State Bank of India Education Loan
Based on 245 Customer Reviews
Published on: 16 Mar 2019
State bank of India is a government-owned financial institution headquartered in Mumbai. It is the largest government-owned bank in India with over 24,000 branches and 59,291 ATMs across the country. The asset size of State Bank of India is around Rs. 40 lakh crores and it has a customer base of around 500 million. State Bank of India has 20% share in deposits and loans with respect to the other commercial banks in India. State Bank of India, India's largest public sector bank, merged with 5 of its associate banks which include State Bank of Hyderabad, State Bank of Patiala, State Bank of Travancore, State Bank of Bikaner and Jaipur and State Bank of Mysore and with the Bharatiya Mahila Bank. With this merger, SBI became one of the 50 largest banks in the world.
State Bank of India business Education loans With the increase in the awareness of the significance of higher education in India, the cost for availing education from reputed educational institutions is also increasing. These ongoing costs have extended the capacity of the families to pay for the higher education of their children to the breaking point. Due to this, most of the public sector banks and private financial institutions have started providing education loans as one of the most effective means for financing higher education in India or abroad.
State Bank of India is at the forefront of providing education loan schemes with maximum offers and benefits to its borrowers. These loans can be availed by students and can also be used for pursuing vocational training. SBI education loans have been designed to offer financial help to students planning to study in India or abroad without having to worry about the funds throughout their education period.
SBI education loan is classified into 5 types according to the different needs and financial requirements of the borrowers as follows:
1. SBI Scholar Education Loan:
2. SBI Global Ed-Vantage Scheme:
3. SBI Student Loan:
4. SBI Skill Education Loan:
5. Takeover of Education Loans:
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Other Products from SBI (State bank of India)
Students can get a maximum education loan of upto Rs. 1.5 crore for studying abroad from SBI Bank to further their education. The expenses covered in SBI education loan are as under:
The following expenses are covered by education loan in Student loan scheme except for vocational training loan:
State Bank of India Bank education loan eligibility and State Bank of India Bank education loan interest rates can be easily evaluated through and seen on Afinoz’s website. If there is any query about State Bank of India Bank education loan application, you can log on to afinoz.com or give us a call at +919899889816 or mail us at email@example.com and get all the solutions at one go.
Eligibility for education loan from SBI varies from student to student based on his academic background and repayment abilities. Following are the common course eligibility criteria for education loan from SBI Bank:
1. SBI Student Education Loan
2. SBI Scholar Loan Scheme
3. SBI Vocational Training Loan
4. SBI Global Ed-Vantage Scheme
5. Takeover of education loan
Co-Applicant’s Eligibility Requirements:
SBI Student Loan Scheme
|Loan Amount||Effective Interest Rate||Reset period|
|Upto 7.5 lacs||10.15%||1 year|
|Above Rs. 7.5 lacs||10.90%||1 year|
0.50% concession in interest for girl students
SBI Scholar Loan Scheme
|Category||Effective Interest Rate||Reset period|
|List A||All IIMS||8.65%||1 year|
|Other institutes||8.65%||1 year|
|List B||All NITs||8.65%||1 year|
|Other institutes||9.15%*||1 year|
|List C||All NITs||8.65%||1 year|
|Other institutes||10.15%**||1 year|
*0.25% – if collateral security >= the loan amount
** 1% concession for full tenure of the loan, if interest is paid instantly as and when applied
SBI Global Ed-Vantage Scheme
|Loan Amount||Effective Interest Rate||Reset period|
|From Rs. 20 lacs upto Rs. 1.5 Cr||10.65%||1 year|
|0.50% concession in interest for girl students|
Special Note: Rates are subject to periodic change. Business loan interest rates in State Bank of India Bank & other fees and charges are subject to regular review and can vary from customer to customer depending upon a number of factors ranging from credit score, to existing loans, amount of savings, company with which you are currently employed, number of years of relationship with State Bank of India bank etc.
Query: Where can I avail an education loan from SBI Bank?
Reply: You can get an education loan from all the branches in metro and urban SBI Bank by personally visiting the bank. However, we highly recommend you to avail of loan through Afinoz.com as it is hassle free & you get expert advice on all your financial matters.
Query: Are there any charges or processing fees for availing education loan from SBI?
Reply: SBI does not collect any charges or processing fees for availing SBI STUDENT LOAN SCHEME
Query: As there is a moratorium period, how will my loan repayment be determined?
Reply: The interest that is charged during the moratorium period will be added to the principal loan amount at the time of commencement of the loan. Your EMI amount is decided at that time only..
Query: Will I be asked to submit original documents while applying for an education loan from SBI Bank?
Reply: Other than the original completed loan application form, SBI does not ask for any original documents. Just the self-attested copies of the documents provided with the application form are enough.
Query: What is the maximum education loan amount provided by SBI Bank?
Reply: Under the SBI education loan scheme, you can avail a minimum loan amount of upto Rs. 4 lakhs to a maximum amount of Rs. 40 lakhs as per your requirements. Student can avail a maximum amount of Rs. 1.5 Cr for studying abroad.
Query: Will I get a moratorium period for an education loan from SBI?
Reply: A moratorium period of 6 months after the commencement of your education is provided by SBI to its customers.
Query: What are the special features of SBI education loan?
Reply: You will get your loan approved even before you get your i20/Visa for studying abroad. Thus, your education will not be hindered by the absence of funds whatsoever.
Query: Is there a tax benefit on the interest paid on SBI education loan?
Reply: The interest paid on SBI education loan can be claimed as a deduction, under the Section 80E of the Income Tax Act, 1961. Thus, an education loan SBI will not only help to fund your education but also to save your taxes.
For any query about SBI Education Loan application, you can log on to afinoz.com or give us a call at +919899889816 or mail us at firstname.lastname@example.org.