What courses are covered under the SBI Skill Loan Scheme?

The scheme covers courses aligned with the NSQF, ITI programs, polytechnic courses, and other training programs recognised by the government or reputed institutions.

What is the maximum loan amount I can avail?

You can avail education loans up to â¹1.5 lakh under the scheme.

Is there a moratorium period for repayment?

Yes, repayment begins 6 months after course completion or 6 months after securing a job, whichever is earlier.

Can I claim tax benefits on my loan?

Yes, under Section 80E of the Income Tax Act, interest payments are eligible for tax deductions.Â

How can I apply for the SBI Skill Loan Scheme?

You can apply online through SBIâs official website or visit the nearest branch with the required documents.

SBI Skill Loan Scheme

One feels inspired to acquire modern skills in today's culture in order to support their professional and personal growth. The largest obstacle, though, is frequently a lack of funding. The purpose of the SBI Skill Loan Scheme is to help people improve their skills by funding skill-development initiatives. The strategic goal of this program is to enable prospective students to advance their abilities without jeopardising their financial future.

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Benefits of Investing In Child Plan

Waiver of Premium Benefit

Future Premiums are paid by the insurer upon death of policyholder

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Your premiums help your child achieve their dreams through lump sum or regular payouts

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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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7.7 Crore

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Insurance Partners

4.2 Crore

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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.

In this article, we will discuss how the SBI Skill Loan Scheme has helped realise aspirations.

About the SBI Skill Loan Scheme

The SBI Skill Loan Scheme is one of the most inclusive programs aimed at providing financial assistance for skill development courses aligned with the National Skill Qualification Framework (NSQF) or other recognised training programs. Whether it’s a short-term certification or a diploma program, the scheme is tailored to cover a variety of needs. With competitive interest rates and flexible repayment options, it’s an excellent choice for those seeking to upgrade their skills without financial stress. The SBI education loan undoubtedly stands out as a reliable option for thousands of students and professionals.

SBI Skill Loan Scheme - Rate of Interest

The interest rates for the SBI Skill Loan Scheme vary based on the loan amount and course type. Here’s an overview:

Loan Amount up to ₹1.5 lakh: Starting at 10.65% per annum.
Moratorium Period: Course duration + 6 months.
No processing fees for loans up to ₹1.5 lakh.

Note: Borrowers can claim tax deductions on interest payments under Section 80E of the Income Tax Act. Use this income tax calculator to estimate your benefits.

Features of the SBI Skill Loan Scheme

The SBI Skill Loan Scheme is packed with features that make it an ideal choice for students and professionals:

Loan Coverage: Includes tuition fees, examination fees, and certification charges.
Loan Limit: From ₹5,000 to ₹1.5 lakh.
Repayment Tenure: Up to 7 years, including the moratorium period.
No Collateral: Loans up to ₹1.5 lakh do not require collateral.
Flexible Disbursement: Funds are disbursed directly to the educational institution.

Aligned with SBI’s broader offerings, such as the Child Education Plan, this scheme supports skill development and ensures financial ease for learners.

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Eligibility for the SBI Skill Loan Scheme

To qualify for the SBI Skill Loan Scheme, applicants must meet the following criteria:

Age: Indian nationals aged 18–35 years.
Admission: Applicants should have secured admission to courses recognised by the NSQF, government organisations, or reputed institutions.

Learn about child education allowance options.

Documents Required

Applicants need to submit the following documents:

Admission letter from the educational institution.
Fee structure detailing tuition and other charges.
Academic records (marksheets and certificates).
Identity proof: Aadhaar card, PAN card, or voter ID.
Address proof: Passport, utility bills, or rental agreement.
Bank account statement (last six months).

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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Most Important Terms and Conditions

Before applying, here are some key terms to keep in mind:

Collateral Requirement: Loans up to ₹1.5 lakh do not require collateral.
Repayment Moratorium: Repayment begins 6 months after course completion.
Tax Benefits: Interest payments are eligible for deductions under Section 80E of the Income Tax Act.

FAQs

What courses are covered under the SBI Skill Loan Scheme?

The scheme covers courses aligned with the NSQF, ITI programs, polytechnic courses, and other training programs recognised by the government or reputed institutions.
What is the maximum loan amount I can avail?

You can avail education loans up to ₹1.5 lakh under the scheme.
Is there a moratorium period for repayment?

Yes, repayment begins 6 months after course completion or 6 months after securing a job, whichever is earlier.
Can I claim tax benefits on my loan?

Yes, under Section 80E of the Income Tax Act, interest payments are eligible for tax deductions.
How can I apply for the SBI Skill Loan Scheme?

You can apply online through SBI’s official website or visit the nearest branch with the required documents.

†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.
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^^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.