top of page
SBI
Education Loan

State Bank of India is one of the most sought-after banks to offer education loans for studies in India

Student Loan Scheme

student-grants-flat-concept-vector-260nw

Education Loan Offered for study in India.

SBI Education Rate of Interest

The interest rate is charged on base rate fixed by SBI as per RBI guidelines.

  • Base rate fixed by SBI is 9.05%

​

  • The bank charges 10.55% interest for loan amount upto INR 7.50 lacs

​

  • 10.80% for the loan amounting above INR 7.50 Lacs

SBI offers distinctive education loan variants for studies in India 

  • Maximum loan amount offered is INR 10 and 20 Lacs for India and abroad respectively.

​

  • The loan is extended with no margin on loan amount upto INR 4 Lacs*

​

  • The repayment period for a SBI Student Loan Scheme is 15 years

SBI Education Loan Eligibility

5a29705f9fa363.3740140815126651836539.png

  • Indian National. Student must be a citizen of India or a holder of Indian passport..

​

  • 10+2 qualified. One must have cleared 10+2 from a recognized board of institutions

​

  • Premier Universities. Admission must be in the top global institutes through Entrance test/Selection process.

​

  • Co-Signer. Applicant must have a credit worthy co-signer/ co-borrower to increase chances of getting a loan.

How to apply for SBI Education Loan ?

PNB Education loan application form can be available online or offline at Bank branches.

Online :-

Visit the official website and Click on SBI Education Loan

Select the particular loan scheme and click on Apply Online

Fill up the form with all the necessary details

Upload the signature, photograph other documents required.

Submit the form and take print out.

After that visit the nearby SBI Bank for the further proceedings.

Offline:-

For offline procedure, student can visit the bank and ask for application form for education loan. The bank representative will then be able to guide you with all necessary details and information about margin money, interest rates, and eligibility criteria about the suitable loan for you

SBI Education Loan Details

Processing Fee

p to INR 4 Lacs: Nil
Above INR 4 Lacs: INR 5000

Loan Security

Upto 7.50 Lacs: Only Parent/ Guardian as co-borrower. No Collateral Security or third party guarantee
Above INR 7.50 Lacs: Tangible security along with parents as co borrower

Margin

For loan above INR 4 Lacs
In India: 5%

Loan Limit

 India- INR 10 Lacs

Loan Repayment

Starts After 1 year of course completion or 6 months after getting job

Expenses covered under SBI Student Loan Scheme

  • College Fee

​

  • Hostel Fee

​

  • Examination Fee

​

  • Purchase of Books, Equipment, Uniform or Computer

​

  • Travel Expenses for abroad studies

​

  • Cost of Two wheeler (Maximum of Rs.50000)

​

  • Cost of other activities like study tours, project work, etc.

Courses Covered Under SBI Student Loan Scheme In India

  • Almost every undergraduate and post graduate course has been included in this scheme. Technical or Professional Courses approved by AICTE/UGC. Degree and diploma courses approved by the Govt. Teacher Training, Nursery courses, pilot training, aeronautical, shipping courses which are approved by respective authorized departments.

Education Loan Documents Required ?

Admission letter with all essential details

Attested copies of age proof, residence proof and birth date

Self-attested passport size photograph

Copies of qualifying courses

Income proof and/or copy of income tax return file

Details of collateral security along with government approved valuation certificate (if any)

Bank account statement of the applicant.

bottom of page