State Bank of India (SBI) is a leading public sector bank in the country, offering a variety of SBI education loan schemes to support students in pursuing their academic dreams. Among its popular offerings are the SBI Student Loan scheme, SBI Global Ed-vantage scheme, SBI Shaurya Education Loan scheme etc.
Every SBI education loan scheme has its advantages and limitations. However, while applying for SBI students loan, it’s important to compare all the schemes based on loan amount, interest rate, eligibility etc. Check some of the most popular SBI education loan schemes to study in India and abroad.
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What are SBI Education Loan Schemes?
One of the most popular SBI education loan schemes in India is the SBI Global Ed-vantage scheme for education loans to study abroad. Other major schemes are SBI Shaurya Education, SBI Student Loan Scheme, SBI Scholar Loan Scheme, SBI Takeover of Education Loan etc.
SBI Education Loan Schemes are a set of financial products offered by the State Bank of India (SBI) to assist students in funding their higher education, both in India and abroad. However, all the SBI education loan schemes are based on their requirements. Let’s check the eligibility for all SBI education loan schemes one by one in detail below.
Also Read: Want to apply quickly for a loan online? Check here all about YONO SBI education loan to study abroad
Types of SBI Education Loan Schemes
The SBI education loan schemes include the Student Loan, which is provided to students pursuing higher education in both India and abroad. Under this SBI education loan schemes, the maximum loan amount is INR 7.5 lakh. Additionally, the bank offers rebates on interest rates for female students and those applicants who are also availing SBI RiNn Raksha or other products that benefit the bank’s business.
Check out the major features of the SBI Student Loan Scheme below:
| Particulars | Details |
| Name of Scheme | SBI Student Loan Scheme |
| Maximum Loan Amount | INR 20 lakhs |
| Rate of Interest | 11.15% Floating |
| Repayment Period | 15 years (maximum) |
| Concession | 0.50% concession in interest for female students 0.50% concession for students availing of SBI Rinn Raksha or any other existing policy assigned in favour of our Bank |
SBI Global Ed-vantage Scheme
SBI Global Ed-vantage education loan scheme is one of the most popular study abroad loans in India. Under this SBI education loan scheme in India, students who want to study abroad in top-notch universities in different countries and pursue job-oriented courses can get education loans as per their requirements. Check some of the major features of the SBI Global Ed-vantage below:
| Particulars | Details |
| Name of the Scheme | SBI Global Ed-vantage |
| Loan Amount | Above INR 7.50 lakhs & Upto INR 1.5 Cr |
| Repayment Period | 15 years (maximum) |
| Interest Rate | 11.15% Floating |
| Concession | 0.50% concession in interest for girl students 0.50% concession for students availing of SBI Rinn Raksha or any other existing policy assigned in favour of our Bank |
SBI Shaurya Education Loan Scheme
The SBI Shaurya Education Loan is available for wards of Defence & Indian Coast Guard. The loan is available for students to study in India as well as abroad at an affordable rate of interest. Unders this SBI education loan schemes, the bank charges 0.60% more interest for unsecured loans as compared to the secured education loan. Check some of the major features of the SBI Shaurya education loan scheme below:
| Particulars | Details |
| Name of the Scheme | SBI Shaurya Education Loan Scheme |
| Loan Amount | Above INR 7.50 lakhs and up to INR 1.50 crore |
| Repayment Period | 15 years (maximum) |
| Interest Rate | For secured loan- 11.15% For unsecured loan- 11.75% |
| Concession | 0.50% concession in interest for female students 0.50% concession for students availing of SBI Rinn Raksha or any other existing policy assigned in favour of our Bank |
SBI Takeover Education Loans Scheme
SBI Takeover Education Loans scheme is for education loan refinance or balance transfer. For example, if you have an ongoing education above INR 10 lakh from any other bank then you can get it transferred through SBI. Education loan transfer to SBI is a quick and easy process. The bank usually offers lower rates of interest from other banks and financial institutions. Check major features of SBI takeover education loan Scheme:
| Particulars | Details |
| Name of the Scheme | SBI Takeover Education Loan |
| Loan Amount | Above INR 10 lakhs and up to INR 1.5 crores |
| Interest Rate | 11.15% Floating |
| Concession | 0.50% concession in interest for female students 0.50% concession for students availing of SBI Rinn Raksha or any other existing policy assigned in favour of our Bank |
SBI Scholar Loan Scheme
The SBI Scholar Loan Scheme is designed to assist students in financing their higher education at premier institutions in India. With easy access to funds, flexible repayment terms, and no processing fees, this loan scheme is ideal for students pursuing professional or technical courses at reputed institutions. Let’s dive into the key details of the SBI Scholar Loan Scheme.
