SBI Education Loan Summary Table
| 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 annum |
| 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-borrower |
| SBI Education Loan Repayment | Starts After 1 year of course completion or 6 months after getting a job |
SBI Education Loan Features
The need for higher education from a reputed college is increasing which in result increases the chance of getting a well-paid job. However, a university with a good rank costs much higher due to its premium faculties and facilities. To overcome this, Education Loan plays a vital role in a student’s life!
Education loans help those students, who have the capabilities and potential but lack the proper funding to continue with their higher education. The loan covers their expenses for education such as tuition fees etc. The loan can be availed to study in India or even abroad studies. Whatever the case SBI is there to help the students. Every student can apply for the SBI education loan by following the specific criteria and documentation.
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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SBI Education Loan Interest Rate
SBI Education loan interest rates range from 8.85% and 10.75%.
| Loan Amount Range | Courses in India | Courses Abroad | IIT, IIM, ISB Courses |
|---|---|---|---|
| Loans up to Rs. 4 lakh | 10.50 % , for Girls – 10.00% | 10.50 % , for Girls – 10.00% | 8.85 % |
| Loans Rs. 4.0 – 7.5 lakh | 10.50 % , for Girls – 10.00% | 10.50 % , for Girls – 10.00% | 8.85 % – 10.00% |
| Loans > Rs. 7.5 lakh | 10.75 % , for Girls – 10.25% | 10.75 % , for Girls – 10.25% | 8.85 % – 10.00% |
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% |
SBI Education Loan Documents Required
Under Know Your Customer Policy (KYC), the bank requires certain documents. These documents are required from both the student and co-borrower:
| Identity Proof | One of any mentioned documents for Identity proof:
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| Residence Proof | One of the following documents for Residence proof (It should not more than 3 months old):
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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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Additional documents: Aside from KYC documents:
| Student Applicant | Mandatory Passport submission |
| Academic Records: X, XII grade results. Graduation results semester wise. Entrance Exam results that formed the basis of admission | |
| Proof of admission: A conditional application letter may be considered | |
| Cost of education, schedule of expenses. | |
| 2-passport size photographs | |
| If the loan was taken out before then loan account statement for the last 1 year. | |
| Co-applicant | 2-passport size photographs |
| If the loan was taken out before then loan account statement for the last 1 year. |
SBI Education Loan Offered Courses
The Education Loan covers courses that are only regular full-time Degree or Diploma courses that the student secured through selection or merit. SBI Education Loan also considers Full-time Executive Management Courses like PGPX.
EMI Calculator
The EMI for your SBI education loan can be calculated at SBI Education Loan EMI Calculator.
SBI: Takeover of Education Loan
An Education Loan is Transferable, it is basically a process of transferring high-interest debt from one lender to another lender and with a lower interest rate and better repayment policies. The SBI Takeover Of Collateralised Education Loans Scheme can be availed at an interest rate of 1Year MCLR + 1.50% spread. SBI also gives a 0.50% concession in the interest rate for girls.
How To Apply For SBI Education Loan
- Visit Dialabank for an education loan.
- Go to the SBI Education Loan page.
- Check out all the eligibility and documents criteria for an education loan.
- Fill out all the details required in the Education Loan application form.
- Once done, our representative will soon contact you for a further stress-free process.
List of Approved Institutes
- Architecture colleges
- Law colleges
- Medical colleges
- Pharmacy colleges
- Engineering colleges
- Biotechnology colleges
- Management colleges
- Science, Commerce, and Arts colleges
- Physical education colleges
- B.ED colleges
FAQs For SBI Education Loan
✅ What is the age limit for availing an education loan in SBI Bank?
There is no age limit restriction in the case of education loans. However, the student must clear all the eligibility criteria’s stated by the bank.
