SBI Education Loan Schemes: Features, Interest, Eligibility

SBI Education Loan Schemes
Home » Education Loan » SBI Education Loan Schemes: Features, Interest, Eligibility

State Bank of India (SBI) is a leading public sector bank and the largest in the country. The bank offers education loans under multiple schemes like the SBI Student Loan scheme, SBI Global Ed-vantage scheme, SBI Shaurya Education Loan scheme etc. Every scheme has its advantages and limitations. However, while applying for an education loan from SBI, compare all the schemes based on loan amount, interest rate, eligibility etc. Check some of the most popular education loan schemes of SBI to study in India and abroad.

What are SBI Education Loan Schemes?

One of the most popular 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. All these schemes of education loans to students are based on their requirements. Let’s check all the schemes in detail below.

SBI Student Loan Scheme

SBI Student Loan is provided to the students for studying in India and abroad. The maximum limit under this scheme is INR 7.5 lakh. The bank also provides rebates on interest rates to female students and those applicants who are also availing SBI RiNn Raksha with loans or any other product that goes in favour of the business of the bank. Check all the major features of the loan below:

ParticularsDetails
Name of SchemeSBI Student Loan Scheme
Maximum Loan AmountINR 20 lakhs
Rate of Interest11.15% Floating
Repayment Period15 years (maximum)
Concession0.50% 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

Also Read: Check some of the major differences between SBI Global Ed-vantage and SBI Student Loan Scheme

SBI Global Ed-vantage Scheme

SBI Global Ed-vantage education loan scheme is one of the most popular study abroad loans in India. Under the scheme, 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:

ParticularsDetails
Name of the SchemeSBI Global Ed-vantage
Loan AmountAbove INR 7.50 lakhs & Upto INR 1.5 Cr
Repayment Period15 years (maximum)
Interest Rate11.15% Floating
Concession0.50% 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. 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 scheme below:

ParticularsDetails
Name of the SchemeSBI Shaurya Education Loan Scheme
Loan AmountAbove INR 7.50 lakhs and up to INR 1.50 crore
Repayment Period15 years (maximum)
Interest RateFor secured loan- 11.15%
For unsecured loan- 11.75%
Concession0.50% 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

Also Read: Want to apply quickly for a loan online? Check here all about YONO SBI education loan to study abroad

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:

ParticularsDetails
Name of the SchemeSBI Takeover Education Loan
Loan AmountAbove INR 10 lakhs and up to INR 1.5 crores
Interest Rate11.15% Floating
Concession0.50% 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 Education Loan Eligibility Criteria

The eligibility criteria for SBI Education Loan will vary depending on the scheme under which the loan is being availed. Some of the common eligibility criteria for education loans 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

FAQs

What are the various SBI education loan schemes?

The various education loan schemes by SBI are the SBI Student Loan Scheme, SBI Global Ed-vantage Scheme, SBI Takeover of Education Loan Scheme, SBI Shaurya Education Loan Scheme etc. 

What is the interest rate of an SBI Education loan to study abroad?

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.

Can I get a 50 lakh education loan from SBI?

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.

Is there are discounts or rebates for student loans in SBI?

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.

What is the maximum amount of education loan under the SBI Shaurya Education loan scheme?

The maximum amount of education loan offered under the SBI Shaurya education loan scheme is INR 1.5 crore.

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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About Shekhar Suman

Shekhar is a versatile writer with a passion for sharing knowledge and creativity. With expertise in crafting informative blogs on study abroad and finance, Shekhar helps readers navigate the complexities of education and financial planning. Most of his writings blend the practicality of finance and the beauty of language, making a meaningful impact in both spheres. Beyond his professional pursuits, he finds solace in the writing Shayari.

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