Key Features of the SBI Scholar Loan Scheme
- 100% Financing: The loan covers the entire cost of education, including tuition fees, examination fees, books, and more, ensuring that students don’t have to worry about upfront payments.
- No Processing Fee: One of the major benefits of the SBI Scholar Loan is that it does not charge any processing fee, making it more affordable for students.
- Quick Sanctioning: Loans are approved swiftly at designated campus branches or through over 5,000 selected branches nationwide, facilitating quick access to funds.
- Repayment Period: The loan comes with a flexible repayment option, allowing students to pay back the loan over a period of up to 15 years, starting after the course is completed, along with an additional 12 months of repayment holiday.
Courses Covered Under the SBI Scholar Loan Scheme
- Regular Full-time Degree/Diploma Courses: This includes courses offered through entrance exams or selection processes.
- Full-time Executive Management Courses: Such as PGPX, which are typically high-level executive courses.
- Exclusions: The scheme does not cover certificate or part-time courses.
Also Read: Check some of the major differences between SBI Global Ed-vantage and SBI Student Loan Scheme
Features SBI Education Loan Scheme
SBI education loan scheme offers a comprehensive range of features, including flexible loan amounts, competitive repayment terms, and various benefits to support students in achieving their academic goals. Here’s a detailed look at the key aspects of the loan Scheme.
Loan Amount Limits:
- Studies in India:
- Top 100 NIRF-ranked institutions: Up to ₹75 lakh.
- Other eligible institutions: Up to ₹50 lakh.
- Medical courses (MBBS/MD/MS): Up to ₹50 lakh, or up to ₹1 crore on a need-based evaluation.
- Other courses (including dental): Up to ₹30 lakh, or up to ₹1 crore based on need.
- Studies Abroad:
- General: Up to ₹7.5 lakh.
- Global Ed-vantage Scheme: Up to ₹3 crore.
Repayment Terms:
- Repayment Period: Up to 15 years after the course period, with a 12-month repayment holiday.
- Interest Accrued During Moratorium: Accrued interest during the moratorium period and course duration is added to the principal, and the repayment will be in Equated Monthly Installments (EMI).
- EMI Calculation: If the interest is paid before the repayment period begins, the EMI will be calculated based on the principal only.
Processing Charges:
- Loans up to ₹20 lakh: NIL.
- Loans above ₹20 lakh: ₹10,000 + taxes.
Security:
- Loans up to ₹7.5 lakh: No collateral security required, only a Parent/Guardian as co-borrower.
- Loans above ₹7.5 lakh: Parent/Guardian as co-borrower along with tangible collateral security.
Margin:
- Up to ₹4 lakh: No margin.
- Above ₹4 lakh:
- For studies in India: 5% margin.
- For studies abroad: 15% margin.
Additional Details:
- Loan for Further Studies: If a second loan is availed for higher studies, the total combined loan must be repaid within 15 years after the completion of the second cours
SBI Education Loan Eligibility Criteria
The SBI Education Loan eligibility criteria will vary depending on the scheme under which the loan is being availed. Some of the common SBI education loan eligibility criteria are mentioned below:
- The student must be an Indian citizen above 18 years of age
- The admission must have been secured to a reputed university abroad
- The visa shall have been approved prior to the disbursement
- The credit score of the applicant must be good i.e. above 700
- The student must have a good academic record
- For loans above INR 7.5 lakhs to study abroad, the application shall be made under the SBI Global Ed-vantage scheme
Documents Required to Avail SBI Education Loan
To avail an education loan unders various SBI education loan scheme, applicants must submit the following documents:
- Mark sheets of 10th, 12th, graduation, and entrance examination results
- Admission or offer letter from the educational institution as proof of course enrollment
- Detailed breakdown of course expenses
- Documents confirming any scholarships or fee waivers (if applicable)
- Self-declaration for any gap in studies (if applicable)
- One passport-sized photograph of the student and the parent/co-borrower/co-applicant
- For loans exceeding INR 7.5 lakh, an asset-liability statement of the co-applicant or guarantor is necessary
- Latest salary slips and Form 16 or Income Tax Returns for salaried applicants
- Business address proof and recent salary slip for non-salaried applicants
- Last six months’ bank statements of the parent, guarantor, or guardian
- If the loan is secured against immovable property, a copy of the Sale Deed must be submitted
- Permanent Account Number (PAN) of the student, parent, guarantor, or co-borrower
- Aadhar Card
- Passport
- Officially Valid Documents (OVD) such as:
- Driving License
- Voter ID card
- Passport
- Aadhar Card
- NREGA Job card signed by a State Government officer
- Letter containing the name and address issued by the National Population Register
How to Apply for an SBI Education Loan Online/Offline?
