such as the IITs, IIMs, AIIMS, and the like. This loan has an upper limit of INR 40 lakhs. The SBI Scholar Scheme offers quick sanction at Designated Campus Branch or more than 5000 selected branches all over the country.

Eligibility criteria of SBI Scholar Scheme Loan

Here are the eligibility criteria of the SBI Scholar Scheme Loan.

  • Applicants must be Indian citizens.

  • Applicants must have gone through the admission process for professional/technical courses by writing entrance exams in any of the following institutions

Note: In case the applicant is a married person, the co-obligator 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 Scholar education loan rate of interest

Here is the rate of interest for SBI Scholar education loan

  • For Return On Investment for 1 year, it is 8.50% and the effective Rate of Interest (RI) is 8.70% pa
  • For colleges-IIMs and IITs for 1 year, it is 8.50% and the effective Rate of Interest (RI) is 8.85% pa
  • For other institutions for 1 year, it is 8.50% and the effective Rate of Interest (RI) is 9.00% pa
  • For all NIITs 1 year it is 8.50% and the effective Rate of Interest (RI) is 9.00% pa

Courses covered under SBI Scholar Loan

These are the courses under SBI Scholar Loan

  • All the full-time, regular degree and diploma courses (provided admission is granted through entrance test/selection process)

  • Courses such as PGPX which are full-time executive management courses.

Note: This loan does not apply to students who have opted for part-time or certificate courses.

Colleges covered under SBI Scholar Scheme

Various colleges in India provide Educational loan for an amount of up to 30L without collateral for the welfare of the students to help them by keeping the mindset of the economy of students coming from various stages of life. Some of the top institutions which provide SBI scholar scheme are

  • Indian Institute of Management (IIM), Ahmedabad
  • Indian School of Business (ISB), Hyderabad
  • Indian School of Business (ISB), Mohali Campus 

Check for the list of colleges that one can apply and be eligible for the scholar loan 

Expenses covered under SBI Scholar Loan

These are the expenses covered under SBI Scholar Loan

  • College and Hostel Fees

  • Fees payable towards examinations, library, and laboratory

  • Instruments, equipment, and books expenses

  • With the support of Institution bills/receipts, caution deposit/building fund/refundable deposits may also be covered provided it does not exceed 10% of the entire course tuition fees

  • Student’s travel expenses and expenses on exchange programs (if any)*

  • Computer/Laptop*

  • Miscellaneous expenses(education-related only)*

Some of the terms and conditions that need to be fulfilled in order to receive the above-mentioned benefits are as follows:

  • The purpose needs to be self-certified, there is no need for presenting vouchers/receipts

  • Any such expenditures cannot exceed 25% of the loan amount

  • In case of expenses beyond the mentioned 25%, a voucher/receipt needs to be presented.

SBI Scholar Documents Required

All the below documents need to be self-attested before submission.

For Student Applicants

These are the documents required for student applicants

  • PAN Card or Passport or Driver’s License or Voter ID Card as Proof of Identity.

  • A recent copy of Telephone Bill or Electricity Bill or Water Bill or Gas Bill or Passport or Driver’s License or Aadhaar Card as Proof of Residence.

  • Compulsory submission of Passport

  • Academic Records – 10th, 12th, semester wise graduation marks cards, and entrance exam results

  • Offer Letter/Admission Letter from the Institution or Conditional admission letter as Proof of Admission

  • Expenses Schedule or Statement of Cost of Study

  • 2 recent passport size photograph

  • Loan account statement for 1 previous year (if applicable)

For Co-Applicant

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

  • PAN Card or Passport or Driver’s License or Voter ID Card as Proof of Identity.

