SBI Education Loans

SBI Education Loans

SBI Education Loans. State Bank of India Education Loans 2023/24 | SBI Education Loans Apply Now

SBI Education loans are for both domestic and international courses. You can get a loan to study for both vocational and professional degrees.

A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.

SBI Student Loan


Maximum loan amount more than 20 lakhs
Repayment period up to 15 years after completion of the course with 12 months grace period.
Processing fee applied above 20 lakhs of Rs.10,000 + GST.
Up to loan amount Rs. 7.5 lakhs no collateral or guarantor required.
Interest rates applied 8.65% pa
For Girls 0.5% discount on interest rate

Features


Repayment period of upto 15 years after Course Period + 12 months of repayment holiday*
Processing Charges
Loans upto Rs. 20 lacs : NIL
Loans above Rs. 20 lacs: Rs. 10,000 (plus taxes)


Security


Upto Rs. 7.5 Lacs:Only Parent/ Guardian as co-borrower. No Collateral Security or third party guarantee
Above Rs. 7.5 Lacs:Parent/ Guardian as co-borrower and tangible collateral security


Margin


Up to Rs 4 Lacs – Nil
Above Rs 4 Lacs – 5% for studies in India, 15% for studies in abroad
Repayment will commence one year after completion of course.
Loan to be repaid in 15 years after the commencement of repayment
In case second loan is availed for higher studies later, to repay the combined loan amount in 15 years after completion of second course

Also Read  How to Apply for PAN Card Online


EMI Generation


The accrued interest during the moratorium period and course period is added to the principle and repayment is fixed in Equated Monthly Installments (EMI).


If full interest is serviced before the commencement of repayment; EMI is fixed based on principle amount only.

Get SBI Education Loans


Please click here for Rate of interest


Scholar Loans


Maximum loan amount more than 40 lakhs
Repayment period up to 15 years after completion of the course with 12 months grace period.
Processing fee applied – NIL.
No collateral needed, only guardian as co-borrower.
Interest rates applied 6.65%- 8.15% pa
Indian National who is chosen via passing entrance exam or selection process.


Studies abroad – SBI Global ED-Vantage


Maximum loan amount more than 1.5 crores
Repayment period up to 15 years after completion of the course with 12 months grace period.
Processing fee applied – Rs.10,000

Also Read  Personal Loan Application Process

Tax Benefit under section 80(E)
Interest rates applied 6.65%- 8.65% pa
Online application process


Skill Loan


Minimum loan amount Rs.5,000 and Maximum 1.5 lakhs
Loan Repayment
Up to 50,000 – 3 years
50,000 to 1 lakh – 5 years
More than 1 lakh – 7 years
No collateral needed
Processing fee applied – NIL.
Interest rates applied 6.65%- 8.15% pa


Takeover Education Loan


Switch your education loan to SBI and you can reduce your EMIs
Minimum loan amount Rs.5,000 and Maximum 1.5 lakhs
Repayment period up to 15 years after completion of the course with 12 months grace period.
Processing fee applied – NIL.
Interest rates applied 6.65%- 8.65% pa
For Girls 0.5% discount on interest rate


Eligible Courses for studying abroad


Regular Graduate Degrees
Regular Post-Graduate Degrees
Certificate Courses
Doctorate
Diploma Courses


How to Apply for SBI Education Loans


Offline Application

Visit your nearest SBI branch.
Take all the required documents with you.
Understand the terms and conditions applied.
Fill out the application form and submit it.

Also Read  Get CIBIL credit score onescore


Online Application
Go to the SBI website
Click on loans, Select Education loans
You will be directed to the educations loans various schemes page
Choose the scheme you required
Click on Apply now
An application form will be opened
Fill in the details asked
Submit the documents asked
Submit the application

Freeship Card for SC Students in Gujarat


Basic Documents required for SBI Education Loans


ID proof (Voter id/adhar card/passport/PAN card/Driving license)
Address proof
Passport size photo
Academic records
Admission proof – offer letter/admission letter
Bank statements of past 1 year
If any other loan is taken, that loan details
For Co-applicant
ID proof (Voter id/adhar card/passport/PAN card/Driving license)
Address proof
Passport size photo
Bank statements of past 1 year
If any other loan is taken, that loan details

SBI Interest Subsidy Schemes


Dr. Ambedkar Central Sector Scheme – This scheme is applied for higher studies abroad linked with an education loan scheme for students who want to pursue a master’s degree. This scheme is for Economically week class.

Contact Details

Call – 1800110009 / 18004253800

Official Website – SBI Education Loans

Leave a Comment