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  • SBI Education Loan

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    State Bank of India is an Indian multinational financial services company that was founded in 1921. State Bank of India has an operational presence of over 14,000 branches in India serving millions of happy customers. The bank has a much diversified portfolio that includes services in personal banking, business banking and international banking services.

    SBI Education Loan is of three categories – for studies in India and abroad, for studies in premier Indian institutions and loan for pursuing vocational education and training.

    Features of SBI Education Loan:

    Purpose:

    SBI Student Loan scheme is offered to Indian nations for pursuing higher studies in India or at a foreign institution. SBI Scholar Loan scheme is offered to students who have secured admissions in premier Indian institutions. A separate loan scheme is offered for pursuing vocational education and training in India.

    Expenses Considered for SBI Education Loan:

    The following expenses are covered for both the student loan scheme and loan for vocational education.

    • Tuition and course fee
    • Examination, library and laboratory fees
    • Caution deposit
    • Cost of books, equipment and other instruments.

    The following expenses are considered only for the student loan scheme and not for the vocational training loan.

    • Cost of a two wheeler up to Rs.50,000
    • Travel expenses and passage money for abroad studies
    • Caution deposit, building fund and other refundable deposit which amounts up to 10% of the tuition fees for the entire semester
    • Any other expenses required to complete the coursework like study tours, thesis, project etc.

    Amount of Education Loan:

    • SBI Student Loan Scheme
    • A maximum of Rs.10 lakhs is offered for studies in India. For studies abroad, a maximum of Rs.30 lakhs is offered as loan.
    • SBI Scholar Loan Scheme
    Category of the educational institution Maximum Loan Limit Maximum Loan Limit
    Without Security With Security
    List A Ra.20 lakhs Rs.30 lakhs
    List C Rs.7.5 lakhs Rs.30 lakhs
    • Loan Scheme for Vocational Education and Training: For courses of period up to 6 months, loans up to Rs. 50,000 are provided. A maximum of Rs.1 lakh is provided as loan for courses of duration above 6 months.

    Interest Rates:

    • SBI Student Loan Scheme
    Loan Amount Rate of Interest
    Up to Rs.4 lakhs 3.50% above base rate
    Above Rs.4 lakhs and up to Rs.7.5 lakhs 3.75% above base rate
    Above Rs.7.50 lakhs 1.75% above base rate

    The base rate is fixed at 9.85%. Do make an enquiry with the bank about the prevailing base rates. A concession of 0.50% is provided for girl students and a 1% concession is offered for full tenure of loan, if the interest is serviced promptly during moratorium and course period.

    • SBI Scholar Loan scheme
    Type of Institution Interest Rate per annum
    List AA 25 bps above base rate (10.10% at present)
    List A 25 bps above base rate (10.10% at present)
    List B For unsecured loan up to Rs.20 lakhs, 50 bps above base rate (10.35% at present)
    List C 175 bps above base rate (11.60% at present)

    For list B institutions, the interest rate is 25 bps if the collateral security provided is equal to or greater than the loan amount or if the applicant’s work experience is greater than two years. Do contact the bank for a comprehensive classification of the educational institutions as per the type AA, A, B or C.

    • SBI Loan for Vocational Education and Training: The rate of interest is fixed at 3.50% above the base rate of 9.85%

    Processing Fee:

    No processing fee is charged for SBI education loans.

    Repayment Tenure:

    • SBI Student Loans
    Maximum Loan Amount Repayment Period
    Up to Rs.4 lakhs Up to 10 years
    Above Rs.4 lakhs to up to Rs.7.5 lakhs Up to 10 years
    Above Rs.7.5 lakhs Up to 12 years
    • SBI Scholar Education Loan
    • The maximum repayment tenure is 12 years. The repayment period starts after 6 months of course completion.
    • SBI Loan for Vocational Education and Training: For courses of duration up to 1 year, the repayment period can be up to 3 years. For courses of duration above 1 year, the repayment period can extend up to 5 years.

    Security:

    • SBI Student Education Loan
    Loan Amount Security
    Up to Rs.4 lakh Parent or guardian as co-borrower
    Above Rs.4 lakhs and to Rs.7.50 lakhs Parent or guardian as co-borrower and collateral security in the form of a third party guarantee
    Above Rs.7.50 lakhs Parent or guardian as co-borrower and tangible collateral security
    • SBI Scholar Loan Scheme
    • Tangible collateral security of full value is to be provided and parent or guardian should sign up as co-borrower only to avail extra loan amount for list A and list C institutions. Loans can be availed without security also under the scholar scheme.
    • SBI Loan for Vocational Education and Training

    No collateral or third party guarantee is taken. But, parents or guardian will have to execute the loan documents as co-borrower.