  • A recent copy of Telephone Bill or Electricity Bill or Water Bill or Gas Bill or Passport or Driver’s License or Aadhaar Card as Proof of Residence

  • 2 recent passport size photograph

  • Loan account statement for 1 previous year (if applicable)

Income Proof for Salaried Co-Applicant

These are the income proofs required for salaried Co-applicant

  • Previous 3 months’ salary slip/salary certificate

  • Previous 2 years’ Copy of Form 16/IT returns, acknowledged by IT Department

  • Salary Account Bank Statement of previous 6 months

Income Proof for Self-employed Co-Applicant

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

  • Bank Statement for the previous 6 months

  • Qualification Certificate in case of professionals such as CAs and Doctors

  • TDS Certificate

  • IT Returns

  • Business Address Proof (If applicable)

SBI Scholar Repayment Rules

For the educational loans, the repayment rules are given below

  • The repayment period starts 12 months after the completion of the course and lasts up to 15 years

  • In case the student takes a second loan for higher education during the above mentioned 15 years, he/she may repay the combined loan amount in 15 years after the completion of the second course.

Equated Monthly Installments (EMI) Calculation for SBI Scholar Loan Scheme

  • The interest accrued in the course and grace period is added to the principal amount and the EMI if fixed for repayment

  • In case the interest is serviced before the repayment period, the EMI is fixed on the principal amount.

SBI Student Loan Scheme

This education loan scheme for students with Indian nationality to pursue higher education in Indian or abroad universities where admissions are secured and many students get the advantage of the educational loans provided by the SBI bank

Eligibility criteria for SBI Student Education Loan Scheme

The term loan is offered to students with the Indian nationality to pursue higher education in Indian or abroad universities where admissions are secured.

SBI Student loan education Rate of Interest

Here is the rate of Interest for SBI Student Loan

  • For loan amount up to Rs 7.5L with one-year MCLR value at 8.50% and the Rate of Interest is 10.50% pa with a concession of 0.50% for girl students.  (w.e.f 10.04.2019)
  • For loan amount above Rs 7.5L with one-year MCLR value at 8.50% and the Rate of Interest is 10.75% pa with a concession of 0.50% for girl students and concession of 0.50% for students availing SBI Rinn Raksha in favor of the bank.  (w.e.f 10.04.2019)

Courses covered under SBI Student Education Loan Scheme

For studying in India

Given below are the courses covered under SBI Student Education Loan Scheme for students studying in India

  • Graduation and Post-graduation (PG) which includes regular technical and professional Degree/Diploma courses conducted by colleges/universities approved by UGC/AICTE/IMC/Govt. etc
  • Regular Degree/Diploma Courses conducted by autonomous institutions like IIT, IIM etc
  • Teacher training/ Nursing courses approved by the Central government or the State Government
  • Regular Degree/Diploma Courses like Aeronautical, shipping, pilot training etc. approved by Director General of Civil Aviation/Shipping/ concerned regulatory authority

For studying in abroad

Given below are the courses covered under SBI Student Education Loan Scheme for students studying abroad 

  • Job oriented professional/ technical Graduation Degree courses/ Post Graduation (PG) Degree and Diploma courses like MCA, MBA, MS, etc offered by reputed universities
  • Courses conducted by CIMA (Chartered Institute of Management Accountants) - London, CPA (Certified Public Accountant) in the USA, etc.

SBI Student Loan Documents Required

Student Applicant

These are the documents required for student applicants

  • Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
  • Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/
  • Driving License/ Aadhaar Card
  • Passport to be mandatorily submitted in case of Studies Abroad
  • Academic Records which include 10th, 12th and graduation result 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. Conditional admission letter may be considered in case of studies abroad.
  • Statement of cost of study/ Schedule of expenses
  • 2 passport-size photographs
  • If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year

Co-applicant

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

  • Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
  • Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/
  • Driving License/ Aadhaar Card
  • 2 passport-size photographs
  • If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 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 3 months
  • Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.
  • Bank account statement for the last 6 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 last 2 years (if IT payee)
  • TDS Certificate (Form 16A, if applicable)
  • Certificate of qualification (for C.A./ Doctor and other professionals)
  • Bank account statement for the last 6 months 

SBI Student Loan Repayment rules

For the education loan, the repayment rules are given below

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

SBI Global Ed-vantage Scheme

The SBI Global Ed-vantage Scheme is for those students who aspire to earn a regular full-time degree from an overseas educational institution. With this scheme, one can avail a minimum loan amount of Rs. 20 Lacs and a maximum loan amount of Rs. 1.5 Crore. The margin is 10% which would be up to 90% of the cost and is, of course, eligible for financing, with a scholarship/assistantship to be included in the margin. Simple interest of 9.5%-10% will be charged during course duration plus the moratorium period. The moratorium period is your course duration plus an additional 6 months.

