SBI Education Loan


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SBI Education Loan

The State Bank of India is the country’s leading nationalized lender. It offers five different types of education loans: Scholar Loan, Global Ed-vantage Education Loan, Student Loan, Skill Loan, and take-over of an education loan. While Scholar Loan and Skill Loan are for students who want to pursue their higher education in either a premier institute or a vocational college in India, Global Ed-vantage and Student Education Loan are for students who want to study abroad.

SBI offers secured and unsecured loans. It provides a subsidy on interest rates for female students as well as holders of the RiNn Raksha credit life insurance policy. Besides this, as a scheduled commercial bank, government schemes such as Dr. Ambedkar Interest Subsidy Scheme for Overseas Studies for OBCs (non-creamy layer) and EBCs, CSIS, and Padho Pardesh Interest Subsidy Scheme, are available with most SBI education loan offerings.

Types of Loan Schemes

  1. SBI Global Ed-Vantage (For Abroad Study)

    Features
    S.No. Features Details
    1. Finance for Overseas education only
    2. Loan Amount Minimum Rs.20 lakh, Maximum Rs.1.5 Crore.
    3. SBI Education Loan Interest Rate 10.75%, with additional 0.50% concession for female students, and additional 0.50% for RiNn Raksha or similar policyholders. Interest rates are linked to MCLR. For current rate, check here
    4. Processing Fees Rs.10,000 + GST
    5. Property valuation charges Are additional and varies as per the location
    6. Repayment Period Maximum 15 years
    7. Repayment Holiday/ Moratorium Period 6 months after course completion
    8. Eligible Degrees Regular Graduate/ Post Graduate/ Doctorate Courses in any discipline offered by foreign Institutes/ Universities in USA, UK, Canada, Australia, Europe, Singapore, Japan, Hong Kong, and New Zealand
    9. Margin 10%
    10. Expenses covered It covers Tuition fees, Examination/ Library/ Lab Fees, study material or anything related and premium of ‘RiNn Raksha’ insurance coverage

    Benefits

    1. Early approval of loan before i20 or visa.
    2. Covers both tuition and living expenses, including off-campus living expenses.
    3. No pre-payment penalty.
    4. Tax benefit u/s 80(E).
    5. Covers premium of RiNn Raksha.
    6. No need to pay interest during the course tenure.
    7. Pre-visa disbursal as per the norms of visa offices.
    Apply SBI Education Loan to Study Abroad

  2.  
  3. SBI Student Loan

    Features
    S.No. Features Details
    1. Finance for India or abroad, after admission
    2. Loan Amount Maximum Rs.7.5 lakh without collateral. With collateral, maximum Rs.20 lakh
    3. SBI Education Loan Interest Rate Up to Rs.7.5 lakh: 10.50% with 0.50% concession for female students. Above Rs.7.5 lakh: 10.75% with 0.50% concession for girl students and 0.50% concession for RiNn Raksha and similar policyholders. Interest rates are linked to MCLR. For current rate, check here
    4. Processing Fee NIL
    5. Repayment Period Maximum 15 years
    6. Repayment Holiday/ Moratorium Period 12 months after course completion
    7. Eligible Degrees - Job oriented professional / technical Graduation Degree courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc. offered by reputed universities.
    - Courses conducted by CIMA (Chartered Institute of Management Accountants ) - London, CPA (Certified Public Accountant) in USA etc.
    8. Margin Up to Rs.4 lakh: NIL
    Above Rs.4 lakh: 15%

    Benefits

    1. It covers higher education for both studies in India and abroad.
    2. Higher loan amount for students wanting to study in India is considered on a case-to-case basis.
    3. It covers college, examination, laboratory, library fees, books, equipment, uniforms, instruments (up to 20% of the total tuition fee), and other study related expenses.
    4. Covers any refundable/caution deposit, amount not exceeding 10% of total tuition fee.
    5. No need to pay interest during the course tenure.
    6. No pre-payment penalty.

