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.

SBI Education Loan

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.

Investing in your child's future:A wise decision & a loving choice

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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Nothing Is More Important Than Securing Your Child's Future

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We are rated^~

7.7 Crore

Registered Consumer

Insurance Partners

4.2 Crore

Policies Sold

Disclaimer: #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 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

SBI Education Loan Schemes

Loan schemes	Loan limit	Interest Rate
SBI Student Loan Scheme	Up to Rs.50 lakh	8.15% to 11.15%
SBI Scholar Loan Scheme	A list: Rs.40 lakh B list: Rs.30 lakh C list: Rs.7.5 lakh to Rs.30 lakh AA list: Rs.50 lakh	A list: IITs: 8.15% Other institutions: 8.65% B list: NITs: 8.65%Other institutions: 9.15% C list: NITs: 8.65%Other institutions: 9.65% AA list: IITs: 8.15% Other institutions: 8.20%
SBI Skill Loan Scheme	Up to Rs.1.5 Lakh	10.65%
SBI Global Ed- Vantage	Rs.20 lakh-Rs.1.5 crore	11.15%
SBI Takeover of Education Loan Scheme	Above Rs.10 lakh & up to Rs.1.5 crore	11.15%
SBI Shaurya Education Loan	Up to Rs.40 lakh (studies in India) Up to Rs.1.5 crore (studies abroad)	11.15% to 11.75%

What are the Features of SBI Education Loan?

Here are the key features of SBI Education Loans:

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.
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.
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.
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.
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.
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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₹10,000/Month

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₹1 Crore^*

*Standard T & C Apply
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.

How to Apply for SBI Education Loan?

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

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.
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.

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Invest ₹10K/Month YOU GET ₹1 Crores^* For Your Child View Plans

Invest ₹8K/Month YOU GET ₹80 Lakhs^* For Your Child View Plans

Invest ₹5K/Month YOU GET ₹50 Lakhs^* For Your Child View Plans

Standard T&C Apply *

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

Unique Triple Benefit

Future premiums paid by insurer on parent's death

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.

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FAQ's

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.

†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. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). 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.