Eligibility criteria for SBI Global Ed-vantage Scheme

Here are the eligibility criteria for SBI Global Ed-vantage Scheme

  • Applicants must be Indian citizens.

  • Applicants must have gone through the admission process for professional/technical courses by writing entrance exams in any of the following institutions

SBI Global Ed-vantage education scheme Rate of Interest

For loan amount above Rs 20L and up to Rs 1.5Cr with one-year MCLR value at 8.50% and the Rate of Interest is 10.75% pa with the concession of 0.50% for girl students and concession of 0.50% for students availing SBI Rinn Raksha in favor of the bank.  (w.e.f 10.04.2019)

Courses covered under SBI Global Ed-vantage Scheme

Here are the courses covered under SBI Global Ed-vantage Scheme

  • This loan is granted for regular graduation, post-graduation, and doctorate degrees

  • The courses may be in any discipline offered by Universities or Institutions situated in the USA, UK, Canada, Australia, Europe, Singapore, Japan, Hong Kong, and New Zealand

Loan amount under SBI Ed-vantage Scheme

This is the loan amount provided under SBI Ed-vantage Scheme

  • SBI Global Ed-vantage offers loans up to INR 1.5 corer

  • The minimum loan amount is INR 20 lakhs

Repayment Rules under SBI Global Ed-vantage Scheme

For the educational loan, the repayment rules are given below

  • The repayment period starts 6 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

Documents required for SBI Global Ed-vantage Scheme

All the below documents need to be self-attested before submission.

For Student Applicants

These are the documents required for student applicants

  • PAN Card or Passport or Driver’s License or Voter ID Card as Proof of Identity.

  • A recent copy of Telephone Bill or Electricity Bill or Water Bill or Gas Bill or Passport or Driver’s License or Aadhaar Card as Proof of Residence.

  • Compulsory submission of Passport

  • Academic Records – 10th, 12th, semester wise graduation marks cards, and entrance exam results

  • Offer Letter/Admission Letter from the Institution or Conditional admission letter as Proof of Admission

  • Expenses Schedule or Statement of Cost of Study

  • 2 recent passport size photograph

  • Loan account statement for 1 previous year (if applicable)

For Co-Applicant

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

  • PAN Card or Passport or Driver’s License or Voter ID Card as Proof of Identity.

  • A recent copy of Telephone Bill or Electricity Bill or Water Bill or Gas Bill or Passport or Driver’s License or Aadhaar Card as Proof of Residence

  • 2 recent passport size photograph

  • Loan account statement for 1 previous year (if applicable)

Income Proof for Salaried Co-Applicant

These are the income proofs required for salaried Co-applicant

  • Previous 3 months’ salary slip/salary certificate

  • Previous 2 years’ Copy of Form 16/IT returns, acknowledged by IT Department

  • Salary Account Bank Statement of previous 6 months

Income Proof for Self-employed Co-Applicant

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

  • Bank Statement for the previous 6 months

  • Qualification Certificate in case of professionals such as CAs and Doctors

  • TDS Certificate

  • IT Returns

  • Business Address Proof (If applicable)

SBI Skill Loan

SBI Skill Loan Scheme mainly focuses on the provision of the loan facility to individuals who aspire to take up skill development courses as per the skilling. It is best suited for professionals who want to add new skills to their profile. SBI skill loan enables an individual to get professional certification from any college or course affiliated with the various institutions in India.

Eligibility criteria of SBI Skill Loan education scheme

Here are the eligibility criteria of the SBI Skill Loan education scheme

  • Training Institutes/ Courses: Courses run by Industrial Training Institutes (ITIs), Polytechnics, training partners affiliated to National Skill Development Corporation (NSDC)/ Sector Skill Councils, State Skill Mission, State Skill Corporation, preferably leading to a certificate or diploma or degree issued by such organization as per National Skill Qualification Framework (NSQF) are eligible for a Skilling Loan.

