State Bank of India Education Loan 2021

State Bank of India Education Loan - 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. A takeover of Education Loans:

A 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.

Other Products from SBI (State bank of India)

SBI Personal Loan
SBI Business Loan

• 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.

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

• 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

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

SBI Student Loan Scheme

0.50% concession in interest for girl students

SBI Scholar Loan Scheme

*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

About Bank

The full form of SBI is State Bank of India. It is a government-owned financial institution headquartered in Mumbai 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.