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. The State Bank of India provides education loans to deserving candidates. However, keep in mind that not all courses will be covered by this Loan. The bank will cover some specific courses. Also, please be informed that this loan will not provided for study abroad courses. 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.
| Repayment Period | 15 years after completing the course |
| Processing Fees | NIL |
| Loan Amount for India | 10 lakh |
| Loan Amount for Abroad | NA |
| Loan Amount in Case of Scholar Loan | Max limit 20 lakh |
| Loan Amount Under Skill Loan Scheme | 50,000-150,000 |
What Courses are Covered Under SBI Scholar Loan Scheme?
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
Also Read: Taking a loan from Karnataka Bank? Check here all about Karnata Bank Education Loan Interest Rate
Studies in India
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
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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