  • Schools recognized by Central or State Education Boards or Colleges affiliated to recognized university leading to a certificate, diploma or degree issued by such organization as per National Skill Qualification Framework (NSQF) is eligible for a Skilling Loan.

SBI Skill education loan Rate of Interest

For loan amount up to Rs 1.5L with one-year MCLR value at 8.50% and the Rate of Interest is 10.00% pa with no further concessions (w.e.f 10.04.2019)

Expenses covered under the SBI Skill Loan education scheme

Here is a list of the expenses covered under the SBI Skill Loan education scheme

  • Tuition fee and the Course Fee

  • Examination fee, library fee, and laboratory fee

  • Caution deposit and building fund if supported with a receipt.

  • Purchase of books, equipment, and instruments.

Amount of Loan provided for education scheme

This is the amount of loan provided for education scheme

  • Minimum Loan Amount: Rs. 5000

  • Maximum loan amount: Rs. 1,50,000

Moratorium Period for SBI Skill Loan education scheme

Courses of duration up to 1 year - 6 months from the completion of the course 

Courses of duration above 1 year - 12 months from the completion of the course

Repayment Tenure for SBI Skill loan teaching scheme

Repayment Tenure for SBI Skill Loan
Loan amount   Repayment period in years
Loans up to Rs 50,000 Up to 3 years
Loans between Rs 50,000 to Rs 1 Lakh Up to 5 years
Loans above Rs 1 Lakh  Up to 7 years

Security for education scheme

Following is the information regarding the security for education scheme

  • No security or collateral will be required for availing the loan.

  • The Parent/ Guardian will have to execute the loan documents along with with the student, as joint borrower (co-borrower). Spouse will be included as co-applicant wherever applicable, in addition to Parent/ Natural Guardian.

Documents Required for SBI Skill loan education scheme

Here is a list of documents required for SBI Skill loan education scheme

  • Completed Application Form

  • Mark sheets of last qualifying examination

  • Proof of admission scholarship, studentship, etc

  • Schedule of expenses for the specified course

  • 2 passport size photographs

  • PAN Card of the student and the Parent/ Guardian/ Spouse

  • AADHAAR Card of the student and the Parent/ Guardian/ Spouse

  • Borrower's Bank account statement for the last six months

  • Income tax Returns/ IT assessment order, of last 2 yrs of co-borrower (if IT Assessee)

  • A brief statement of assets and liabilities, of the Co-borrower

  • Proof of Income (i.e. Salary slips/ Form 16), if applicable

  • (i.e. Salary slips/ Form 16) of Parent/ Guardian/ other co-borrower.

The takeover of educational loan

With SBI's special feature of the take-over of Education Loans, the student applicant can switch his/her existing high-cost Education Loan scheme to SBI and reduce his/her monthly EMIs which includes

  • Education Loans up to Rs. 1.5 Crores can be considered for the take-over loan
  • Competitive Interest Rate
  • Flexible repayment tenure up to 15 years (T&C apply)
  • No Processing Fee
  • No Hidden Charges
  • Facility to avail the top-up loan for further studying

 The takeover of education loan is being further categorized for factors like eligible criteria, Rate of Interest etc which are being mentioned below

Eligible criteria for the takeover of the education loan scheme

Here are the eligibility criteria for the takeover of the education loan scheme

  • Loan to be a fresh (first-time) takeover
  • The student-borrower should be a major at the time of switchover
  • The loan should have been fully disbursed at the time of the takeover
  • Repayment should have been started & EMIs are regular in the books of other Bank/Financial Institution

SBI takeover loan education scheme Rate of Interest

For loan amount above Rs 10L and up to Rs 1.5Cr with one-year MCLR value at 8.50% and the Rate of Interest is 10.00% pa with the concession of 0.50% for girl students. (w.e.f 10.04.2019)

Documents required for the takeover of the education loan scheme

Here is a list of documents required for the takeover of the education loan scheme

