sbi education loan
SBI education loan schemes are supporting students across the country with the impending cost of education. SBI has been offering various SBI education loan schemes for students as per their specific requirement. Whether you want to opt for a student loan, skill loan, scholar loan or a loan to study abroad, SBI education loans have got you covered on all fronts. With faster online application process, lighter and attractive interest rates, higher loan amounts, easier EMI options, early approvals, tax benefits and better repayment options, SBI education loans are the preferred choice for innumerable students in India.
The first step for you as a student is to identify the type of SBI education loan you require in order to pursue your academic journey. The bank offers a range of student loan schemes depending upon the requirement of the students such as SBI Student Loan Scheme, SBI Scholar Loan Scheme, SBI Skill Loan Scheme, SBI Global Ed-Vantage Scheme. To compare SBI education loan details as per their specific requirements and offerings, check the comparison table тАШSBI Education Loan тАУ Eligibility, Courses, Rate of Interest, Repayment, ComparisonтАЩ given at the end of the article.
SBI education loan eligibility criteria differ for each type of education loan offered by the bank. While being an Indian national and having secured admission at the university are the basic eligibility criteria, there are more conditions specific to the type of education loan you are opting for. Given below are the eligibility criteria for each type of SBI education loan:
SBI Student Loan Scheme is a term loan given to students of Indian nationality, looking to pursue higher education in India or abroad. The key eligibility criteria to apply for the loan is that the student must have secured admission before applying for the loan.
SBI Scholar Loan Scheme is open to students looking to pursue higher education in select premier institutions in India. You can check the list of approved institutions in the table тАШSBI Scholar Loan Scheme тАУ List of Approved InstitutionsтАЩ given at the end of the article.
As the name suggests SBI Skill Loan Scheme is a term loan given to students with Indian nationality for pursuing skill development courses in India. Schools recognized by the Central or State education boards or colleges affiliated to recognized university leading to a certificate/diploma/degree issued by such organization as per the National Skill Qualification Framework (NSQF) are eligible for this loan.
An overseas education loan, SBI Global Ed-Vantage is open for Indian students looking to pursue full-time regular courses at foreign colleges and universities.
SBI education loan schemes vary in nature when it comes to the kind of courses covered. But all-in-all, from graduation courses to post-graduation courses, from teacher training to pilot training, and from polytechnic courses to global courses, SBI education loans cover most of the courses. Given below are the courses covered for each type of SBI education loan:
For studies in India:
For studies abroad:
Eligible courses for SBI Scholar Loan Scheme:
Note: Students looking to pursue a certificate or part-time courses are eligible to apply.
Eligible courses for SBI Skill Loan Scheme:
Note: There is no minimum course duration.
Eligible courses for SBI Global Ed-Vantage Scheme:
SBI education loans cover the expenses of your course and other related expenditure depending upon the type of loan you have opted for. Given below are the expenses covered for each type of SBI education loan:
Find below the list of the type of expenses covered under SBI Student Loan Scheme:
Find below the list of the type of expenses covered under SBI Scholar Loan Scheme:
Find below the list of the type of expenses covered under SBI Skill Loan Scheme:
Find below the list of the type of expenses covered under SBI Global Ed-Vantage Scheme:
SBI education loans offer a handsome amount of loan even at the minimum level depending upon the eligibility and requirement. The kind of security, whether collateral security, third-party guarantee or co-borrower, also varies in different kinds of loans. Given below are the loan amounts and security required for each type of SBI education loan:
SBI Student Loan Scheme offers a maximum of INR 10 lacs for studies in India and a maximum of INR 20 lacs for students opting to study abroad.
Note: Higher loan limit for students opting to study in India are considered on case-to-case basis, while higher loan limit for students opting to study abroad is considered under the SBI Global Ed-Vantage Scheme.
For loan amount up to INR 7.5 lacs does not require any collateral security or third-party guarantee. Only parent/guardian as co-borrower are considered. Tangible collateral security and parent/guardian as co-borrower are required for loan amount above INR 7.5 lacs.
Note: In case of a married person, co-obligator can be either spouse or the parent(s)/parents-in-law.
A minimum loan amount of INR 7.5 lacs and a maximum of INR 40 lacs is offered under SBI Scholar Loan scheme depending upon the type of institution the student is opting for. For minimum loan amounts for all covered institutions, no security is required; only parent/guardian can act as the co-borrower. For a maximum loan amount for List A and List B institutions, tangible collateral of full value and parent/guardian as co-borrower are necessary.
