State Bank of India

State Bank of India, popularly known as SBI is India’s greatest commercial bank owned by the country’s government. The bank is the largest in terms of the number of employees, the assets owned and the deposits with the bank.

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.

A remarkable service provided by the bank would undoubtedly be the education loan they provide. 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.

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Types of SBI Education Loan

SBI being state-owned and being a regulated entity has a strict set of rules and regulations when it comes to the courses and the countries as well as the institutions a student may choose. Having said that, SBI has a number of education loans that are tailored to the students’ needs.

SBI Scholar Loan 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.

Eligibility for SBI Scholar Loan 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

List AA Institutions – Loans up to INR 40 lakhs (Without tangible collateral security)

Sr. No.

Name of Institution

1

Indian Institute of Management (IIM), Ahmedabad

2

Indian Institute of Management (IIM), Bangalore

3

Indian Institute of Management (IIM), Calcutta

4

Indian Institute of Management (IIM), Indore

5

Indian Institute of Management (IIM), Indore-Mumbai Campus

6

Indian Institute of Management (IIM), Kozhikode

7

Indian Institute of Management (IIM), Lucknow

8

Indian Institute of Management (IIM), Lucknow-Noida Campus

9

Indian School of Business (ISB), Hyderabad

10

Indian School of Business (ISB), Mohali

11

Xavier Labour Relations Institute (XLRI), Jamshedpur

List A Institutions – Loans up to INR 20 lakhs (Without tangible collateral security). Loans up to INR 30 lakhs (With tangible collateral security)

Sr.
No.

Name of Institution

1

Birla Institute of Technology & Sciences (BITS),
Pilani

2

BITS (Pilani) - Goa Campus

3

BITS (Pilani) - Hyderabad Campus

4

Indian Institute of Foreign Trade (IIFT), Delhi

5

Indian Institute of Foreign Trade (IIFT), Kolkata

6

Indian Institute of Management (IIM), Amritsar

7

Indian Institute of Management (IIM),
Bodhgaya

8

Indian Institute of Management (IIM), Jammu

9

Indian Institute of Management (IIM), Kashipur

10

Indian Institute of Management (IIM), Nagpur

11

Indian Institute of Management (IIM), Raipur

12

Indian Institute of Management (IIM), Ranchi

13

Indian Institute of Management (IIM), Rohtak

14

Indian Institute of Management (IIM),
Sambalpur

15

Indian Institute of Management (IIM), Shillong

16

Indian Institute of Management (IIM), Sirmaur

17

Indian Institute of Management (IIM), Trichy

18

Indian Institute of Management (IIM), Udaipur

19

Indian Institute of Management (IIM),
Visakhapatnam

20

Indian Institute of Technology (IIT), Bhilai

21

Indian Institute of Technology (IIT),
Bhubaneshwar

22

Indian Institute of Technology (IIT), Chennai

23

Indian Institute of Technology (IIT), Delhi

24

Dept of Management Studies, IIT Delhi

25

Indian Institute of Technology (IIT), Dharwad

26

Indian Institute of Technology (IIT),
Gandhinagar

27

Indian Institute of Technology (IIT), Goa

28

Indian Institute of Technology (IIT), Guwahati

29

Indian Institute of Technology (IIT), Hyderabad

30

Indian Institute of Technology (IIT), Indore

31

Indian Institute of Technology (IIT), Jammu

32

Indian Institute of Technology (IIT), Jodhpur

33

Indian Institute of Technology (IIT), Kanpur

34

Department of Industrial & Management
Engineering, IIT Kanpur

35

Indian Institute of Technology (IIT), Kharagpur

36

Indian Institute of Technology (IIT), Mandi

37

Indian Institute of Technology (IIT), Mumbai

38

Indian Institute of Technology (IIT), Palakkad

39

Indian Institute of Technology (IIT), Patna

40

Indian Institute of Technology (IIT), Roorkee

41

Indian Institute of Technology (IIT), Rupnagar
(Ropar)