  • Completely filled-in Loan Application Form
  • 2 passport size photographs
  • PAN Card of the student and Parent/Guardian/other co-borrower
  • Aadhaar Card of the student and Parent/Guardian/other co-borrower
  • Proof of Identity (Driving Licence/Passport/Aadhaar/ any other acceptable photo identity as per KYC norms)
  • Proof of Residence (Driving Licence/Passport/Electricity bill/Telephone bill)
  • Bank account statement of the Student/Co-borrower/Guarantor, for the last 6 months
  • IT return/ IT assessment order, pertaining to previous 2 years, of Parent/Guardian/other co-borrower (if IT Payee)
  • A brief statement of assets & liabilities of Parent/ Guardian/other co-borrower
  • Proof of Income (i.e. Salary slips/Form 16) of Parent/Guardian/other co-borrower

Benefits of this education scheme

Here are the benefits of this education scheme 

  • By switching to SBI bank the student applicant can reduce his/her monthly obligation
  • The student applicants can pay EMIs through Net Banking/ Mobile Banking/ Cheques
  • Avail of the top-up loan after taking over for pursuing further studies subject to the submission of required documents with an extended repayment period for that course.

SBI Padho Pardesh Interest Subsidy Scheme

Padho Pardesh Interest Subsidy Scheme for Overseas Studies for the Minority Communities the Prime Minister’s New 15 Point Programme for the Welfare of Minorities which provides the schemes for scholarships for meritorious students from minority communities will be formulated and implemented. The scheme of Interest Subsidy on educational loans for overseas studies will promote the educational advancement of the student from minority communities.

The objective of this scheme is to acknowledge and award interest subsidy to meritorious students belonging to economically weaker sections of notified minority communities so as to provide them better opportunities for higher education abroad and enhance their scope of employability.

Eligibility criteria for this education scheme

Here are the eligibility criteria for this education scheme

  • The student should have secured admission in the approved courses at Masters, M.Phil or Ph.D. levels abroad for the courses mentioned at Para-14.
  • He/she should have availed loan from a scheduled bank under the Education Loan Scheme of the Indian Banks Association (IBA) for the purpose.
  • Students should apply for the benefits under the scheme during the 1st year itself of the course.
  • Fresh applications received during 2nd year or subsequent years will not be accepted in any case.

Selection of candidates for this educational scheme

Here are the criteria for the selection of candidates for this education scheme

  • 35% of seats will be earmarked for girl students. In case of non-availability of girl students, seats can be transferred to boys students.
  • The decision of the Selection Committee in regard to awarding the interest subsidy will be final and no appeal could be filed against it.

SBI Dr. Ambedkar Central Sector Scheme of Interest Subsidy

Dr. Ambedkar Central Sector Scheme of Interest Subsidy on Educational Loans for Overseas Studies for Other Backward Classes (OBCs) and Economically Backward Classes (EBCs) is the scheme of Interest Subsidy on educational loans for students who study overseas which will promote educational advancement of students from Other Backward Classes and Economically Backward Classes.

The objective of this scheme is to award interest subsidy to meritorious students belonging from Other Backward Classes and Economically Backward Classes so as to provide them better opportunities for higher education abroad and enhance their employability.

Eligibility criteria for this educational scheme

Here are the eligibility criteria for this educational scheme

  • The students should have secured admission in the approved courses at Masters, M.Phil or Ph.D. levels in abroad universities
  • He/She should have availed loan from a scheduled bank under the Education Loan Scheme of the Indian Banks Association (IBA) for the purpose.
  • For the candidate applying under the OBC category, OBC Caste certificate in the prescribed Performa (as per Annexure) issued by the competent authority must be taken into account by the Banks.

The income ceiling for this educational scheme

Given below is the income ceiling for this educational scheme

  • For OBC candidates, total income from all sources of the employed candidate or his/her parents/guardians in case of the unemployed candidate shall not exceed present Creamy Layer criteria.
  • For EBC candidates, total income from all sources of the employed candidate or his/her parents/guardians in case of the unemployed candidate shall not exceed Rs.2.50 lakh per annum.
  • Under this Scheme, Income certificate produced by the student for availing Educational Loan viz. ITR/Form 16/Audited Accounts/Income certificate issued by the authority of the State Government/UT Administration is acceptable to determining Income ceiling.

