SBI Scholar Loan is available for studying in premier institutions of the country. The bank provides up to 100% finance under the scholar education loan. If you’re a student who wants to pursue higher education but doesn’t have the necessary funds, you need to choose the SBI Scholar loan. However, keep in mind that not all courses will be covered by this Loan.
The education loan is provided by the bank to cover some specific courses. This loan product is only applicable to universities in India and not for overseas studies. It is only available for courses in top-notch institutions in India. Check this blog and know all the major features, interest rates and eligibility criteria for SBI Scholar Loan.
Table of contents
SBI Scholar Loan Scheme: Key Highlights
The major purpose of the SBI Scholar Loan scheme is to support meritorious students who get selected in IIMs, IITs, NITs and other premier institutions in India. As mentioned earlier, the SBI education loan scheme won’t cover every course. Therefore, you need to make sure you know the eligible courses so that you can apply without any problem. Check some major features of SBI Scholar Education Loan below:
| SBI Scholar Loan Scheme | Major Features |
| Repayment Period | 15 years after completing the course |
| Processing Fees | NIL |
| Loan Amount for India | As per the Requirement |
| Loan Amount for Abroad | NA |
| Moratorium Period | 1 year |
| Loan Amount in Case of Scholar Loan | No Upper Limit |
Also Read: Taking a loan from Karnataka Bank? Check here all about Karnata Bank Education Loan Interest Rate
SBI Scholar Loan: Applicable Courses
If you have plans to complete your higher education at an Indian university, here are the courses that will be approved for an SBI loan:
- Graduation
- Diploma courses from universities approved by IMC, UGC, and AICTE.
- Nursing courses
- Teacher training courses
- Government regular diploma courses
Also Read: InCred Education Loan
Required Documents
Here are the documents that you need while applying. Keep in mind that documentation is one of the most important processes of obtaining a loan. Therefore, make sure you don’t make mistakes while submitting the documents.
- Application form
- Identity proof
- Bank statement for the last 6 months
- Proof of income
- Previous 2 years of IT return
- Pan card of parents and student
- Statement of cost of study
If you need a student education loan with minimal documentation, Fly Finance can help you.
SBI Scholar Loan Interest Rates
This is one of the most important things you need to know about rates thoroughly to choose the perfect option as per your flexibility.
| Scheme | Interest Rates |
| SBI Scholar Loan Scheme List AA | 8.10% |
| Loans Upto 7.50 Lakh | 10.20% |
| Loans Above 7.50 Lakh | 10.20% |
| List A | 8.25% for IITs and IIMs, 8.40% for Others |
| List B | 8.40% for NITs and 8.90% for Others |
| List C | 8.40% for NITs and 9.40% for Others |
| SBI Skill Loan Scheme | 9.70% |
Which Expenses are Covered by SBI Student Loan Scheme?
Here is the list of expenses that are covered by the SBI Scholar loan scheme:
- Colleges fees
- Laboratory/exam fees
- Fees to purchase books
- Caution deposit
- Travel expenses
- The cost of a two-wheeler upto INR 50,000
Also Read: Applying for a loan from Government Bank? Check here all about Canara Bank Education Loan Interest Rate
Approved College List for SBI Scholar Loan
The State Bank of India lists a total of premier colleges and institutions. They are categorised as AA institutions, A institutions, B institutions, and C institutions. There’s no upper limit for AA, A, and B lists, but the maximum loan offered for list C colleges is INR 30 lakhs with tangible collateral of full value and Parent/ Guardian as co-borrower.
If you take no collateral loan, the maximum loan amount is INR 50 lakhs for AA colleges, INR 40 lakhs for List A, INR 30 lakhs for List B, and INR 7.5 lakhs for List C colleges. Check out the list of approved institutions under the SBI scholar loan scheme.