  4.  
  5. SBI Scholar Loan

    Features
    S.No. Features Details
    1. Finance for Select domestic Premier Institutions
    2. Expenses covered Accomodation, Examination fee, Library fees, Laboratory fees, Cost of Books, Equipment, Instruments, and other expenses related to education.
    3. Loan Amount
    • List AA - Unsecured - Rs. 40L and Secured - No upper limit
    • List A - Unsecured - Rs. 20L and Secured - Rs. 30L
    • List B - Unsecured - Rs. 20L and Secured- No Upper Limit
    • List C - Unsecured - Rs. 7.5L and Secured - Rs. 30L
    4. The Rate of Interest (ROI) for
    • List AA institutes is 8.50% + 0.20% spread.
    • List A institutes such as IITs and IIMs - 8.50% + 0.35% and Non IIM & IIT - 8.50% + 0.50%.
    • List B NITs- 8.50% + 0.50% and Non NITs- 8.50% +1%
    • List C NITs - 8.50%+0.5% and non NITs - 8.5% + 1.5%
    Interest rates are linked to MCLR. For current rate, check here
    5. Processing fees Nil
    6. Repayment/ Moratorium period Repay in 15 years, after the course completion +12 months
    In case second loan is availed for higher studies later, to repay the combined loan amount in 15 years after completion of the second course
    7. Courses Covered - Regular full-time Degree /Diploma courses through entrance test/ selection process.
    - Full-time Executive Management Courses like PGPX.
    - No Part-time/ Certificate courses.

    Benefits

    1. 100% Financing.
    2. No Processing Fee.
    3. Quick sanction at designated campus branch or more than 5000 selected branches all over the country.
    4. Maximum Repayment period up to 15 years and 12 months of Moratorium Period.

    Eligibility

    1. Indian citizen.
    2. Admit letter to Professional/Technical from the list of premier institutes through Entrance test/selection process.

  6.  
  7. SBI Takeover of Education Loans

    With this, SBI allows a student to transfer his existing high-interest rate education loan to SBI and hence, reduce his EMI amount. For a student to be eligible for this education loan in SBI, he must be a major, the loan has to be a first-time takeover, and repayment should have begun with official records of regular payments.

    Features
    S.No. Features Details
    1. Loan Amount Minimum Rs. 10L & Maximum Rs. 1.5 Crore
    2. SBI Education Loan Interest Rate 10.05% with 0.50% concession to female students. Interest rates are linked to MCLR. For current rate, check here
    3. Processing Fee NIL
    4. Security 100% of the amount of the proposed loan amount
    5. Repayment Period Maximum 15 years
    6. Top up loan facility Available

    Benefits

    1. No hidden charges.
    2. Switching to SBI helps reduce EMI amount.
    3. Zero processing fees

    Eligibility

    1. Loan should be a fresh (first-time) takeover.
    2. The applicant-borrower should be a major during the switch over process.
    3. The loan should have been fully disbursed at the time of takeover.
    4. Regular EMIs & Repayment process should have been started in the books of other Bank/Financial Institution.

GyanDhan provides a customized documents list for SBI Education loans, which depends on your profile, your co-applicant’s profile, and the property/asset which you offer as collateral. At a high level, the following documents are needed. However, we will customize this list for your profile to ensure that you submit all necessary documents in one go.

Student or the Applicant
  1. Identity Proof: PAN/ Passport/ Driver’s License/ Voter ID card.
  2. Completely filled-in Loan Application Form (in Takeover of Education loan case)
  3. Address: Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card.
  4. Passport Mandatory (in case of study abroad).
  5. Past Academic Record.
    • 10th Result
    • 12th Result
    • Under Graduate Result Semester Wise (If required)
    • Entrance Exam Result - Abroad institutes (e.g GMAT, GRE, TOEFL, etc.)
    • Entrance Exam Result- Domestic institutes (e.g. CAT, CMAT, JEE, NEET, CET, GMAT, GRE, etc.)
  6. Proof of Admission: Admission Letter (Conditional admission letter is also applicable).
  7. Statement of cost/expenses.
  8. 2 passport-size photographs.
  9. Loan A/C statement of one year, if there is any previous loan from other Banks/ Lenders.
Co-Applicant’s Documents
  1. Identity Proof: PAN/ Passport/ Driver’s License/ Voter ID card.
  2. Address: Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card.
  3. 2 passport-size photographs.
  4. If any previous loan from other Banks/ Lenders, then Loan A/C statement of one year.
  5. Legal documents of the collateral/ Property documents.
  6. Bank account statement of the Co-borrower/Guarantor, for the last 6 months (in Takeover of Education loan case)
Income Proof for Salaried Co-Applicant/Guarantor
  1. Salary slips of last 3 months.
  2. Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.
  3. Bank account statement for the last 6 months (Salary Account).
  4. Brief statement of assets & liabilities of Parent/ Guardian/ other co-borrower
Income Proof for Self-employed Co-Applicant/ Guarantor
  1. Business address proof (If applicable).
  2. Last 2 years IT returns ( If IT Payee).
  3. TDS Certificate (Form 16A, if applicable).
  4. Certificate of qualification (for C.A./ Doctor and other professionals).
  5. Brief statement of assets & liabilities of Parent/ Guardian/ other co-borrower
  6. Bank Account statement for the last six months.