42

Indian Institute of Technology (IIT), Tirupati

43

Indian Institute of Technology (IIT), Varanasi

44

Indian School Of Mining (ISM), Dhanbad

45

Institute of Management Technology (IMT),
Ghaziabad

46

Kasturba Medical College (KMC), Mangalore

47

Management Development Institute (MDI),
Gurgaon

48

Management Development Institute (MDI),
Murshidabad

49

National Institute of Industrial Engineering
(NITIE), Mumbai

50

Nirma Institute of Management, Ahmedabad

51

S P Jain Institute of Management and Research
(SPJIMR), Mumbai

52

Shailesh J. Mehta School of Management
(SJSOM), IIT Mumbai

53

Symbiosis Centre For Management & HRD
(SCMHRD), Pune

54

Symbiosis Institute of Business Management
(SIBM), Pune

55

T. A. Pai Management Institute (TAPMI), Manipal [Post Graduate Diploma in
Management (PGDM)]

56

Xavier Institute of Management (XIM), XUB-
Bhubaneswar

57

Xavier School of Human Resource Management (XSHRM), XUB-Bhubaneswar

58

Xavier School of Rural Management (XSRM),
XUB-Bhubaneswar

 List B Institutions - Loans up to INR 20 lakhs (Without tangible collateral security)

Sr.
No.

Name of Institution

1

Army College of Dental Sciences (ACDS),
Secunderabad

2

Army College of Medical Sciences (ACMS), Delhi
Cantt

3

Army Institute of Law (AIL), Mohali

4

Army Institute of Management (AIM), Kolkata

5

Army Institute of Technology (AIT), Pune

6

Bharathidasan Institute of Management (BIM),
Tiruchirapalli

7

Birla Institute of Technology (BIT), Mesra,
Ranchi

8

College of Engineering, Pune

9

Delhi College of Engineering (DCE), Delhi

10

Dhirubhai Ambani Institute of Information & Communication Technology (DAIICT),
Gandhinagar

11

Faculty of Engineering & Technology, Jadavpur
University, Kolkata

12

Faculty of Management Studies (FMS), Delhi

13

Goa Institute of Management (GIM), Goa

14

ICFAI Business School (IBS), Hyderabad

15

Indian Institute of Science (IISc), Bangalore

16

Indraprastha Institute of Information
Technology (IIIT), Delhi

17

International Management Institute (IMI),
Kolkata

18

International Management Institute (IMI), New
Delhi

19

Jamnalal Bajaj Institute of Management Studies
(JBIMS), Mumbai

20

Kasturba Medical College (KMC), Manipal

21

Kirloskar Institute of Advanced Management
Studies (KIAMS), Bangalore

22

Manipal Institute of Technology (MIT), Manipal

23

Marine Engineering & Research Institute,
Kolkata

24

Mudra Institute of Communication (MICA),
Ahmedabad

25

Narsee Monjee Institute of Management
Studies (NMIMS), Mumbai

26

National Institute of Technology (NIT),
Surathkal

27

National Institute of Technology (NIT),
Tiruchirapalli

28

National Law School of India University (NLSIU),
Bangalore

29

National Law University (NLU), Jodhpur

30

Prin. L. N. Welingkar Institute of Management, Development & Research (WeSchool), Mumbai

31

Thapar University, Patiala

32

Visvesvaraya National Institute of Technology
(VNIT), Nagpur

 List C Institutions

Sr.
No.

Name of Institution

1

Centre for Environmental Planning &
Technology (CEPT), Ahmedabad

2

Chandragupt Institute of Management, Patna

3

Dr. B R Ambedkar National Institute of
Technology (NIT), Jalandhar

4

Indian Institute of Forest Management (IIFM),
Bhopal

5

Indian Institute of Petroleum and Energy (IIPE),
Vishakhapatnam

6

International Institute of Information
Technology (IIIT), Hyderabad

7

Kalinga Institute of Industrial Technology (KIIT) University School of Management (SOM)

8

Kalinga Institute of Industrial Technology (KIIT) University School of Technology (SOT)

9

L N Mittal Institute of Information &
Technology (LNMIIT), Jaipur

10

Loyola Institute of Business Administration
(LIBA), Chennai

11

Maharishi Markandeshwar University (MMU)
Medical College, Haryana

12

Malaviya National Institute of Technology (NIT),
Jaipur

13

Maulana Azad National Institute of Technology
(NIT), Bhopal

14

Motilal Nehru National Institute of Technology
(NIT), Allahabad

15

National Institute of Construction Management
& Research (NICMAR), Pune

16

National Institute of Food Technology Entrepreneurship and Management (NIFTEM),
Sonepat

