SBI Education Loan- Education Loan Eligibility, Amount, Interest Rate

SBI Education Loan Scheme Provide adequate loan amounts to Students who want to go for Higher Study after completing intermediate. SBI Education Loan gives you a facility that during completing your Course you don’t need to Repayment your Loan. After the one year of completion of your course, you have to start Education loan repayment. State Bank of India Provides you student loan, skill loan, scholar loan or a loan to study abroad as per your requirement.

SBI Education Loan Scheme

Type of SBI Education Loan

Let us see in detail what kind of education loan does the State Bank of India provides and on what conditions you can get on loans. SBI provides you three types of education loan first SBI Education Loan Scheme, second SBI Higher Education Loan Scheme, and Third SBI Vocational Education Loan.

Processing Fee SBI In Education Loan

State Bank Of India Provides Education Loan at zero Processing Fees. It means that you don’t have to pay any type of amount in the mode of Processing Fee. This Facility Make SBI Education Loan Scheme Unique.

Education Loan Repayment Scheme

After 1 year of completion of your education course, you have to start the Repayment of SBI Education Loan. State Bank of India offers a maximum of 15 years to loanee to Repayment of Education loans. This State Bank of India Education Loan Can be paid in EMI. The Education Loan Repayment Scheme also depends upon the Type of Loan.

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SBI Student Loan Scheme

Maximum Loan Amount
  • Under the Student Loan Scheme State Bank of India Provides up to INR 7.5 lacs loan.
Interest Rates on SBI Education Loan
  • 1Y MCLR + 2.00% spread for Up to INR 7.5 Lacs Loans. Its means (8.5% + 2.00 % which is equal to 10.5 %)
  • above INR 7.5 Lacs is 1Y MCLR + 2.25% spread means (8.5% + 2.25 % which is equal to 10.75 %)
Covered Courses in SBI Student Loan
  • all Regular Undergraduate, Post Graduate Courses Approved by State and Central Government Agencies.
Education loan Documents required
  • Identity Proof, Residential Proof, Income Proof of Graduation, Passport, All Educational Marksheet, Proof of Admission, Cost of Course (semester/Year wise), Conditional application letter, one-year bank statement of Graduation.
Expenses Covered
  • college/school/hostel Fee, examination/library/laboratory, Books/equipment/instruments/uniforms, Travel expenses/expenses on an exchange program, Purchase of computer/laptop and Any other expenses related to education 
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SBI Scholar Loan Scheme

Maximum Loan Amount
  • Under the Student Loan Scheme State Bank Of India Provides up to INR 40 lacs loan according to the Grade of Institute
Grade of Institute Amount (In INR)
AA list institutes 40 Lacs
A list institutes 20 Lacs
B list institutes 20 Lacs
C list institutes Lacs
Interest Rates on Scholar Loan Scheme
AA list institutes 1Y MCLR + 0.20% spread (8.5% + .20% which is equal to 8.70 %)
A list institutes
All IIMs & IITs 1Y MCLR + 0.35% spread (8.5% + .35%= 8.85 %) Other Institutes 1Y MCLR + 0.50% spread (8.5% + .35%= 8.85 %)
B list institutes
All NITs 1Y MCLR + 0.50% spread (8.5% + .50%= 9.00 %) Other institutes 1Y MCLR + 1.00% spread (8.5% + 1. 0%= 9.50 %)
C list institutes
All NITs 1Y MCLR + 0.50% spread (8.5% + .50%= 9.00 %) Other institutes 1Y MCLR + 1.50% spread (8.5% + 1.50%= 10.0 %)

Download Grade Wise Institute List

Covered Courses in SBI Scholar Loan Scheme
  • Full time Regular Degree/Diploma courses through selection process/entrance Test. Regular Full time Executive management courses such as PGPX.
Education loan Documents required
  • Identity Proof, Residential Proof, Income Proof of Graduation, Passport, All Educational Marksheet, Proof of Admission, Cost of Course (semester/Year wise), Conditional application letter, one-year bank statement of Graduation.
Expenses Covered
  • College/school/hostel Fee, examination/library/laboratory, Books/equipment/instruments/uniforms, Travel expenses/expenses on exchange programme, Purchase of computer/laptop and Any other expenses related to education 

SBI Skill Loan Scheme

Maximum Loan Amount
  • Under the Student Loan Scheme State Bank Of India Provides up to INR 1.5 lacs loan and an individual can also seek loan amount as little as INR 5,000.
Interest Rates on SBI Skill Loan Scheme
  • 1Y MCLR + 1.50% spread means ((8.5% + 1.50%= 10.0 %))
Covered Courses in SBI Skill Loan Scheme
  • All Courses Run by ITIs, Polytechnic, NSDC, NSQF, etc
Education loan Documents required
  • Identity Proof, Residential Proof, Income Proof of Graduation, Passport, All Educational Marksheet, Proof of Admission, Cost of Course (semester/Year wise), Conditional application letter, one-year bank statement of Graduation.
Expenses Covered in SBI Education Loan
  • college/school/hostel Fee, examination/library/laboratory, Books/equipment/instruments/uniforms, Travel expenses/expenses on an exchange program, Purchase of computer/laptop and Any other expenses related to education 
Read About Pradhan Mantri Mudra Loan Yojana 2019

SBI Global Ed-Vantage Scheme

Maximum Loan Amount

Under the Student Loan Scheme State Bank Of India Provides up to INR 1.5 Cr.loan.  Tangible collateral security is required. Collateral security offered by third-party (other than parents) is also acceptable.

Interest Rates on SBI Global Ed-Vantage Scheme
  • 1Y MCLR + 2.25% spread (8.5% + 2.25 % which is equal to 10.75 %)
Covered Courses in SBI Global Ed-Vantage Scheme
  • Regular Graduate or Post Graduate courses offered by institutes or universities located in the USA, UK, Canada, Australia, Europe, Singapore, Japan, Hong Kong, and New Zealand.
SBI Education loan Documents Required
  • Identity Proof, Residential Proof, Income Proof of Graduation, Passport, All Educational Marksheet, Proof of Admission, Cost of Course (semester/Year wise), Conditional application letter, one-year bank statement of Graduation.
Expenses Covered in SBI Education Loan
  • college/school/hostel Fee, examination/library/laboratory, Books/equipment/instruments/uniforms, Travel expenses/expenses on the exchange program, Purchase of computer/laptop and Any other expenses related to education 

Silent Features Of State Bank Of India Education Loan

  • There is no Processing Fee while Applying For SBI Education Loan for Domestic.
  • There is Rs 10000 Processing Fee while Applying For SBI Global Ed-Vantage Scheme.
  • 0.50% concession in the interest rate for girls.
  • Concession for girls as well as policies favoring SBI will get 0.50% concession each.
  • 0.50% concession for students availing of SBI Rinn Raksha or other policy in favor of the bank.
  • Repayment tenure can be up to 15 years
  • No hidden charges.

How To Get SBI Education Loan

  • If you want to apply for SBI Education Loan then Visit the nearest State Bank of India Branch and Contact to the Bank Manager.
  • After that select your suitable Education Loan Plan and then Follow the above Mention Procedure.

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