SBI Education Loan

SBI Education Loan Schemes

What are the Features of SBI Education Loan?

Here are the key features of SBI Education Loans:

1. Loan Amount:

   • Studies in India: The maximum loan limit can be considered up to Rs.50 lakh.

   • Medical Courses: Up to Rs.30 lakh can be availed.

   • Other Courses: Loans of up to Rs.10 lakh are available.

   • Studies Abroad: SBI extends support for international education with loans up to Rs.7.50 lakh.

   • Global Ed-vantage Scheme: For certain specialized courses abroad, a maximum limit of Rs.1.50 crore is applicable.

2. Processing Charges:

   • Loans up to Rs.20 lakh incur no processing charges.

   • For loans above Rs.20 lakh, a nominal fee of Rs.10,000 plus tax is applicable.

3. Repayment Period:

   • A flexible repayment period of up to 15 years is offered after the completion of the course.

   • A grace period of 12 months is provided as a repayment holiday.

4. Security:

   • Loans up to Rs.7.5 lakh require only the parent or guardian as a co-borrower.

   • Amounts above Rs.7.5 lakh necessitate tangible collateral security in addition to a parent or guardian as a co-borrower.

5. Margin:

   • No margin is required for loan amounts up to Rs.4 lakh.

   • For studies in India and abroad, the margin is 5.00% and 15%, respectively, for amounts above Rs.4 lakh.

6. Courses Covered:

   In India:

   • UGC/AICTE/IMC/Government-approved graduation, post-graduation, including diploma courses.

   • Regular or degree courses by autonomous institutions such as IITs, IIMs, etc.

   • Central government or state government-approved teacher’s training or nursing courses.

   • Courses approved by the Director General of Civil Aviation or Shipping.

   Abroad:

   • Professional or technical graduation degree courses.

   • Post-graduation degree and diploma courses such as MCA, MBA, MS, etc.

   • Courses like the Chartered Institute of Management Accountants (CIMA) and Certified Public Accountant (CPA).

   Investment

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   Secure your child’s future with or without you

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   ₹10,000/Month

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7. Expenses Covered:

   • College, school, or hostel fees.

   • Examination, library, or laboratory charges.

   • Books, equipment, instruments, or uniforms.

   • Purchase of computers and other essentials for course completion.

   • Caution Deposit/Building Fund/Refundable Deposit (up to 10% of total tuition fees).

   • Travel expenses for studies abroad, two-wheelers cost up to Rs.50,000.

   • Other expenses, including study tours and project work.

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How to Apply for SBI Education Loan?

Here’s how you can apply for SBI education loan online and offline: 

1. Offline Application:

   • Visit SBI branch: Walk into your nearest SBI branch with the required documents.

   • Fill and submit form: Obtain the application form at the branch, fill it out, and submit it with necessary documents.

2. Online Application:

   • Visit SBI website: Go to the official SBI website.

   • Navigate to the Education Loan section: Find the 'Education Loan' section under 'Loans' or 'Personal Banking.'

   • Choose loan option: Select your preferred loan option.

   • Apply online: Click 'Apply Now' and complete the application on the Vidya Lakshmi website.

   • Register: Create a Vidya Lakshmi account by entering your details.

   • Await bank contact: After applying, a bank representative will contact you.

**SBI Scholar Loans are available in select campuses or mapped branches. Inquire at your institution or the specified branch for details.

What are the Documents Required to Get the SBI Education Loan?

To apply for an SBI Education Loan, ensure you have these documents ready:

• Aadhar card

• Passport

• Course expense details

• Self-declaration for a gap in studies (if applicable)

• Officially Valid Documents (OVD) like driving license, voter ID card, and NREGA job card

• One passport-size photograph of each of the student and parent/co-borrower/co-applicant

• Mark sheets of 10th, 12th, graduation, and entrance examination

• Latest salary slips and Form 16 or IT Return for salaried applicants

• For loans above Rs 7.5 lakh, an asset-liability statement of the co-applicant or guarantor

• Documents confirming scholarship or free ship

• PAN of student and parent, guarantor, or co-borrower

• Business address proof and latest salary slip for non-salaried applicants

• Admission Letter or offer letter from the educational institution

• If immovable property is offered as collateral, a copy of the Sale Deed is needed

• The last six months' bank account statements of the parent, guarantor, or guardian

• Letter with name and address issued by the National Population Register

What is the SBI Education Loan EMI Calculator?

Planning your educational expenses becomes more manageable when you have a clear understanding of your Equated Monthly Installments (EMI) on your State Bank of India (SBI) education loan. The SBI Education Loan EMI Calculator provides a comprehensive amortization table, breaking down your EMIs and helping you make informed financial decisions.

This user-friendly online tool provides quick insights into your Equated Monthly Installments (EMIs). Just input your loan amount, tenure, interest rate, and processing fee, along with any prepayment details, and click 'Calculate' for an instant breakdown of your EMIs.

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