Education Loan

Shaurya Education Loan SBI: Empowering the Wards of Defense and Coast Guard Personnel

Shaurya Education Loan SBI: Empowering the Wards of Defense and Coast Guard Personnel

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Read about the State Bank of India’s Shaurya Education Loan, its eligibility criteria, eligible courses and benefits.

GyanDhan
Ananya Ghai
Updated on:  01 Apr 2024  | Reviewed By: 
Aman 
| 72 | 5  min read

Navigating the financial aspects of higher education can be daunting, especially for families with service backgrounds. Recognizing this, the State Bank of India (SBI) has introduced the Shaurya education loan SBI, a specialized financial product designed to support the wards of Defense and Indian Coast Guard personnel in their academic pursuits. The Shaurya Education Loan SBI is not just a loan; it's a testament to SBI's commitment to serving the families of those who protect our nation. It's crafted to ease the financial burden of education, making higher studies more accessible to the children of our defense forces.

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Features of Shaurya Education Loan SBI

Features Details

Loan amount

For studies in India- up to INR 40 lakhs

For studies abroad- up to INR 1.5 crores

Interest rate 

11.15% to 11.75%

Loan tenure

Up to 15 years

Moratorium period

Course period + 1 year

6 months after getting the job (whichever is earlier)

Processing fee

Up to INR 20 lakhs- NIL

Above INR 20 lakhs- 10,000
+ GST 

Check Your Education Loan Eligibility

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How is the Interest rate Calculated for Shaurya Education Loan SBI?

The Shaurya Education Loan offered by SBI comes with variable interest rates ranging between 11.15% and 11.75%. Female students benefit from a 0.50% rate reduction. Additionally, students who opt for SBI's Rinn Raksha or assign any existing life insurance policy to SBI Bank are granted a 0.50% interest rate discount. The bank calculates these interest rates by adding the External Benchmark Rate (EBR) and the Credit Risk Premium (CRP).

EBR= Repo rate + Spread

Loan Amount EBR CRP Interest Rate

Up to INR 7.5 Lakh

9.15%

2.00%

11.15%

INR 7.5 Lakh - INR 1.5 Cr (Secured Loans)

9.15%

2.00%

11.15%

INR 7.5 Lakh - INR 1.5 Cr (Unsecured Loans)

9.15%

2.60%

11.75%


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What is the Eligibility Criteria for Shaurya Education Loan SBI?

To qualify for the Shaurya Education Loan from SBI, the applicant must fulfill the following eligibility criteria.

  • list items Applicant must be a ward of DSP/ICGSP Officers of any rank, applicable for pursuing education in India and abroad.
  • list items The co-borrower needs to be a Diamond/Platinum category DSP/ICGSP account holder with SBI.
  • list items The co-applicant's salary or pension account must be with SBI throughout the loan's tenure.
  • list items The loan is available for specific types of educational courses, targeting students with particular academic aspirations.

Check Your Education Loan Eligibility


Eligibility Criteria for India

  • list items Graduate/post-graduate degree courses
  • list items Post-graduate diploma conducted by colleges/universities recognized by UGC/Govt./AICTE/ AIBMS/ ICMR, etc. 
  • list items Courses like ICWA, CA, CFA, etc.
  • list items Courses conducted by IIM, IIT, IISc, XLRI, NIFT, NID, ISB, etc. 
  • list items Courses offered in India by approved reputed foreign universities. 
  • list items Regular degree/ diploma courses like aeronautical, commercial pilot training, shipping, etc.
  • list items Degree/diploma in nursing or any discipline approved by the director general of civil aviation/shipping/ respectively or any other regulatory body. 

Eligibility Criteria for Studies Abroad

  • list items Job-oriented professional/ technical courses offered by reputed Institutions (including foundation/pathway/integrated courses) for graduation.
  • list items MCA, MBA, MS, etc. job-oriented professional/ technical post-graduate diploma/ certificate courses offered by reputed institutions for post-graduation.
  • list items Doctorate programme (PhD) courses 
  • list items Courses conducted by CIMA (Chartered Institute of Management Accountants) – London, CPA (Certified Public Accountant) in the USA, etc. 
  • list items Degree/diploma courses like aeronautical, pilot training, shipping, etc. that are recognized by regulatory bodies in India /abroad.
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Key Features of SBI Shaurya Loan

  • list items Efficient processing: The loan process is quick and streamlined, ensuring minimal delays.
  • list items Prompt sanction and disbursement: The loan approval and fund disbursement are executed swiftly.
  • list items Tax benefits: Borrowers can avail of an income tax rebate under Section 80E of the Income Tax Act for the interest paid on the education loan.
  • list items Grace period: A 6-month grace period is provided for creating a mortgage for the property used as collateral.
  • list items Loan transfer option: Borrowers have the flexibility to transfer their existing education loans from other financial institutions to SBI.
  • list items Flexible repayment: The loan can be repaid for up to 15 years, offering various repayment options to suit different financial situations.

The Shaurya Education Loan SBI is more than a financial product; it's a gateway to educational empowerment for the children of our nation's defenders. With its tailored features, competitive rates, and comprehensive coverage, it stands out as a beacon of support, enabling students to pursue their dreams without financial constraints.

The Shaurya education loan SBI embodies its commitment to the educational aspirations of defense personnel's wards. It's a testament to the bank's dedication to fostering academic growth and supporting the families of those who serve our country. As we've explored the various facets of the Shaurya Education Loan SBI, it's evident that this loan scheme is a pivotal step toward empowering the next generation of learners, ensuring that they have the resources to excel in their academic and professional journeys.

Well, if you are someone who does not fit into the stringent eligibility criteria of the Shaurya education loan SBI, you can connect with team GyanDhan and we will provide personalized assistance, helping students understand their loan options, eligibility, and the application process. We at GyanDhan have partnered with various financial institutions, including banks like SBI, to simplify the loan application process for students. To connect with us today, check your loan eligibility now!

Calculate your Education Loan EMI

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Frequently Asked Questions

What is the SBI Shaurya education loan?

The SBI Shaurya education loan is designed to provide financial support to the academically talented children of Defense and Indian Coast Guard Personnel, enabling them to pursue higher education domestically or internationally.

What are the funding limits under the SBI Shaurya education loan?

The loan offers up to INR 40 lakhs for students studying within India and up to INR 1.5 crores for those pursuing education overseas, all at competitive interest rates.

How are the interest rates determined for the SBI Shaurya education loan?

Interest rates for the SBI Shaurya Education Loan fluctuate between 11.15% and 11.75%, with female students and those opting for SBI RiNn Raksha or other qualifying education loan insurance schemes eligible for a 0.50% discount.

What are the margin requirements for the SBI Shaurya Education Loan?

No margin is required for loans up to INR 4 lakhs. For loans exceeding this amount, a 5% margin is necessary.

Who can apply for the SBI Shaurya education loan?

Eligibility is extended to the industrious children of Defense and Indian Coast Guard Personnel Officers, supporting their educational advancement through this loan scheme.mn 

Check Your Education Loan Eligibility


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