Low Turnaround Time

We coordinate with various departments within SBI to secure a loan approval in just 12 days. This is why 1000s of students trust us with their loan requests every year.

Doorstep Service

For SBI Education Loans, we provide doorstep pickup of documents in Delhi, Mumbai, Pune, Hyderabad, Bengaluru, and Chennai. No need to visit the branch! SBI has exclusively partnered with us for the doorstep document pickup facility.

No Cost to You

GyanDhan’s services for applicants are absolutely free. We do not charge any kind of processing fees or commissions from the applicants at all.

Higher Chances of Approval

In case of any missing documents, property issues, or other problems, we approach SBI officials promptly to find solutions. This ensures speedy resolution and significantly increases your odds of approval.

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Processing & Approval

Free Doorstep Document Collection

Loan Sanction & Disbursal

Apply Online for your Education Loan

Below, we describe typical bottlenecks that you should watch out for, along with ways in which we work around such bottlenecks to fast-track your education loan application.

Branch side:

All the documents are to be submitted before the starting of the sanctioning process. Additional documents may be required. Some SBI branches may not be very education loan friendly! From our experience of processing 1000s of education loans at SBI, we help identify the most experienced and friendly branch for you. We then liaise with the branch officials to present and discuss your case on your behalf. We present a customized checklist at the start so that you have to submit documents only once.

Legal Issues with the Property

The legal papers of your property and the property itself get verified by SBI empanelled advocates. The Turnaround Time (TAT) of the bank and the advocates is high and unpredictable. Also, many a time they don’t try hard enough to look for alternative documents and approaches if they find an issue with the documents or the property. GyanDhan has helped 1000s of students through such tough situations, and we can surely help you!

Technical Issues with the Property

Civil Engineers, empanelled by the SBI, evaluate the property by first visiting it, then measuring it, checking its location and age, and evaluating its Distress Sale Price, Fair Price, and Market Price. The Turnaround Time (TAT) of the Civil Engineer can be quite high and unpredictable. Through systematic follow-up, we get this step completed within 3 working days.

Check SBI Education Loan Eligibility

When the property's sale deed of the student was not in order

A student with an admit offer from The University of Sydney required a with-collateral education loan of Rs. 40 lakhs. Initially, the student approached the State Bank of India directly but got a negative response from the Branch as his property’s sale deed was not in order. He then applied with us. At GyanDhan, we pre-screen education loan applications to identify key issues and find out the best possible solution available. Post an in-depth discussion with our legal consultant, we found a solution: a correction/conveyance deed. GyanDhan’s on-ground team got that deed executed and also got it registered with the sub- Registrar – that too in only 5 days, with minimal effort from the student. Post this, we formally applied with SBI and got approval for Rs. 40.56 lakhs in only 3 days.

 

When ownership of the property was not transferred to the legal heir

In another case, another applicant got an admit from San Diego State University and was looking for a with-collateral education loan of Rs. 20 lakhs. The issue with this case was that the property (Collateral) was in the name of the applicant’s father who had passed away recently and was not transferred to the applicant’s mother. Also, the student had a deadline for submitting finacial documents. The student’s case was rejected on the property ownership grounds. He then contacted GyanDhan after he came across a blog published by us on education loans while he was looking for solutions online. After pre-screening the case thoroughly, our representatives approached the Local Head Office of the bank to speak with the Assistant General Manager and helped in getting the ownership of the property transferred. Our team assisted the student throughout the process, helped the student’s family with the hassle of bureaucracy, got the property transferred, and got the loan sanctioned on time that too meeting the deadline.


 

When the student was in the 2nd year of the program

In this case, the student was already in her 2nd year of bachelor program at the University of Queensland. Her parents’ savings were utilized to fund her 1st year of the program. The student wanted to apply for loan to finance her remaining course. The student and her parents both were residing in Australia. She applied for around Rs. 50L loan with collateral. The property was in Kerala, India. But the loan application was rejected on the ground that property owners were residing in Australia. After the initial rejection, she approached GyanDhan for solutions. She came to know about GyanDhan through her friend in India who attended a seminar conducted by GyanDhan in Chennai. Our representatives approached the concerned authorities of SBI. We took out the rule book and provided the solution. The parents were called. They flew over to India. We helped them in completing the sanction process and disbursement as well on the same day in SBI. The bank approved a loan of Rs. 50L with Rs. 11L amount disbursed on the same day to the applicant.


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