List AA Colleges
| Indian Institute of Management (IIM), Ahmedabad, Gujarat | Indian Institute of Management (IIM), Bangalore, Karnataka |
| Indian Institute of Management (IIM), Calcutta, West Bengal | Indian Institute of Management (IIM), Indore, Madhya Pradesh |
| Indian Institute of Management (IIM), Indore- Mumbai Campus, Maharashtra | Indian Institute of Management (IIM), Kozhikode, Kerela |
| Indian Institute of Management (IIM), Lucknow, Uttar Pradesh | Indian Institute of Management (IIM), Lucknow- Noida Campus, Uttar Pradesh |
| Indian School of Business (ISB), Hyderabad, Telangana | Indian School of Business (ISB), Mohali, Punjab |
| Xavier Labour Relations Institute (XLRI), Jamshedpur, Jharkhand |
List B Colleges
| Birla Institute of Technology & Sciences (BITS), Pilani, Rajasthan | Indian Institute of Technology (IIT), Jammu, J&K |
| BITS (Pilani) – Goa Campus, Goa | Indian Institute of Technology (IIT), Jodhpur, Rajasthan |
| BITS (Pilani) – Hyderabad Campus, Telangana | Indian Institute of Technology (IIT), Kanpur, Uttar Pradesh |
| Indian Institute of Foreign Trade (IIFT), Delhi | Department of Industrial & Management Engineering, IIT Kanpur, Uttar Pradesh |
| Indian Institute of Foreign Trade (IIFT), Kolkata, West Bengal | Indian Institute of Technology (IIT), Kharagpur, West Bengal |
| Indian Institute of Management (IIM), Amritsar, Punjab | Indian Institute of Technology (IIT), Mandi, Himachal Pradesh |
| Indian Institute of Management (IIM), Jammu, J&K | Indian Institute of Technology (IIT), Mumbai, Maharashtra |
| Indian Institute of Management (IIM), Kashipur, Uttarakhand | Indian Institute of Technology (IIT), Palakkad, Kerela |
| Indian Institute of Management (IIM), Nagpur, Maharashtra | Indian Institute of Technology (IIT), Patna, Bihar |
| Indian Institute of Management (IIM), Raipur, Chattisgarh | Indian Institute of Technology (IIT), Roorkee, Uttrakhand |
| Indian Institute of Management (IIM), Ranch, Jharkhand | Indian Institute of Technology (IIT), Rupnagar, Punjab |
| Indian Institute of Management (IIM), Rohtak, Haryana | Indian Institute of Technology (IIT), Tirupati, Uttar Pradesh |
| Indian Institute of Management (IIM), Sambalpur, Odisha | Indian Institute of Technology (IIT), Varanasi BANARAS HINDU UNIVERSITY 211 UTTAR PRADESH |
| Indian Institute of Management (IIM), Shillong, Meghalaya | Indian School Of Mining (ISM), Dhanbad, Jharkhand |
| Indian Institute of Management (IIM), Sirmaur, Himachal Pradesh | Institute of Management Technology (IMT), Ghaziabad, Uttar Pradesh |
| Indian Institute of Management (IIM), Trichy, Tamil Nadu | Kasturba Medical College (KMC), Mangalore, Karnataka |
| Indian Institute of Management (IIM), Udaipur, Rajasthan | Kasturba Medical College (KMC), Manipal, Karnataka |
| Indian Institute of Management (IIM), Visakhapatnam, Andhra Pradesh | Management Development Institute (MDI), Gurgaon, Haryana |
| Indian Institute of Technology (IIT), Bhilai, Chattisgarh | Management Development Institute (MDI),Murshidabad, West Bengal |
| Indian Institute of Technology (IIT), Bhubaneshwar, Odisha | Manipal Institute of Technology (MIT), Manipal, Karnataka |
| Indian Institute of Technology (IIT), Chennai, Tamil Nadu | National Institute of Industrial Engineering (NITIE), Mumbai, Maharashtra |
| Indian Institute of Technology (IIT), Delhi | Nirma Institute of Management, Ahmedabad, Gujarat |
| Dept of Management Studies, IIT Delhi | SP Jain Institute of Management and Research (SPJIMR), Mumbai, Maharashtra |
| Indian Institute of Technology (IIT), Dharwad, Karnataka | Shailesh J. Mehta School of Management (SJSOM), IIT Mumbai, Maharashtra |
| Indian Institute of Technology (IIT), Gandhinagar, Gujarat | Symbiosis Centre For Management & HRD (SCMHRD), Pune, Maharashtra |
| Indian Institute of Technology (IIT), Panaji, Goa | Symbiosis Institute of Business Management (SIBM), Pune, Maharashtra |
| Indian Institute of Technology (IIT), Guwahati, Assam | T. A. Pai Management Institute (TAPMI), Manipal [Post Graduate Diploma in Management (PGDM)], Manipal, Karnataka |
| Indian Institute of Technology (IIT), Hyderabad | Xavier Institute of Management (XIM), Bhubaneswar, Odisha |
| Indian Institute of Technology (IIT), Indore, Madhya Pradesh | Xavier School of Human Resource Management, Bhubaneswar, Odisha |
FAQs
SBI Scholar loan interest rate will vary between 8.25% to 9.65% depending on the college where you are taking the admission. Usually, the interest is 8% to 9% for IITs and IIMs.
Students from numerous institutions such as IITs, IIMs, NITs, and many more are eligible for the SBI Scholar loan. Other colleges include KIIT, XLRI etc.
You need to apply for the SBI Scholar loan from the official website. You can also visit the nearest branch of SBI.
No, the SBI Scholar loan is available only for studies in India.
The bank may provide a rebate of 0.5% for female students. Also, if you are buying any product or service assigned in favour of the bank’s business, then also you will get a rebate of 0.5%
This was all about SBI Scholar loan. Please note that this loan is exclusively for top colleges in India. If you want a study abroad loan, you can apply for SBI Global Ed-vantage loan to study abroad.
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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