    Margin:

    For SBI Student Loan Scheme, there is no margin for loans up to Rs.4 lakhs. For loans above Rs.4 lakhs, the margin is 5% for studies in India and 15% for studies abroad.

    Eligible Courses:

    • SBI Student Education Loan
    • For studies in India, graduation and post-graduation technical courses (degree and diploma) conducted by colleges approved by UGC, AICTE, IMC and the government of India are covered. Also, teacher training, nursing courses and other diploma courses like pilot training, shipping etc. as approved by the concerned regulatory authority are covered under the loan. For studies abroad, job-oriented professional graduate and post-graduate courses like MCA, MBA, MS, courses conducted by CIMA – London, CPA – USA are approved for loan.
    • SBI Scholar Loan Scheme
    • Regular full-time degree and diploma courses for which the student is granted an admission through merit based admission process or entrance test is covered under the loan. Also, full time executive management courses like PGPX are approved for loan.
    • SBI Vocational Education and Training Loan

    Vocational courses and skill development courses of duration 2 months to 3 years run by a government department or an organization supported by National Skill Development Corporation leading to a recognized Government organization are approved for the loan.

    List of Approved Educational Institutions:

    • For the SBI Student Scheme, educational institutions in India recognized by UGC/AICTE/IMC and government of India are approved. Reputed foreign institutions abroad, CIMA and CPA courses are also approved for loan.
    • SBI Scholar Loan scheme is provided for education in 93 premier Indian institutions. Contact the bank for the list of institutions that fall under the elite category.
    • Vocational, skill development courses offered by the government or an organization certified by the government is approved for loan under the SBI Vocational Education and training loan category.

    Documentation required:

    The following documents are to be submitted to complete the application process.

    • Letter of admission
    • Duly filled and signed loan application form
    • 2 recent passport size photographs
    • Statement of cost of study
    • PAN Card, AADHAR card of student and parent/guardian
    • Proof of identity and proof of residence
    • IT returns or IT assessment order of previous two years of the co-borrower
    • Statement of assets and liabilities of parent/guardian
    • Proof of income of parent/guardian

    Eligibility:

    The applicant should be an Indian national and should have secured an admission in a recognized educational institution. For SBI Scholar scheme, the student should have secured an admission in one of the 93 premier Indian institutions. Similarly, for Vocational Education loan, the student should have obtained an admission in a government certified training institute.

    Central Government Interest Subsidy Scheme for Educational Loans:

    The interest subsidy scheme has been announced by the MOHRD for providing interest on educational loans during moratorium for professional courses in India for students from economically weaker sections with gross annual parental income up to Rs.4.50 lakhs.

    Some of the important features of this scheme are listed below.

    • This scheme is applicable only for recognized technical and professional course study in India.
    • The subsidy is provided for a period of 12 months after completion of course or six months after getting the job, whichever is earlier.
    • The interest subsidy is not available to students who discontinue the course mid-stream or who are expelled from the university.
    • The disbursement of interest subsidy claims to banks will be on half-yearly or yearly basis.

    SBI Education Loan FAQs:

    1. What documents do I have to submit to avail the interest subsidy?
    2. In addition to the necessary loan documents, an income certificate issued by Income Certifying Authority designated by the State Government is required.
    3. Can my spouse sign up as a co-applicant for my education loan?
    4. Yes. Married applicants can designate their spouse as co-applicant.
    5. How will the SBI education loan be disbursed?
    6. The loan amount will be disbursed directly to the educational institution or the vendor as and when there is requirement.
    7. What educational documents do I have to submit during application?
    8. You might be asked to submit the HSC and SSLC certificates in addition to the degree mark sheet.
    9. Is insurance cover necessary for SBI education loan?
    10. Yes. Insurance covering the life of the borrower with the policy assigned in favour of SBI is mandatory while applying for education loan.

    News About SBI Education Loan

    • SBI Revises Education Loan Interest Rates

      SBI updated its education loan interest rates, along with home loan, car loan and personal loan interest rates with effect from 1st May, 2016. SBI Student Loan up to a limit of Rs.7.5 lakh are being offered at a 9.15% 1 year MCLR rate with a 2.00% spread and an effective interest rate of 11.15% for a reset period of 1 year. While for a student loan above Rs.7.5 lakh, the MCLR is 9.15% with a 1.70% spread and an effective interest rate of 10.85% for a year. Girl students can avail concession in interest up to 0.50%.

