SBI Education Loan 2022 for studies in India and Abroad, Apply at sbi.co.in

SBI Education Loan 2022 for students to pursue higher studies in India and Abroad, Apply at sbi.co.in. State Bank of India offers a wide range of education loans with interest rates that start at 8.15% per annum. The flexible repayment tenures also include a moratorium period after course completion. There are no penalty charges for pre-payment of the loan, which can be done at any time during the loan tenure. Some loans also offer interest concession for girl students.

Student loans from SBI are available for studies in India and abroad. You can avail loans for studying for vocational courses as well as professional ones. There are also takeover loans that help you close existing high-interest loans with a lower-interest SBI loan.

State Bank of India offers 5 different types of SBI 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 Loan are for students who want to study abroad. For overseas education, SBI primarily offers education loan with collateral.

State Bank of India offers subsidies on interest rates for girl students as well as the holders of the RiNn Raksha credit life insurance policy. Besides this, as a scheduled commercial bank, SBI also provides 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 with most SBI education loan offerings.

SBI Education Loan

SBI Education Loan Details

Name of the LoanSBI Education Loan Scheme
Interest Rate9.7% for females and 10.2% for male students after Insurance
Loan Amount8 Lacs to 1.5 Cr
Processing FeesRs. 10,000 (payable at the bank directly) + legal and valuation charges
Loan Period15 years maximum
Moratorium PeriodCourse duration + six months
Processing Time14-18days with WeMakeScholars (35-50 days if applied directly at the branch)
Loan Margin10%
Eligible ExpensesEverything- Tuition fee, Travel, Living expenses/ Hostel fee, Examination fee/ Purchase of Stationery laptop
Repayment begins6 months after completion of course (extendable up to 1 year)
Websitehttps://sbi.co.in/
Web PortalSBI Education Loans
SBI Education Loan Scheme Details

SBI Education Loan Scheme Categories

The SBI Education Loan Scheme is divided into two categories:

  1. Student Loan Scheme is up to Rs. 20 Lacs.
  2. The SBI Global Edvantage Loan Scheme is specifically designed for students planning to study abroad. The minimum loan amount is Rs. 20 Lacs and the maximum loan amount is Rs. 1.5 Cr.

SBI Global Ed-vantage Loan Scheme Features

Name of the LoanGlobal Edvantage
Finance forOverseas education only
Loan Amount Range₹ 20 lakh to ₹1.5 crore
Interest Rate8.65%, with additional 0.50% concession for girl students, and additional 0.5% for Rinn Raksha credit life insurance or similar policyholders. For current interest rates
Processing Fees₹ 10,000 + GST, non-refundable
Property valuation chargesAre additional and vary as per the location
Repayment PeriodMaximum 15 years
Repayment Holiday / Moratorium periodCourse period + 6 months
Eligible DegreesRegular Graduate/ Post Graduate/ Doctorate Courses in any discipline offered by foreign Institutes/ Universities in: USA, UK, Canada, Australia, Europe, Singapore, Japan, Hong Kong, New Zealand
Margin10%
Expenses coveredIt covers tuition fees, examination/ library/ lab Fees, living expenses, round-trip travel, study material or anything related to studies, and premium of ‘RiNn Raksha’ insurance coverage
Disbursal normsTuition is disbursed directly to the college. Living expenses can either be loaded onto a prepaid card or transferred to your foreign bank account. Pre-visa disbursal is allowed, wherever mandated.
SBI Global Ed-vantage Loan Scheme Details

SBI Student Loan Scheme Features

Name of the LoanStudent Loan
Finance forIndia or abroad, after admission
Loan Amount RangeUp to ₹ 7.5 lakh without collateral
Up to ₹ 20 lakh with collateral
Interest RateUp to ₹ 7.5 lakh: 8.65%
Above ₹ 7.5 lakh: Same as Global Ed-vantage
0.50% concession for girls is available
Processing FeesNIL
Property valuation chargesAre additional and vary as per the location
Repayment PeriodMaximum 15 years
Repayment Holiday / Moratorium period12 months after course completion
Eligible DegreesJob oriented professional/ technical Graduation Degree courses/ Post Graduation Degree and Diploma courses offered by reputed universities; Courses conducted by CIMA, CPA
MarginUp to ₹ 4 lakh: NIL Above ₹ 4 lakh: 15%
Expenses coveredIt covers tuition fees, examination/ library/ lab Fees, living expenses, round-trip travel, study material or anything related to studies, and premium of ‘RiNn Raksha’ insurance coverage
Disbursal normsTuition is disbursed directly to the college. Living expenses can either be loaded onto a prepaid card or transferred to your foreign bank account. Pre-visa disbursal is allowed, wherever mandated.
SBI Student Loan Scheme Details

SBI Global Ed-Vantage Loan details

The State Bank of India (SBI) announced the Studies abroad Education loan scheme for students in the name of ‘SBI Global Ed-Vantage’ loan. What’s unique about this particular loan scheme is that it is aimed exclusively at those who wish to pursue their full-time courses at foreign colleges or universities. SBI has brought this out as it stated that there is an upward trend of students who prefer foreign education to accomplish their career goals. This education loan is the bank’s attempt to make it a possibility through a customised financial solution.

