State Bank of India Education Loan


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SBI bank

State Bank of India is the country’s leading nationalized lender. It offers five different types of education loans: Scholar Loan, Overseas 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, Overseas Education Loan is for students who want to study abroad.

SBI offers secured and unsecured loans. It provides a subsidy on interest for girl 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 and EBCs, CSIS and Padho Pardesh Interest Subsidy Scheme, are available with most SBI education loan offerings.

Features and Benefits

SBI offers two different types of education loan schemes for students seeking higher education abroad

  1. Global Ed-Vantage
  2. Features
    S.No. Features SBI Education Loan 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 10.80% with 0.50% concession for girl students and 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. Repayment Period Maximum 15 years
    6. Repayment Holiday 6 months after course completion
    7. 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
    8. Margin 10%
    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.

  3. Student Loan
  4. Features
    S.No. Features SBI Education Loan 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: 10.55% with 0.50% concession for girl students. Above Rs.7.5 lakh: 10.80% 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 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, uniform, instruments (up to 20% of the total tuition fee), any 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.

  5. Takeover of Education Loans
  6. 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 SBI Education Loan Details
    1. Loan Amount Maximum Rs.1.5 crore
    2. SBI Education Loan Interest Rate 10.05% with 0.50% concession to girl 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
    Benefits
    1. Top-up loan facility available.
    2. Switching to SBI helps reduce EMI amount.
    3. Processing fees are zero
Apply for SBI Education Loan online


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, and Bengaluru. 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.

Apply Online & Upload Documents

Processing & Approval

Free Doorstep Document Collection

Loan Sanction & Disbursal

Apply Online for your Education Loan

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.

Applicant’s Documents Pertaining to:

  1. Identity Proof
  2. Address
  3. Past Academic Record

Co-Applicant’s Documents Pertaining to:

  1. Identity Proof
  2. Address
  3. Financial

After evaluating your profile, GyanDhan will present you with a customized documents’ list and then initiate the loan process with SBI. If some documents are missing, then we will suggest alternatives to get your loan sanctioned on time.


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