SBI Skill Loan Scheme offers a minimum loan amount of INR 5,000 and a maximum loan amount of INR 1,50,000. No collateral or third-party guarantee is required. Only parent/guardian as co-borrower are considered. Spouse will be included as co-applicant wherever applicable, in addition to parent/guardian.
SBI Global Ed-Vantage Scheme offers a minimum loan amount of INR 20 lacs and a maximum loan amount of INR 1.5 Cr. Tangible collateral security is required. Collateral security offered by third-party (other than parents) is also acceptable.
SBI education loan interest rates are known to be one of the most viable in the market with interest rates as low as 8.65% and special concession for girl students. Given below are the loan amounts and security required for each type of SBI education loan:
10.45% interest rate is offered for up to INR 7.5 lacs with 0.50% concession for girl students. 10.70% is offered for above INR 7.5 lacs with 0.50% concession for girl students and 0.50% concession for students availing SBI Rinn Raksha or any other existing policy assigned in favour of SBI.
8.65% interest rate is offered for list AA institutions, up to 8.95% for list A institutions, up to 9.45% for list B institutions and up to 9.95% for list C institutions.
9.95% interest rate is offered for loan amount up to INR 1.5 lacs.
10.70% interest rate is offered for loan amount above INR 20 lacs and up to INR 1.5 Cr with 0.50% concession for girl students and 0.50% concession for students availing SBI тАШRinn RakshaтАЩ/existing life insurance policy allocated in favour of SBI.
SBI education loan repayment rules include repayment commencement a year after course completion and the repayment period as long as 15 years. Given below are the loan repayment terms for each type of SBI education loan:
The repayment period begins 1 year after completion of the course and the loan is to be repaid in 15 years after the beginning of the repayment period.
Note: In case a second loan is availed for higher studies in the future, the combined loan amount is to be repaid in 15 years after completion of the second course.
The repayment period begins after the course completion + 12 months and the loan is to be repaid in 15 years.
Note: In case a second loan is availed for higher studies in the future, the combined loan amount is to be repaid in 15 years after completion of the second course.
Loans up to INR 50,000 can be repaid in up to 3 years, loans between INR 50,000 to INR 1 lacs can be repaid in up to 5 years, and loans above INR 1 lacs can be repaid in up to 7 years.
The repayment period begins 6 months after the course completion and the loan is to be repaid in 15 years.
The documents required for SBI education loan schemes also vary depending upon the type of loan you opt for. While most of the documents are the same, you must still make a checklist of the documents required for your education loan. To make your work easier, given below is the documents checklist for each type of SBI education loan:
For student-applicant:
For co-applicant:
Note:
SBI education loans come in four different categories and the table below will help you compare your choices and choose the best one.
SBI Scholar Loan Scheme can only be opted by students who are looking to pursue higher education in select premier institutions in India. Given below are the list of premier institutions covered under this scheme.
S. No. | List AA Institutions |
1 | Indian Institute of Management (IIM), Ahmedabad |
2 | Indian Institute of Management (IIM), Bangalore |
3 | Indian Institute of Management (IIM), Calcutta |
4 | Indian Institute of Management (IIM), Indore |
5 | Indian Institute of Management (IIM), Indore- Mumbai Campus |
6 | Indian Institute of Management (IIM), Kozhikode |
7 | Indian Institute of Management (IIM), Lucknow |
8 | Indian Institute of Management (IIM), Lucknow- Noida Campus |
9 | Indian School of Business (ISB), Hyderabad |
10 | Indian School of Business (ISB), Mohali |
11 | Xavier Labour Relations Institute (XLRI), Jamshedpur |
S. No. | List A Institutions |
