State Bank of India (SBI) Education Loan- Student Loan in India
State Bank of India (SBI) Education Loan Scheme
SBI Education Loan Eligible Courses
a. Studies in India:
- Graduation, Post-graduation including regular technical and professional Degree/Diploma courses conducted by colleges/universities approved by UGC/ AICTE/IMC/Govt. etc
- Regular Degree/ Diploma Courses conducted by autonomous institutions like IIT, IIM etc
- Teacher training/ Nursing courses approved by Central government or the State Government
- Regular Degree/Diploma Courses like Aeronautical, pilot training, shipping etc. approved by Director
General of Civil Aviation/Shipping/ concerned regulatory authority
b. Studies abroad:
- 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.
SBI Education Loan Expenses considered
- Fees payable to college/school/hostel
- Examination/Library/Laboratory fees
- Purchase of Books/Equipment/Instruments/Uniforms, Purchase of computers- essential for completion of the course (maximum 20% of the total tuition fees payable for completion of the course)
- Caution Deposit/Building Fund/Refundable Deposit (maximum 10% tuition fees for the entire course)
- Travel Expenses/Passage money for studies abroad
- Cost of a Two-wheeler upto Rs. 50,000/-
Any other expenses required to complete the course like study tours, project work etc.
Amount of Loan
- For studies in India, maximum Rs. 10 lacs
- Studies abroad, maximum Rs. 20 lacs
SBI Education Loan Interest Rates
SBI Student Loan Scheme
Loan Amount |
Rate of Interest* |
For loans upto Rs.7.5 lacs |
10 % p.a. |
AboveRs.7.50 lacs |
10.75% p.a. |
Processing Fees
- No processing fee/ upfront charges
- Deposit of Rs. 5000/- for education loan for studies abroad which will be adjusted in the margin money
Repayment Tenure
Repayment will commence one year after completion of course or 6 months after securing a job, whichever is earlier.
Place of Study |
Loan Amount |
Repayment Period |
Studies in India |
Rs. 10.0 lacs |
Up to 15 years |
Studies Abroad |
Rs. 20.0 lacs |
Up to 15 years |
SBI Education Loan
Security
|
For loans upto Rs. 10.00 lacs for Studies in India and upto Rs. 20.00 lacs for studies abroad |
Upto Rs. 7.5 Lacs: |
Only Parent/ Guardian as co-borrower. No Collateral Security or third party guarantee |
Above Rs. 7.5 Lacs: |
Parent/ Guardian as co-borrower and tangible collateral security |
All loans should be secured by parent(s)/guardian of the student borrower. In case of married person, co-obligator can be spouse or the parent(s)/ parents-in-law
Also See : SBI Education Loan at 8.5% interest for studying at top Business Schools
SBI Education Loan Margin
For loans up to Rs.4.0 lacs: No Margin
For loans above Rs.4.0 lacs: Studies in India: 5%; Studies Abroad: 15%
SBI Education Loan Documentation Required
- Letter of admission
- Completely filled in Loan Application Form
- 2 passport size photographs
- Statement of cost of study
- PAN Card of the student and Parent/ Guardian
- AADHAR Card of the student and Parent/ Guardian
- Proof of identity (Driving Licence/Passport/Aadhar/ any photo identity)
- Proof of residence (Driving Licence/Passport/Electricity bill/Telephone bill)
- Student/Co-borrower/ guarantor's bank account statement for last 6 months
- IT return/ IT assessment order, of previous 2 years of Parent/ Guardian/ other co-borrower (if IT Payee)
- Brief statement of assets & liabilities of Parent/ Guardian/ other co-borrower
- Proof of income (i.e. salary slips/ Form 16) Parent/ Guardian/ other co-borrower