Vidya Lakshmi Education Loan from SBI: Application Process, Interest Rate & Other Details 

Vidya Lakshmi Education Loan from SBI
Home » Education Loan » Vidya Lakshmi Education Loan from SBI: Application Process, Interest Rate & Other Details 

Vidya Lakshmi Education Loan SBI: The Vidya Lakshmi Portal is an Indian government initiative that provides a single platform for students to apply for various education loans and scholarships. Vidya Lakshmi Education Loan SBI is available for all students aspiring for higher studies in foreign countries. On the Vidya Lakshmi portal, students can access information about education loans to study abroad or in India. It aims to make the application process more efficient and transparent for students seeking financial support for their education. Let’s understand the entire process of this education loan. 

Vidya Lakshmi Portal Education Loan from SBI

SBI is the largest public sector bank in India. It is one of the most preferred banks for education loans to study abroad. Vidya Lakshmi portal has a network of around 44 banks and Indian banks from which you can get education loans and SBI is one of the prime lenders among them. Check some of the major features of the SBI Vidya Lakshmi education loan:

  • You can apply online on the Vidya Lakshmi portal selecting SBI as your lender. 
  • As soon as you apply the bank will contact you making an enquiry about your loan requirements. 
  • The entire process for SBI Vidya Lakshmi education loan is online and you won’t be required to visit any branch of the bank.
  • The interest rates will be as per the bank’s policy based on your requirements.
  • Students can get loans up to INR 30 lakhs and there will be no processing charges. 

Also Read: Vidya Lakshmi Education Loan Interest Rate

How to Apply for SBI Vidya Lakshmi Education Loan?

The application process for the SBI Vidya Lakshmi education loan is completely online. The major purpose of Vidya Lakshmi Education Loan SBI is to extend the maximum financial assistance to students who want to pursue higher education in India and abroad. You will be required to fill out the online application form and submit all the required documents. After successful submission, you can check the status of your application online by logging in to the Vidya Lakshmi education portal. Check the step-by-step guide in order to apply for SBI Vidya Lakshmi Education Loan:

  • Log in to the Vidya Lakshmi Education Portal
  • Fill in all the required details and submit the documents
  • Mention details about your existing banker 
  • Select the bank and enter the required amount
  • If you are applying for an education loan above INR 4 lakhs for study abroad then you have to deposit INR 5,000 by Bankers’ Cheque.
  • The deposited amount will be adjusted later towards the margin/interest or commission account if the loan is not availed or rejected.

Vidya Lakshmi Education Loan SBI: Eligibility Criteria

There are certain eligibility criteria which you need to fulfil while applying for this loan to study abroad. Check all the eligibility criteria listed below:

  • The student shall be an Indian National above 18 years of age.
  • The student must have secured admission to a recognised university in abroad or India through the Entrance Test/ Merit Based Selection process after completion of HSC (10+2 or equivalent).
  • If there is no Entrance Test then admission to a recognised institute may be considered directly. 

Also Read: Vidya Lakshmi Education Loan Documents Required 

Interest Rate for SBI Vidya Lakshmi Education Loan 

The bank will charge 350 bps above the base rate i.e. around 3.5% above the base rate will be charged for the loan of up to INR 4 lakhs. For an education loan of up to INR 7.5 lakhs, the interest rate will be 375 bps above the base rate. The interest rate for any amount above INR 7.5 lakh will attract an interest rate of 175 bps above the base rate. A concession of 50 bps will be provided to female candidates. If you pay full interest during the moratorium period then you will get a concession of 1% in the interest rate. Simple interest will be charged during the moratorium period of the education loan. 

Expenses Covered

This education loan covers all the major expenses which you need to pay to the college/university for tuition and accommodation. Even if you are getting accommodation outside the university the loan will cover the deposit/security amount for the same. Check all the expenses covered under this education loan below:

  • Tuition Fee and exam fee payable to the university
  • Travel expenses/passage money for studying in a foreign country.
  • All the expenses towards the purchase of books/equipment/instruments/uniforms/ computer at a reasonable cost, if required subject to the condition that these should be capped at 20% of the total tuition fees payable 
  • If you require a two-wheeler if the college is far from your accommodation then the loan will cover up to INR 50,000.
  • As the loan insurance is mandatory the amount will also cover the premium of ‘RiNn Rakhsha’ insurance coverage of the loan.

SBI Vidya Lakshmi Education Loan Repayment Period

It is very important to understand all the terms and conditions of loan repayment. Proper planning for loan repayment must be done in order to avoid a financial crunch or negative impact on credit scores. SBI provides a moratorium period of course duration + 1 year from the date of completing the course for loan repayment. 

  • Students will be required to pay the accrued interest during the moratorium which will be added to the principal amount and EMI will be fixed considering the new principal amount. 
  • The loan repayment will start one year after completion of the course or 6 months after securing a job, whichever is earlier.
  • The bank will allow a maximum repayment period of 10 years if the loan amount is up to INR 7.5 lakhs.
  • A repayment period of up to 12 years will be provided if the loan amount exceeds INR 7.5 lakhs.

FAQs

What will be the interest rate for the SBI Vidya Lakshmi Education Loan?

The interest rate under the SBI Vidya Lakshmi Education Loan will vary as per the amount of the loan. The interest rate will fall between a range of 8% to 12% depending on the criteria of concession, base rate etc. However, the students are suggested to contact their bank for all the terms and conditions regarding interest rate as it keeps fluctuating with time. 

What is the maximum loan amount I can get under the SBI Vidya Lakshmi Education Loan?

Students can get a maximum of INR 30 lakhs under the SBI Vidya Lakshmi Education Loan.

Can I contact the bank directly for the Vidya Lakshmi Education Loan?

All the processes involved in the education loan must be done through the Vidya Lakshmi portal only. Once you submit the application form on the portal the bank will contact you directly. 

All the above-mentioned information regarding the SBI Vidya Lakshmi education loan is based on the data provided by the portal and the bank. The rate of interest, amount of loan and other terms and conditions may change depending on the requirements and regulations. Contact your bank and understand all the terms and conditions at the time of applying for the loan properly. 

To know more about the Vidya Lakshmi Education loan, 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. Follow our social media handles on Twitter, LinkedIn and Instagram

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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