1 | Birla Institute of Technology & Sciences (BITS), Pilani |
2 | BITS (Pilani) тАУ Goa Campus |
3 | BITS (Pilani) тАУ Hyderabad Campus |
4 | Indian Institute of Foreign Trade (IIFT), Delhi |
5 | Indian Institute of Foreign Trade (IIFT), Kolkata |
6 | Indian Institute of Management (IIM), Amritsar |
7 | Indian Institute of Management (IIM), Bodhgaya |
8 | Indian Institute of Management (IIM), Jammu |
9 | Indian Institute of Management (IIM), Kashipur |
10 | Indian Institute of Management (IIM), Nagpur |
11 | Indian Institute of Management (IIM), Raipur |
12 | Indian Institute of Management (IIM), Ranchi |
13 | Indian Institute of Management (IIM), Rohtak |
14 | Indian Institute of Management (IIM), Sambalpur |
15 | Indian Institute of Management (IIM), Shillong |
16 | Indian Institute of Management (IIM), Sirmaur |
17 | Indian Institute of Management (IIM), Trichy |
18 | Indian Institute of Management (IIM), Udaipur |
19 | Indian Institute of Management (IIM), Visakhapatnam |
20 | Indian Institute of Technology (IIT), Bhilai |
21 | Indian Institute of Technology (IIT), Bhubaneshwar |
22 | Indian Institute of Technology (IIT), Chennai |
23 | Indian Institute of Technology (IIT), Delhi |
24 | Dept of Management Studies, IIT Delhi |
25 | Indian Institute of Technology (IIT), Dharwad |
26 | Indian Institute of Technology (IIT), Gandhinagar |
27 | Indian Institute of Technology (IIT), Goa |
28 | Indian Institute of Technology (IIT), Guwahati |
29 | Indian Institute of Technology (IIT), Hyderabad |
30 | Indian Institute of Technology (IIT), Indore |
31 | Indian Institute of Technology (IIT), Jammu |
32 | Indian Institute of Technology (IIT), Jodhpur |
33 | Indian Institute of Technology (IIT), Kanpur |
34 | Department of Industrial & Management Engineering, IIT Kanpur |
35 | Indian Institute of Technology (IIT), Kharagpur |
36 | Indian Institute of Technology (IIT), Mandi |
37 | Indian Institute of Technology (IIT), Mumbai |
38 | Indian Institute of Technology (IIT), Palakkad |
39 | Indian Institute of Technology (IIT), Patna |
40 | Indian Institute of Technology (IIT), Roorkee |
41 | Indian Institute of Technology (IIT), Rupnagar (Ropar) |
42 | Indian Institute of Technology (IIT), Tirupati |
43 | Indian Institute of Technology (IIT), Varanasi |
44 | Indian School of Mining (ISM), Dhanbad |
45 | Institute of Management Technology (IMT), Ghaziabad |
46 | Kasturba Medical College (KMC), Mangalore |
47 | Management Development Institute (MDI), Gurgaon |
48 | Management Development Institute (MDI), Murshidabad |
49 | National Institute of Industrial Engineering (NITIE), Mumbai |
50 | Nirma Institute of Management, Ahmedabad |
51 | S P Jain Institute of Management and Research (SPJIMR), Mumbai |
52 | Shailesh J. Mehta School of Management (SJSOM), IIT Mumbai |
53 | Symbiosis Centre for Management & HRD (SCMHRD), Pune |
54 | Symbiosis Institute of Business Management (SIBM), Pune |
55 | T. A. Pai Management Institute (TAPMI), Manipal |
56 | Xavier Institute of Management (XIM), XUB-Bhubaneswar |
57 | Xavier School of Human Resource Management (XSHRM), XUB-Bhubaneswar |
58 | Xavier School of Rural Management (XSRM), XUB-Bhubaneswar |
S. No. | List B Institutions |
1 | Army College of Dental Sciences (ACDS), Secunderabad |
2 | Army College of Medical Sciences (ACMS), Delhi |
3 | Army Institute of Law (AIL), Mohali |
4 | Army Institute of Management (AIM), Kolkata |
5 | Army Institute of Technology (AIT), Pune |
6 | Bharathidasan Institute of Management (BIM), Tiruchirapalli |
7 | Birla Institute of Technology (BIT), Mesra, Ranchi |
8 | College of Engineering, Pune |
9 | Delhi College of Engineering (DCE), Delhi |
10 | Dhirubhai Ambani Institute of Information & Communication Technology (DAIICT), Gandhinagar |
11 | Faculty of Engineering & Technology, Jadavpur University, Kolkata |
12 | Faculty of Management Studies (FMS), Delhi |
13 | Goa Institute of Management (GIM), Goa |
14 | Indian Institute of Science (IISc), Bangalore |
15 | Indraprastha Institute of Information Technology (IIIT), Delhi |
16 | International Management Institute (IMI), Kolkata |