Central Scheme for Interest Subsidy (CSIS)

Central Scheme for Interest Subsidy (CSIS) has been announced by Ministry of HRD in order to provide interest on Education Loans during moratorium for technical and professional courses for studying in India under the IBA Model Education Loan Scheme for students from Economically Weaker Sections (EWS) with annual gross parental/family income up to Rs. 4.50 lacs per annum.

Central Scheme for Interest Subsidy (CSIS) is only applicable for studies recognized under Technical and professional courses in India.

Eligibility criteria for CSIS educational scheme

Here are the eligibility criteria for the CSIS educational scheme

  • The interest subsidy under the scheme shall be available to the eligible students only once either for the first undergraduate degree course or the postgraduate degree/diploma in India. Interest subsidy shall, however, be admissible for integrated courses (graduate plus postgraduate).
  • Interest subsidy under this scheme shall not be available for those students once they discontinue the course midstream, or who are expelled from the institutions on disciplinary or academic grounds.
  • The interest subsidy will be available only if the discontinuation was due to medical grounds for which necessary documentation to the satisfaction of the Head of educational institution will have to be given.

Moratorium period for CSIS educational scheme

The subsidy for CSIS is provided for the period of moratorium i.e. 12 months after completion of the course or six months after getting the job, whichever is earlier as prescribed under the IBA Model Education Loan Scheme. After the moratorium period is over for the subsidy of CSIS, the interest on the outstanding loan amount shall be paid by the student in accordance with the provisions of the Education Loan Scheme.

Benefits of SBI Education Loan

Here are the benefits of SBI Education Loan

  • There are several benefits of choosing an SBI education loan. SBI is a trusted bank that's featured in the fortune 500 lists of companies. It has been successful over the years in fostering impeccable trust and a solid reputation with the customers.
  • For instance, the Take-Over Education Loan Scheme covers the students who are already availing the loan facility under other banks. The SBI takes the loan under its aegis and the student becomes the loanee of the SBI.
  • Students and their parents have no reason to worry as one can avail the loan facility very easily. The process of loan allotment is hassle-free nowadays. The students just need to present their documents like PAN Card/ Aadhar Card/ Voter ID Card as the proof of Identification and residence. To give the proof that the loanee is a student, loanee needs to submit the academic records like the scorecards of 10th and 12th, offer letter from the college and more.
  • Nowadays, the students can dream of their favorite institute and be unafraid to pursue it. The SBI has given wings to the students and made there and their family's dreams come true. The loan repayment is friendly to the loanee. Witnessing all of this, we can surely say that SBI has become the bank of every Indian household.

How to apply for SBI Educational loan

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 SBI Educational loan online, here is the procedure for the same.

  • Got to the Education Loan Platform of State Bank of India 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.

  • Got to the Education Loan Platform of State Bank of India 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 ‘Get a Callback’ tab.
  • Fill out the form and submit
  • Enter the OTP and click on confirm tab.
  • The student will get a call back from the SBI customer care team specializing in education loans and scholarships provide by the bank.He/she can discuss with the executive how you want to proceed with the education loan.

SBI Education loan repayment rules

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

SBI Scholar loan Repayment rules

Here are the repayment rules for SBI Scholar loan

  • The repayment period starts 12 months after the completion of the course and lasts up to 15 years
  • In case the student takes a second loan for higher education during the above mentioned 15 years, he/she may repay the combined loan amount in 15 years after the completion of the second course.

SBI Student loan Repayment rules

Here are the repayment rules for SBI Student Loan

  • Repayment will commence one year after completion of course.
  • Loan to be repaid in 15 years after the commencement of repayment.
  • In case the second loan is availed for higher studies later, to 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 6 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 SBI Skill loan 

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


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Displaying 1 Comments

Subhash UTTARWAR

Which branch is to be approached for for loan at students/co borrowers place or institute affiliated branch. Kindly reply.

Reply

GetMyUni

Hi, Subhash Uttarwar. It is better to approach the bank which is affiliated to the College/ Institute.

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