17

National Institute of Technology (NIT), Agartala

18

National Institute of Technology (NIT),
Arunachal Pradesh

19

National Institute of Technology (NIT), Calicut

20

National Institute of Technology (NIT), Delhi

21

National Institute of Technology (NIT),
Durgapur

22

National Institute of Technology (NIT), Goa

23

National Institute of Technology (NIT),
Hamirpur, Himachal Pradesh

24

National Institute of Technology (NIT),
Jamshedpur

25

National Institute of Technology (NIT),
Kurukshetra

26

National Institute of Technology (NIT), Manipur

27

National Institute of Technology (NIT),
Meghalaya

28

National Institute of Technology (NIT), Mizoram

29

National Institute of Technology (NIT),
Nagaland

30

National Institute of Technology (NIT), Patna

31

National Institute of Technology (NIT),
Puducherry

32

National Institute of Technology (NIT), Raipur

33

National Institute of Technology (NIT), Rourkela

34

National Institute of Technology (NIT), Sikkim

35

National Institute of Technology (NIT), Silchar

36

National Institute of Technology (NIT), Srinagar

37

National Institute of Technology (NIT),
Tadepalligudem

38

National Institute of Technology (NIT),
Uttarakhand

39

National Institute of Technology (NIT),
Warangal

40

National University of Juridical Sciences (NUJS),
Kolkata

41

Netaji Subash Institute Of Technology (NSIT),
Delhi

42

Sardar Vallabh Bhai National Institute of
Technology (NIT), Surat

43

School of Planning & Architecture, New Delhi

44

University College of Engineering (UCE), Odisha

45

Xavier Center For Urban Management and Governance (XUMG) [Post Graduate Programme in Urban Management and
Governance (MBA-UMG)]

46

Xavier School of Commerce (XSC) [Master of
Business Finance (MBF)]

47

Xavier School of Sustainability (XSOS) [Post Graduate Programme in Sustainability
Management (MBA-SM)]

 

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.

Courses Covered under SBI Scholar Loan Scheme

  • 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.

Expenses Covered under SBI Scholar Loan Scheme

  • 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)*

*Conditions Applied

  • The purpose needs to be self-certified, there is no need of 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 Education Loan Repayment Rules

  • 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.

Documents Required for SBI Scholar Loan Scheme

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

  • 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

    • 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

    • 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

    • Bank Statement for previous 6 months

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

    • TDS Certificate

    • IT Returns

    • Business Address Proof (If applicable)

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

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 Global 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 SBI Global Ed-vantage Scheme

  • 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

    • 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

    • 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

    • 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

    • Bank Statement for 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. 

Eligibility

  • 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.

Expenses considered for the loan

  • 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

  • Minimum Loan Amount: Rs. 5000

  • Maximum loan amount: Rs. 1,50,000

Moratorium Period

Course Duration Moratorium Period

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

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 

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

  • The Parent/ Guardian will have to execute the loan documents along 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

  • 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

Take-Over Education Loans

In this scheme, your expensive education loan from other institutions will be taken over by the SBI Loans.

Eligibility

  • The loan should be a first-time takeover

  • The student-borrower should be 18 years old 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

Quantum of Finance

  • Minimum: Rs.10 Lakhs

  • Maximum: Rs.1.5 Crores

  • Covers Outstanding in the account +Limits sanctioned as Top Up Loan (if any) +Prepayment Penalty (if any)

Security

A 100% collateral should be placed against the loan with the assurance of future income.

Documents Required

  • 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.


Conclusion:

The State Bank of India is India's largest bank with more than 85,000 branches all over the country. This bank is a Government scheduled Bank. SBI is a Fortune 500 company which a proud moment for every Indian. To facilitate the education of the students, they have offered a wide array of bank loans to suit every family's financial needs. There are 4 main education loan schemes offered by the SBI namely SBI Scholar Loan Scheme, SBI Loan Ed-Vantage Scheme, SBI Skill Loan and Take-Over Education Loan Scheme.

Under the SBI Scholar Loan Scheme, the students who have been selected in the prestigious institutions like IIM's, IIT's and other top-notch colleges are eligible for the loans. The students who are studying under the overseas Universities/ Institutions in Austrailia, UK, USA, Canada, Japan and other countries are eligible to get loans by this scheme. Under the SBI Skill Loan Scheme, the students who are taking admission in the skill development courses run by ITI's [Industrial Training Institute], Polytechnics and other skill councils are eligible to get the benefits. 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.

The students and their parents have no reason to worry as the students 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 favourite institute and be unafraid to pursue it. The SBI has given wings to the students and made their 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. 



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