The courses that are covered under this scheme include regular graduate degree courses, post-graduate degree courses, diploma courses and also certificate/doctorate courses. The bank has even issued a list of countries to which this loan can be applied for future studies. Students can study in universities or colleges in the US, UK, Australia, Canada, Europe, Japan, Singapore, Hong Kong and New Zealand.

The education loan amount that can be availed starts at Rs 7.50 lakh and can go up to 1.50 crore depending on the need of that particular student. The education loan also comes with an interest rate of 8.65 per cent with a special concession of 0.50 per cent for female applicants. You can start the repayment process on the loan six months after the course concludes as per the bank’s guidelines. The repayment period can be extended to a maximum of 15 years.

Advantages and Coverage of the SBI Global Ed-Vantage Scheme: The loan covers a wide variety of needs for the student including travel expenses, tuition fees, exam fees as well as other fees for campus facilities such as labs and libraries. The education loan also covers books, equipment, instruments, uniform and other amenities. It can even cover additional costs such as study tours, research work and so on, but it should not exceed 20 per cent of the total tuition fees.

The application process itself is quite fast and simple. Applicants can go online and apply through the SBI website and submit the necessary documents there. You can even get it approved early before the student’s I-20/visa comes through. The education loan has tax exemptions under Section 80(E) of the Income Tax Act. For security purposes, an applicant can provide collateral security in tangible form. Collateral from a third party such as parents or guardians will also be accepted for the loan.

Those who want to apply will have to visit the SBI website and submit the necessary documents there. Then get it approved early before the student’s I-20/visa comes through. 

Documents Needed to Apply for the SBI Global Ed-Vantage Scheme

  • 10th and 12th Marksheet (if applicable) and Entrance Exam result
  • Admission letter/offer letter/ID card from the university as proof of admission
  • Schedule of expenses for course
  • Copies of letter conferring scholarship, free-ship, etc.
  • Gap certificate, if applicable (self-declaration from the student for a gap in studies)
  • Passport size photographs of Student / Parent / Co-borrower / Guarantor (1 copy each)
  • Asset-Liability Statement of Co-applicant / Guarantor (Applicable for loans above Rs 7.50 lakh)
  • For Salaried People:
    • (a) Latest Salary Slip
    • (b) Form 16 OR latest IT Return (ITR V)
  • For other than Salaried People:
    • (a) Business address proof (if applicable)
    • (b) Latest IT Returns (if applicable)
  • Bank Account Statement for the last six months of Parent / Guardian/ Guarantor
  • Copy of Sale Deed and other documents of title to the property in respect of immovable property offered as collateral security / Photocopy of Liquid Security offered as collateral
  • Permanent Account Number (PAN) of Student / Parent / Co-borrower / Guarantor
  • AADHAAR (mandatory, if eligible under various interest subsidy schemes of GOI)
  • Passport
  • Submission of Officially Valid Document as proof of identity and address can be in the form of a Passport/Driving License/ Voter’s ID card.

How to Apply for SBI Education Loan Online/Offline

You can apply for an SBI education loan either online or offline:

  1. Offline:
    • Walk into your nearest SBI branch with all the necessary documents.
    • Fill in and submit the application form that you can obtain from there.
  2. Online:
    • Visit the SBI official website
    • Navigate to the section on Education Loan
    • Click on the button ‘’Apply Now’’ under the loan you wish to apply for
    • You will be redirected to the next page where you will have to enter your contact details
    • A bank representative will get in touch with you
  3. SBI Scholar loans: Available in select campuses or mapped branches

SBI Education Loan Interest Rates

Scheme NameMaximum Loan AmountInterest Rates
SBI Student LoanRs.20 lakh8.15% to 8.65%
SBI Scholar LoanRs.40 lakh6.85% to 8.15%
SBI Global ED-VantageRs.1.5 crore8.15% to 8.65%
SBI Skill LoanRs.1.5 lakh8.15%
SBI Take Over of Education LoanRs.1.5 crore8.15% to 8.65%
SBI Education Loan Interest Rates
  • * Interest concession of 0.50% for students who avail SBI Rinn Raksha or other life policy assigned by SBI.
  • * 0.50% interest concession for girl students

