SBI Education Loan : State Bank of India (SBI) offers a wide range of education loans with interest rates that start at 8.55% . 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 concessions for girl students.
SBI offers student loans for domestic and international study. You are eligible for financing to study for both professional and vocational courses. There are also takeover loans that enable you to replace your high-interest loans with SBI loans that have reduced interest rates.
SBI Student Loan
- Maximum loan amount more than 20 lakhs
- Repayment period up to 15 years after completion of the course with 12 months grace period.
- Processing fee applied above 20 lakhs of Rs.10,000 + GST.
- Up to loan amount Rs. 7.5 lakhs no collateral or guarantor required.
- Interest rates applied 8.65% pa
- For Girls 0.5% discount on interest rate
SBI Interest Subsidy Schemes
Dr. Ambedkar Central Sector Scheme – This scheme is applied for higher studies abroad linked with an education loan scheme for students who want to pursue a master’s degree. This scheme is for Economically week class.
Padho Pradesh Scheme – This scheme is also applied for higher studies abroad linked with an education loan scheme for students who want to pursue a master’s degree. This scheme is for the Economically weak class and minority section of society.
SBI Education Scholar Loan
- Maximum loan amount more than 40 lakhs
- Repayment period up to 15 years after completion of the course with 12 months grace period.
- Processing fee applied – NIL.
- No collateral needed, only guardian as co-borrower.
- Interest rates applied 6.65%- 8.15% pa
- Indian National who is chosen via passing entrance exam or selection process.
SBI Education Loan EMI Calculator
You may better plan your costs and manage your student finances if you know exactly how much your Equated Monthly Instalment (EMI) on your SBI education loan will be. Get a full amortisation table with the breakdown of your EMIs by using the Education Loan EMI Calculator.
This user-friendly online EMI calculator shows your EMI information right away on the page. All you have to do is enter your requested or sanctioned loan amount, term, and the interest rate offered by SBI in the applicable boxes (use the slider for the loan amount and tenure and key in the values for the interest rate and processing fee)
(use the slider for the loan amount and tenure and key in the figures for the interest rate and processing fee). Decide if you want to make any prepayments as well. When you select ‘Calculate’ , you can check your EMI details.
SBI Global ED-Vantage Studies abroad
- Maximum loan amount more than 1.5 crores
- Repayment period up to 15 years after completion of the course with 12 months grace period.
- Processing fee applied – Rs.10,000
- Tax Benefit under section 80(E)
- Interest rates applied 6.65%- 8.65% pa
- Online application process
Documents required for SBI Education Loan
- ID proof (Voter id/adhar card/passport/PAN card/Driving license)
- Address proof
- Passport size photo
- Academic records
- Admission proof – offer letter/admission letter
- Bank statements of past 1 year
- If any other loan is taken, that loan details
SBI Education Loan Skill Loan
- Minimum loan amount Rs.5,000 and Maximum 1.5 lakhs
- Loan Repayment
- Up to 50,000 – 3 years
- 50,000 to 1 lakh – 5 years
- More than 1 lakh – 7 years
- No collateral needed
- Processing fee applied – NIL.
- Interest rates applied 6.65%- 8.15% pa
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:
- Central Scheme for Interest Subsidy for Economically Weaker Sections: The annual gross income of the parents or household cannot be higher than Rs. 4.5 lakh. This is applicable to programs in accredited technical and professional schools in India. The assistance is given throughout the EMI moratorium.
- 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.
- 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).
Takeover Education Loan
- Switch your education loan to SBI and you can reduce your EMIs
- Minimum loan amount Rs.5,000 and Maximum 1.5 lakhs
- Repayment period up to 15 years after completion of the course with 12 months grace period.
- Processing fee applied – NIL.
- Interest rates applied 6.65%- 8.65% pa
- For Girls 0.5% discount on interest rate
Eligible Courses for SBI Education Loan
- Regular Graduate Degrees
- Regular Post-Graduate Degrees
- Certificate Courses
- Doctorate
- Diploma Courses
SBI Education Repayment Rules
There is a moratorium period for courses lasting more than six months under the SBI education loan policy plan. There is no need to make any payments during this time. The repayment of your SBI Education loan starts six months after the completion of your education under both the SBI Student Loan Scheme and the SBI Global Edvantage Scheme.
While your studies abroad are still ongoing, most private banks and NBFCs require at least a partial payment of interest. There is no such thing as a moratorium period.
How to Apply for SBI Education Loan
SBI Education Loan Offline Application
- Visit your nearest SBI branch.
- Take all the required documents with you.
- Understand the terms and conditions applied.
- Fill out the application form and submit it.
SBI Education Loan Online Application
- Go to the SBI website
- Click on loans, Select Education loans
- You will be directed to the educations loans various schemes page
- Choose the scheme you required
- Click on Apply now
- An application form will be opened
- Fill in the details asked
- Submit the documents asked
- Submit the application
Important Link
| SBI Education Loan Apply | Click Here |
| Official Website | Click Here |
| More Information | Click Here |
SBI Education Loan Contact Details
Call – 1800110009 / 18004253800
Conclusion
Through this article, we have provided you all important information regarding SBI Education Loan. If you are still facing any kind of problem then you comment in the comment box, contact us we will solve your problem.
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