SBI Education Loan
Empower your academic journey with affordable and flexible financing from State Bank of India.
Overview
State Bank of India (SBI) offers robust education loan schemes, such as the SBI Global Ed-Vantage Scheme, to support students pursuing higher education in India and abroad. With affordable interest rates, selective waivers on processing fees, and flexible repayment options, SBI ensures accessibility and convenience for students.
Key Features & Benefits
- ✔ Loan Amount: Up to ₹1.5 Crores for overseas studies.
- ✔ Moratorium: Course duration + 1 year after completion.
- ✔ Interest Payment during Moratorium: Optional
- ✔ Repayment Tenure: Up to 15 years post-moratorium.
- ✔ Non Collateral Loan: up to ₹50 Lakhs (for selected universities).
- ✔ Rates: ~9.15% p.a.; additionally 0.50% concession for girls (indicative).
- ✔ Tax Benefits: Interest deductible under Section 80E.
- ✔ Processing Fee: Flat ₹10,000 + GST (irrespective of the loan amount).
Eligibility Criteria
Student
- Indian National.
- Secured admission to recognized courses in India or abroad.
- Minimum 18 years old.
Co-applicant
- Indian citizen : parent, sibling, spouse, or extended family.
- Stable income source (salaried/pensioner, self-employed, rental, agricultural, etc).
Documents Required
Student
- Admission letter from institution.
- 10th, 12th, and graduation mark sheets (if applicable).
- KYC documents (Aadhaar, PAN, Passport).
- Passport-size photographs.
Co-applicant
- KYC documents (Aadhaar, PAN).
- Income proof documents.
- Passport-size photographs.
Other
- Loan application form.
- Fee structure and course expenses.
- Collateral documents (if applicable).
Interest Rates & Charges
SBI offers competitive, repo-linked rates with concessions for female students and specific protection plans. Final rates are confirmed by the bank at sanction.
| Loan Type | Interest Rate (p.a.)* | Processing Fee | Collateral |
|---|---|---|---|
| Up to ₹50 Lakhs | ~9.15% | ₹10,000 + GST | Not required |
| Above ₹50 Lakhs | ~9.15% | ₹10,000 + GST | Required |
*Indicative ranges; concessions may apply (e.g., 0.50% for female students).
Application Process
- Submit Inquiry: Fill out our quick online form.
- Expert Guidance: Connect with our loan advisor on SBI options.
- Document Prep: We’ll help collect required documents.
- Application: Submit with our assistance to SBI.
- Disbursal: Funds released per course schedule after approval.