You can apply for an SBI Education Loan through either the online or offline process. Here’s a step-by-step guide for both methods:
Offline Application:
- Visit your nearest SBI branch with all the required documents.
- Request the education loan application form from the branch and fill it out.
- Submit the completed form along with the necessary documents.
Online Application:
- Go to the official SBI website.
- Navigate to the Education Loan section on the homepage.
- Select your preferred loan option from the available schemes.
- Click on ‘Apply Now’ to proceed.
- You will be redirected to the Vidya Lakshmi portal.
- Register by providing the necessary details.
- Complete your application and submit it.
- A representative from SBI will contact you to assist with the next steps.
FAQs on SBI Education Loan Scheme
The SBI Education Loan Scheme is a set of financial products offered by the State Bank of India to help students finance their higher education, both in India and abroad. It includes various loan options like the SBI Student Loan Scheme, SBI Global Ed-Vantage Scheme, SBI Shaurya Education Loan, and others.
SBI offers several education loan schemes, including:
SBI Student Loan Scheme for students studying in India and abroad.
SBI Global Ed-Vantage Scheme for students planning to study abroad.
SBI Shaurya Education Loan Scheme for the children of defense personnel.
SBI Takeover Education Loan Scheme for refinancing existing education loans.
SBI offers education loans to study abroad or in India at an interest rate ranging between 11% to 12%. The rate of interest varies depending on factors like loan amount, type of loan, income of the applicant etc.
Yes. You can get an INR 50 lakh education loan from SBI under the Global Ed-vantage scheme to study abroad. However, the maximum limit for a loan depends on the repayment capacity, income and course selected by the student.
SBI provides a concession of 0.5% on interest rates to female students. Also, if you are taking additional products like SBI RiNn Raksha for education loan or any other product assigned in favour of the bank then you can also get a 0.5% rebate on the interest rate.
The maximum amount of education loan offered under the SBI Shaurya education loan scheme is INR 1.5 crore.
The loan amount varies depending on the scheme:
SBI Student Loan Scheme: Up to INR 7.5 lakh for studying in India, and up to INR 20 lakh for studying abroad.
SBI Global Ed-Vantage Scheme: Up to INR 1.5 crore for studies abroad.
SBI Shaurya Education Loan Scheme: Up to INR 1.5 crore for defense personnel’s children.
The interest rate varies across different schemes:
For the SBI Student Loan Scheme and SBI Global Ed-Vantage Scheme, the interest rate starts from 11.15% (floating).
SBI Shaurya Education Loan Scheme charges 11.15% for secured loans and 11.75% for unsecured loans.
For loans up to INR 7.5 lakh, no collateral is required, but a co-borrower (usually a parent or guardian) is necessary.
For loans above INR 7.5 lakh, collateral security is required, along with a co-borrower.
The repayment period for SBI Education Loans is typically up to 15 years. A moratorium period (the time before repayment starts) is granted, allowing students time to complete their studies and begin earning.
Yes, the SBI Global Ed-Vantage Scheme is specifically designed for students who wish to study abroad. The loan amount can range from INR 7.5 lakh to INR 1.5 crore depending on the course and university.
Yes, there are interest rate concessions:
0.50% reduction for female students.
0.50% reduction for students availing SBI RiNn Raksha or any other policy with SBI.
The following documents are typically required for an SBI Education Loan scheme:
Mark sheets of 10th, 12th, graduation, and entrance examination results.
Admission letter from the educational institution.
Course fee breakdown and other documents such as PAN, Aadhar, and proof of income for co-borrowers.
For loans above INR 7.5 lakh, asset-liability statements for the co-borrower.
You can apply for an SBI Education Loan through both online and offline methods:
Offline: Visit your nearest SBI branch, fill out the application form, and submit the required documents.
Online: Go to the SBI website, select your loan scheme, apply through the Vidya Lakshmi portal, and submit your details. A bank representative will get in touch with you to proceed with the application.
This was all about various schemes of SBI Education Loan. Always compare the terms and conditions and the eligibility criteria before initiating the application process for an education loan. To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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