Description

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:

  • Students who have got admissions in the leading institutions in India such as IITs, NITs, AIIMS, IIMS and other such premier institutions can avail the benefits of this education loan scheme from SBI. Loans of upto Rs. 30 lacs are provided to the borrower under this scheme.

2. SBI Global Ed-Vantage Scheme:

  • This scheme has been exclusively designed for students who are planning to pursue regular full-time courses in foreign universities or colleges. Loans of upto Rs. 1.5 crores are provided to the borrowers under this scheme by SBI.

3. SBI Student Loan:

  • Education loan of upto Rs. 10 lacs for studies in India and upto Rs. 20 lacs for studies abroad are offered to the deserving students for pursuing higher education in India or abroad.

4. SBI Skill Education Loan:

  • Students who have taken admission in vocational training can fund their education under this scheme provided by SBI.

5. Takeover of Education Loans:

  • Takeover of education loans by SBI allows borrowers to transfer their existing loans from high-cost education loan to SBI and avail the benefit of reduced monthly EMIs.

What is Afinoz.com?

Afinoz.com is India's foremost online financial marketplace for availing loans and investments. Our main objective is to make the process of getting a loan or making an investment safer, convenient and hassle-free for individuals. We work with public and private banks, NBFCs and mutual fund houses across the entire country and offer an unbiased quotation on financial products. You can contact our team to get more information or apply for a loan or investment by calling on +919899889816 or by emailing at info@afinoz.com. Afinoz.com provides solutions which are quick, reliable, transparent, confidential and above all free.

Other Products from SBI (State bank of India)

SBI Personal Loan
SBI Business Loan

 

Features & Benefits

  • Simple and easy online process: You can apply online for SBI education loan through Afinoz within 5 minutes.
  • Low processing fees: A fixed processing fee of upto Rs. 10,000 is required to be paid to SBI branch at the time of the application of SBI Global Ed-Vantage Education Loans.
  • Quick approval: It just takes 14 days for the approval of education loan from SBI bank
  • Offers and Schemes: Provides exclusive schemes and offers to students studying abroad
  • Flexible interest rates: A very low base interest rate of 9.95% with a concession of 0.50% for girl students.

Cost Covered by State Bank of India Education Loan

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:

  • Hostel fee/living expenses
  • Tuition Fee and admission fee
  • Examination/ library/ laboratory fees
  • Purchase of books
  • Purchase of Computers and other such essential amenities

The following expenses are covered by education loan in Student loan scheme except for vocational training loan:

  • Travel Expenses along with the passage money for abroad studies
  • Cost of 2 wheelers upto Rs. 50,000
  • Caution deposit
  • Any other miscellaneous expenses required for completing the course such as project fees, study tours, etc.

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 info@afinoz.com and get all the solutions at one go.

Eligibility

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

  1. For studies in India
    • Graduation and post-graduation Degree and Diploma courses conducted by Universities or Colleges approves by AICTE/ UGC/ Government
    • Central or State Government approved nursing or teacher training or courses
    • Aviation courses/degree/diploma: pilot training, Aeronautical etc.
  2. For abroad studies
    • Graduation and Post-graduation Degree/Diploma job oriented courses like MS, MBA, MCA, etc approved by reputed universities
    • Courses provided by CIMA, CPA in the US, etc.

2. SBI Scholar Loan Scheme

  • Students who have secured admission to professional/technical courses in Select Premier Institutions in India such as IITs, NITs, AIIMS, IIMS, MDI etc. through entrance test/selection process

3. SBI Vocational Training Loan

  • Vocational and skill development courses of 2 months or 3 years duration approved by Government or National Skill Development Corporation are provided a loan under this scheme

4. SBI Global Ed-Vantage Scheme

  • Designed for the students who wish to pursue full time regular course at foreign colleges/universities

5. Takeover of education loan

  • The loan should have been fully disbursed at the time of switchover
  • Loan should be a fresh takeover

Other eligibilities

  • Citizenship: The borrower must be an Indian citizen
  • Age: Minimum age of the candidate at the time of loan application should be 18 years
  • Confirmed Admission: The candidate must have confirmed admission from a reputed and recognized University/Course
  • Both the borrower and the co-applicant(s) should meet the credit and underwriting guidelines of SBI Bank

Co-Applicant’s Eligibility Requirements:

  • The co-applicant must be a close family member of the candidate such as father, mother, sister, brother, spouse (if the candidate is married)
  • The co-applicant must provide a valid document to establish their relationship with the student
  • Type of collateral that can be submitted :
    1. Fixed Deposit
    2. Residential House/ Flat
    3. Non-agricultural Land

Loan Re-payment Policy

  • In case of SBI Scholar Loans, loan repayment will start 6 months after the completion of your course and moratorium period. Moratorium period is 6 months after the course
  • While in SBI Student Loans, loan repayment will start one year after the commencement of the course or 6 months after securing a job (whichever is early)
  • The maximum tenure offered by the bank is of 15 years.
  • No charges are incurred by the borrower for prepaying an education loan from SBI
  • You can repay your loan using ECS (Electronic Clearing System), where the amount is deducted from the applicant’s bank account directly every month

Documents Required

State Bank of India Education Loan Documents Required

  • Completed and Signed SBI Bank Education Loan Form
  • Two Passport Size Photographs
  • Photo ID Proof: Candidate and Co-applicant (Any one of the following)
    1. Passport
    2. PAN card
    3. Aadhaar Card
    4. Driving License
    5. Voter's ID
  • Residence Proof: Candidate and Co-applicant (Any one of the following)
    1. PAN card
    2. Aadhaar Card
    3. Passport
    4. Voter's ID
    5. Driving License
    6. Electricity/telephone bill
  • Academic Documents :
    1. HSC and SSC Marksheet/certificate
    2. Entrance exam Marksheets of GMAT/GRE/IELTS/TOEFL/CAT/CET (If applicable)
    3. Scholarship Documents (If applicable)
    4. Marksheet/certificate of the last attended highest education
  • Letter of Admission :
    • Proof of confirmed admission letter with the university's letterhead and the institute's address
  • Bank Statement :
    • Last 6 months bank statement of the student/co-applicant/ guarantor
  • Statement of cost of Study
  • Income Proof :
    • Form 16 or salary slips of parent(s)/guardian/ other co-applicant(s)
  • Asset and Liabilities Statements :
    • Brief statement and documents of asset and liabilities of parent(s)/guardian/ other co-applicant(s)
  • If collateral - any one of the following documents of the immovable property
    • Title deed of the property
    • Current maintenance bill along with receipts as provided by the society or builder
    • Latest property tax receipt
    • Original property registration receipt
    • Allotment letter provided by Government Authorities like MHADA, CIDCO, HUDO, DDA, JDA etc

Interest Rates

 

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.

FAQs

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 info@afinoz.com.