17 | International Management Institute (IMI), New Delhi |
18 | Jamnalal Bajaj Institute of Management Studies (JBIMS), Mumbai |
19 | Kasturba Medical College (KMC), Manipal |
20 | Kirloskar Institute of Advanced Management Studies (KIAMS), Bangalore |
21 | Manipal Institute of Technology (MIT), Manipal |
22 | Marine Engineering & Research Institute, Kolkata |
23 | Mudra Institute of Communication (MICA), Ahmedabad |
24 | Narsee Monjee Institute of Management Studies (NMIMS), Mumbai |
25 | National Institute of Technology (NIT), Surathkal |
26 | National Institute of Technology (NIT), Tiruchirapalli |
27 | National Law School of India University (NLSIU), Bangalore |
28 | National Law University (NLU), Jodhpur |
29 | Prin. L. N. Welingkar Institute of Management, Development & Research (WeSchool), Mumbai |
30 | Visvesvaraya National Institute of Technology (VNIT), Nagpur |
S. No. | List C Institutions |
1 | Centre for Environmental Planning & Technology (CEPT), Ahmedabad |
2 | Chandragupt Institute of Management, Patna |
3 | Dr. B R Ambedkar National Institute of Technology (NIT), Jalandhar |
4 | Indian Institute of Forest Management (IIFM), Bhopal |
5 | Indian Institute of Petroleum and Energy (IIPE), Vishakhapatnam |
6 | International Institute of Information Technology (IIIT), Hyderabad |
7 | Kalinga Institute of Industrial Technology (KIIT) University School of Management (SOM) |
8 | Kalinga Institute of Industrial Technology (KIIT) University School of Technology (SOT) |
9 | L N Mittal Institute of Information & Technology (LNMIIT), Jaipur |
10 | Loyola Institute of Business Administration (LIBA), Chennai |
11 | Maharishi Markandeshwar University (MMU) Medical College, Haryana |
12 | Malaviya National Institute of Technology (NIT), Jaipur |
13 | Maulana Azad National Institute of Technology (NIT), Bhopal |
14 | Motilal Nehru National Institute of Technology (NIT), Allahabad |
15 | National Institute of Construction Management & Research (NICMAR), Pune |
16 | National Institute of Food Technology Entrepreneurship and Management (NIFTEM), Sonepat |
17 | National Institute of Technology (NIT), Agartala |
18 | National Institute of Technology (NIT), Arunachal Pradesh |
19 | National Institute of Technology (NIT), Calicut |
20 | National Institute of Technology (NIT), Delhi |
21 | National Institute of Technology (NIT), Durgapur |
22 | National Institute of Technology (NIT), Goa |
23 | National Institute of Technology (NIT), Hamirpur |
24 | National Institute of Technology (NIT), Jamshedpur |
25 | National Institute of Technology (NIT), Kurukshetra |
26 | National Institute of Technology (NIT), Manipur |
27 | National Institute of Technology (NIT), Meghalaya |
28 | National Institute of Technology (NIT), Mizoram |
29 | National Institute of Technology (NIT), Nagaland |
30 | National Institute of Technology (NIT), Patna |
31 | National Institute of Technology (NIT), Puducherry |
32 | National Institute of Technology (NIT), Raipur |
33 | National Institute of Technology (NIT), Rourkela |
34 | National Institute of Technology (NIT), Sikkim |
35 | National Institute of Technology (NIT), Silchar |
36 | National Institute of Technology (NIT), Srinagar |
37 | National Institute of Technology (NIT), Tadepalligudem |
38 | National Institute of Technology (NIT), Uttarakhand |
39 | National Institute of Technology (NIT), Warangal |
40 | National University of Juridical Sciences (NUJS), Kolkata |
41 | Netaji Subash Institute of Technology (NSIT), Delhi |
42 | Sardar Vallabh Bhai National Institute of Technology (NIT), Surat |
43 | School of Planning & Architecture, New Delhi |
44 | Thapar University, Patiala |
45 | University College of Engineering (UCE), Odisha |
46 | Xavier Center For Urban Management and Governance (XUMG) [Post Graduate Programme in Urban Management and Governance (MBAUMG)] |
47 | Xavier School of Commerce (XSC) [Master of Business Finance (MBF)] |
48 | Xavier School of Sustainability (XSOS) [Post Graduate Programme in Sustainability Management (MBA-SM)] |
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