SBI Student Loan Scheme

  • Interest rate: 8.15% to 8.65%
  • Processing fee: For loans up to Rs.20 lakh: Nil And Processing fee for loans above Rs.20 lakh: Rs.10,000 plus applicable taxes
  • Collateral: For loans up to Rs.7.5 lakh: None And For loans above Rs.7.5 lakh: Tangible collateral
  • Loan Tenure: 15 years after the course ends plus a repayment holiday of 12 months
  • Eligibility: Indian nationals

SBI Scholar Loan Scheme

  • Interest rate: 6.85% to 8.15%
  • Processing Fees: Nil
  • Collateral: Required only for List A and List C colleges
  • Loan Tenure: 15 years after the course ends plus a repayment holiday of 12 months
  • Eligibility: Indian national who is selected through entrance tests/selection processes

SBI Global Ed-Vantage Scheme

  • Interest Rate: 8.15% to 8.65%
  • Processing Fees: Rs.10,000 per application
  • Collateral: Tangible collateral as security
  • Loan Tenure: 15 years
  • Eligibility: Indian nationals

SBI Skill Loan Scheme

  • Interest Rate: 8.15%
  • Collateral: None
  • Loan Tenure: Up to 7 years
  • Eligibility: Indian nationals

SBI Takeover of Education Loan Scheme

  • Interest Rate: 8.15% to 8.65%
  • Processing Fees: Nil
  • Collateral: Minimum 100% of the proposed loan’s value
  • Loan Tenure: 15 years
  • Eligibility: Indian nationals who are majors at the loan switchover time with regular EMIs being paid

Subsidy Schemes on SBI Education Loan

SBI offers interest subsidy schemes for the education loan which helps deserving students to save money while ensuring continuity of their studies. Some of these schemes are as given below:

  1. Central Scheme for Interest Subsidy for Economically Weaker Sections: The gross parental or family income should not exceed Rs.4.50 lakh per annum. This is applicable for courses in recognized professional and technical educational institutes in India. The subsidy is provided for the period of the EMI moratorium.
  2. Padho Pardesh: For minority students, this scheme provides subsidy on the interest for overseas educational studies. This is for the Masters, M.Phil, and PhD levels.
  3. Dr. Ambedkar Central Sector Scheme: This is for interest subsidy on educational loans for overseas studies for students from Economically Backward Castes (EBCs) and Other Backward Castes (OBCs).

Eligible Courses for Studies Abroad

The following courses are eligible to be covered under SBI’s education loans:

  • Regular graduate degrees
  • Regular post-graduate degrees
  • Diploma courses
  • Certificate courses
  • Doctorate

These courses, offered in any discipline, are eligible for the education loan when offered by universities and institutes in countries such as the United Kingdom, the United States of America, Canada, Australia, New Zealand, Europe (Belgium, Czech Republic, Denmark, Estonia, Finland, France, Greece, Germany, Italy, Ireland, Norway, Netherlands, Portugal, Poland, Russia, Sweden, Spain, Switzerland, and the UK), as well as countries in Asia such as Hong Kong, Japan, and Singapore.

SBI education loan for abroad

SBI Studies Abroad Loan Scheme

  • Interest Rate: 8.65% (floating)
  • Processing Fees: 10,000 per application.
  • Collateral: Tangible collateral security.
  • Loan Tenure: 15 years.
  • Minimum Loan Amount: Rs. 7.50 lakh or above.
  • Maximum Loan Amount: Rs. 1.5 crore.
  • Eligibility: Indian nationals who are majors at the loan switchover time with regular EMIs being paid.
  1. Which courses are eligible for an SBI education loan?

    Regular Graduate/ Post Graduate/ Doctorate Courses in any discipline offered by foreign Institutes/ universities in the countries eligible for SBI education loans. SBI education loans for medical students are also at offer on the basis of collateral like the other courses.

  2. Which countries are eligible for an SBI education loan?

    USA, UK, Canada, Australia, Europe, Singapore, Japan, Hong Kong, New Zealand. Students applying to other countries can also be considered in some cases.

  3. What Is an Education Loan?

    An Education loan is the loan or funds acquired by an individual to pursue higher studies in India or abroad. The loan repayment commences for the student after completing the education and a period of 6 months is given as grace period to students to get or join a job.

  4. What is SBI Education Loan?

    SBI offers education loan for all eligible courses i.e., graduation courses, PG courses, Professional courses pursue in India or Abroad.

*Disclaimer: We have published the above information for reference Purpose only, For any changes on the content we refer to visit the Official website to get the latest & Official details, and we are not responsible for anything

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