When it comes to pursuing higher education, the State Bank of India (SBI) stands as a reliable financial option offering comprehensive education loan schemes tailored to meet the diverse needs of parents and students. The loan schemes are available for various courses, including undergraduate, postgraduate, and professional courses.
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Invest in your child's future:Give Your Child the Most Valuable Gift of Education
Benefits of Investing In Child Plan
Waiver of Premium Benefit
Future Premiums are paid by the insurer upon death of policyholder
Flexible Payout Options
Your premiums help your child achieve their dreams through lump sum or regular payouts
Wealth Boosters
Get rewarded with Wealth Booster and Loyalty Bonus for staying invested with us
Zero Commission
We charge no commission when you buy from us. Also buy online & get extra
Tax Benefits^
You get tax benefits under Section 80(C) and no tax on returns under Section 10 (10D)
Investment Flexibility
It offers the flexibility to invest at regular intervals or as a one-time contribution
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Stay More Prepared For Future Education Expenses
Invest ₹10k/month & your child will get ₹1 Cr# Tax-Free*
Monthly income to fund child's education on parent's death
Lumpsum payout to family on parent's death
Returns
Return as of Apr 2024
12%-15%
8.2%
7.1%
Availability
Availability
Girl Child or Boy Child
Girl child only
Girl Child or Boy Child
Max Entry Age
Upto 18 years
Upto 10 years
No Age Limit
Flexibility
Invested Amount can be Withdrawn after
5 years
21 years
15 years
Conditions for Premature closure
Anytime after 5years
Extreme Compassionate Grounds
Serious Ailments or for education
Penalty on Premature Closure
No Penalty after 5 years
Returns reduced to Post Office Savings rate
1% reduction in interest rate
Max deposit amount in an year
No Limit
1.5 Lacs
1.5 Lacs
Documentation
Documentation Required for Withdrawal
Low
High
Low
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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.
Is it possible to secure additional interest concessions?
Yes, a 1% interest concession is offered throughout the loan tenure if the interest amount is repaid during the course and moratorium period.
Will the SBI education loan cover on-campus accommodation expenses?
Yes, the education loan from the State Bank of India covers fees for on-campus accommodation provided by the school, college authorities, or in a hostel facilitated by the educational institution.
If a student is not able to complete the course within its time duration, will an extension of time be permitted for its completion?
Yes, if, for any reason beyond the control of the student, the course cannot be completed within its scheduled time duration, then the time required to complete it can be extended for up to two years. However, anything beyond the two years will require special sanction from the bank authorities and will be given according to their discretion.
Is there any discount on interest rates available, aside from those for female students?
An interest rate reduction of 0.50% is applicable for students purchasing the SBI Rinn Raksha or other life insurance policies through the bank. This concession is accessible to applicants of both the SBI Student Loan Scheme and the SBI Global Ed-Vantage Scheme.
Does the moratorium period extend if a student pursues another course after completing the first one?
Yes, if a student enrolls in another course after completing the first, the moratorium period extends for the entire duration of the second course. Repayment of the education loan commences only one year after completing the second course or six months after gaining employment, whichever comes first.
˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in *All savings are provided by the insurer as per the IRDAI approved insurance
plan.
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CARG 8%; ₹50,45,591 @ CAGR 4%
+Returns Since Inception of LIC Growth Fund
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs. ++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.