      SBI also revised its scholar loan offering 9.15% MCLR for Categories List AA, A, B at a spread of 0.40%, 0.50% and 0.80% respectively and effective interest rates at 9.55%, 9.65% and 9.95% respectively.

      19 August 2016

    • A new education loan “SBI Global Ed-Vantage” introduced by State Bank of India.

      State Bank of India has launched the “SBI Global Ed-Vantage” scheme to offer loans to students for overseas education. This education loan scheme provides financial assistance to students planning to complete their studies at any top global institution. The loan amount sanctioned by SBI starts from Rs. 20 lakhs to up to Rs. 1.5 crores, with a margin ranging from 20% to up to 80%. The interest rate offered on this education loan is 1.70% over the base rate of SBI, which totals to 11% per annum. The repayment tenure offered is up to 15 years after the course has been completed. Collateral security has to be provided by the borrower, equal to the loan amount availed. State Bank of India offers a moratorium period of up to 6 months to begin the repayment of the education loan. Women borrowers and SBI Life Rinn Raksha scheme holders can also get a concession of 0.50% on the interest rate for the SBI Global Ed-Vantage education loan.

      2 May 2016

    • SBI Extends Offer for One-Time Settlement of Education Loan

      SBI has come up with an offer to education loan borrowers for a one-time settlement of their dues. Those who have availed up to Rs. 4,00,000 education loan can avail this offer. Borrowers can be eligible for up to 100% concession in rate of interest and 90% concession on the loan amount borrowed from the Bank. If the student who has availed the loan has passed away, then the Bank will waive the loan amount borrowed and the interest accumulated on the same. This offer expires on April 30th, 2016.

      6 April 2016

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    SBI Education Loan Reviews

  • Page 1 of 8 1 2 3 4 5
    • SBI Education Loan
      "Good service"
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      The process in getting the loan had been very good and there has not been any issues faced. The interest rate with them had been a little on the lower end. The loan amount which they had provided had been good and overall it had been a very good experience with this educational loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 17, 2018
    • SBI Education Loan
      "Good experience"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      My education loan was taken with SBI 6 years back. The loan amount was 4 laksh an the interest rate was satisfactory . The tnrue period was 4 years . I had a very hassle free process here .The customer service and responses was up to the mark. They have sanctioned the loan with the committed time.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 17, 2018
    • SBI Education Loan
      "Average"
      STATE BANK OF INDIA
      0.5 3.0/5 "Satisfactory"
      My saving account was taken with SBI 3 years back. I hold visa card and the daily withdrawal limit was 50,000. Their customer service and responsiveness wasn't up to the mark .There is no 24/7 helpline number. Here 3000 is the minimum balance to maintain the account. The rate of interest and charges are good ,
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 13, 2018
    • SBI Education Loan
      "Good Service"
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      I have taken an educational loan from the SBI for 2.4 lacs, It is closed . The Application process was very slow and we got the amount we needed. It was a good experience in availing educational loan from the state bank of India.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jul 11, 2018
    • SBI Education Loan
      "Poor Service"
      STATE BANK OF INDIA
      0.5 1.0/5 "Really Bad"
      I've taken an educational loan from the State Bank Of India for 5 lacs, the huge crowd at the branches is a mess. Mismanagement, bad attitude of the employees again makes the transactions much more difficult. It took almost one year to process the loan and the staff are not responsive as well.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jul 11, 2018
    • SBI Education Loan
      "Worst interest rates"
      STATE BANK OF INDIA
      0.5 1.0/5 "Really Bad"
      I have taken a loan from SBI during the year 2010. If i want to take loan means, then i have to give some money to the people like a bribe to get a application from them. I fought a lot to get loan. I directly contacted the regional Manager of my area then only it got processed. It is a long application process where it took more than 10 to 15 page. I have applied a loan of 3.20 lakhs but they have provided only Rs. 2.40 lakhs. The interest rates are too much high it was 14%. Totally i have paid around 3.80 lakhs finally.
      Was this review helpful? 1
      , thane
      Reviewed on Jul 02, 2018
    • SBI Education Loan
      "Good "
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I have closed the educational loan with the State bank of India and the rate of interest is around 9%. I would like to say that the charges are very nominal one for me with the State bank of India till now. I am happy with them till now.
      Was this review helpful? 0
      , vadodara
      Reviewed on Jun 28, 2018
    • SBI Education Loan
      "Very Good Service"
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      The process in getting the loan had been very much easy and the loan amount had been very easy. The interest rate with them had been quite good and there has not been any issues so far. The loan amount which they had provided had been satisfactory.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 27, 2018
    • SBI Education Loan
      "Best service"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I have taken an Education loan from SBI and my loan experience was good, the loan amount was for Rs 4 lakhs with nominal interest rate when compared to other banks. Customer service was good and they followed up on time. The tenure period for this loan is for 15 years.
      Was this review helpful? 1
      , kolkata
      Reviewed on Jun 27, 2018
    • SBI Education Loan
      "Good service"
      STATE BANK OF INDIA
      0.5 3.0/5 "Satisfactory"
      The loan experience had been very good with them. The interest rate had been good and i was satisfied with the loan amount which they had provided. It has taken almost three months in getting loan amount and the process has taken more time than usual.
      Was this review helpful? 1
      , chennai
      Reviewed on Jun 06, 2018
    • SBI Education Loan
      "Good service"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      The STATE BANK OF INDIA has approved my education loan around 3 years ago. The customer support service and the response is good with the State bank of India. They have disbursed the loan amount within 2 months time. The rate of interest and the charges are high with the STATE BANK OF INDIA education loan.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 04, 2018
    • SBI Education Loan
      "Good service"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I have taken an Education loan from SBI and the loan experience was good, the loan amount was for Rs 8-10 lakhs with 13% interest rate which is quite high when compared to other banks. The process was quick and i received my loan amount on time. The tenure period for this loan is 6 years.
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Jun 04, 2018
    • SBI Education Loan
      "Process can be more easier"
      STATE BANK OF INDIA
      0.5 3.0/5 "Satisfactory"
      It is not a very easy and smooth process to get a educational loan from State Bank of India. They do not respond properly and they are not customer friendly. The only good thing is the rate of interest and processing charges are on the lower side.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 29, 2018
    • SBI Education Loan
      "Need to reduce ROI"
      STATE BANK OF INDIA
      0.5 3.5/5 "Pretty good"
      I have taken an Education loan from SBI and my experience was good, the loan amount was for Rs 4 lakhs with 12% interest which is high in the market. The process was quick and i received my loan amount on time. Customer service was good and the tenure period for this loan is 5 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 24, 2018
    • SBI Education Loan
      "Good service"
      STATE BANK OF INDIA
      0.5 3.5/5 "Pretty good"
      My EDUCATION LOAN was taken with SBI 5 years back. The loan amount was 2.5 lakhs and the interest rate was 13% which is nominal. The tenure period w as4 years . The customer service and responses was good. The loan was approved on time.My experience was really good.
      Was this review helpful? 0
      , pune
      Reviewed on May 20, 2018
    • SBI Education Loan
      "Better service"
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      I have got the education loan from the State bank of India around 3 years ago. The customer support service and the response is good with the State bank of India. The rate of interest and the charges are high with the State bank education loan , it would be good if they can reduce it.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Apr 03, 2018
    • SBI Education Loan
      "Average service"
      STATE BANK OF INDIA
      0.5 2.5/5 "Just OK"
      I have taken Education loan with SBI and my loan experience was not up to the mark. The loan amount was for Rs 1.80 lakhs with the rate of interest of 12.5% which is nominal rate. I make my payments using NEFT and the tenure of this loan is 5 years. Customer service was average and their response was delayed.
      Was this review helpful? 0
      , pune
      Reviewed on Mar 09, 2018
    • SBI Education Loan
      "Needs to improve"
      STATE BANK OF INDIA
      0.5 1.0/5 "Really Bad"
      I have taken an Education loan from SBI and my loan experience was not up to the mark. The loan amount was for Rs 2.49 lakhs with the rate of interest of 13.755 which is very high when compared to other banks. Customer service was not up to the mark and there was no proper response from them. I have a tenure period of 7.5 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 02, 2018
    • SBI Education Loan
      "Excellent service"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I have a Educational loan from Sbi,the service is good with Sbi. They offer me with the rate of interest of 12.5 % which is high compared to others. The documents procedure was very smooth. I used to visit the branch directly for any service. It is a excellent experience with SBI educational loan department.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 27, 2018
    • SBI Education Loan
      "Good service"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I have taken Education loan with State bank of India,the loan amount is 7.50 laksh,the tenure is for 20 years.The EMi amount is 20,000 i make online payments.I have no processing fees,they had processed the loan within two weeks. Customer service is very good.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 27, 2018
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