Make college memories that last a lot longer than your student loan payments.

SBI Education Loan

State Bank of India offers a wide range of education loans with interest rates that start at 10.05% p.a. The flexible repayment tenures also includes a moratorium period after course completion. There are no penalty charges for pre-payment of the loan, which can be done at any time during the loan tenure. Some loans also offer interest concession for girl students.

Student loans from SBI are available for studies in India and abroad. You can avail loans for studying for vocational courses as well as professional ones. There are also takeover loans that help you close existing high-interest loans with a lower-interest SBI loan.

SBI Education Loan Interest Rates

Schemes Maximum Loan Amount Interest Rates
SBI Student Loan Rs.20 lakh 10.05%
SBI Scholar Loan Rs.40 lakh 7.95% to 9.25%
SBI Global ED-Vantage Rs.1.5 crore 10.05%
SBI Skill Loan Rs.1.5 lakh 9.55%
SBI Take Over of Education Loan Rs.1.5 crore 10.05%

* Interest concession of 0.50% if an SBI life insurance policy is taken (for SBI Student and Global Ed-Vantage Schemes)

*0.50% interest concession for girl students

Compare: Education Loan Interest Rates

Compare SBI Education Loan Schemes for Students

1. SBI Student Loan Scheme

  • Interest rate: 10.05%
  • Processing fee:
    • For loans up to Rs.20 lakh: Nil
    • Processing fee for loans above Rs.20 lakh: Rs.10,000 plus applicable taxes
  • Collateral:
    • For loans up to Rs.7.5 lakh: None
    • For loans above Rs.7.5 lakh: Tangible collateral
  • Loan Tenure: 15 years after the course ends plus a repayment holiday of 12 months
  • Eligibility: Indian nationals

2. SBI Scholar Loan Scheme

  • Interest rate: 7.95% to 9.25%
  • Processing Fees: Nil
  • Collateral: Required only for List A and List C colleges
  • Loan Tenure: 15 years after the course ends plus a repayment holiday of 12 months
  • Eligibility: Indian national who is selected through entrance tests/selection processes

3. SBI Global Ed-Vantage Scheme

  • Interest Rate: 10.05%
  • Processing Fees: Rs.10,000 per application
  • Collateral: Tangible collateral as security
  • Loan Tenure: 15 years
  • Eligibility: Indian nationals

4. SBI Skill Loan Scheme

  • Interest Rate: 9.55%
  • Collateral: None
  • Loan Tenure: Up to 7 years
  • Eligibility: Indian nationals

5. SBI Takeover of Education Loan Scheme

  • Interest Rate: 10.05%
  • Processing Fees: Nil
  • Collateral: Minimum 100% of the proposed loan’s value
  • Loan Tenure: 15 years
  • Eligibility: Indian nationals who are majors at the loan switchover time with regular EMIs being paid

SBI Education Loan EMI Calculator

Knowing how much your Equated Monthly Instalment (EMI) will be exactly on your SBI education loan will help you to plan your expenses and manage your student finances better. Get a detailed amortisation table with the breakdown of your EMIs by using the Education Loan EMI Calculator.

This is an easy to use, online EMI calculator that displays your EMI details instantly on the page. All you have to do is enter your desired or sanctioned loan amount, tenure, and the interest rate given by SBI in the relevant fields (use the slider for the loan amount and tenure and key in the figures for the interest rate and processing fee). Also choose whether you plan to make any pre-payments. Click on ‘Calculate’ and you can see your EMI details right there.

Here’s an example to illustrate this better:

If you are taking the SBI Student loan scheme for Rs.10 lakh, for a tenure of 15 years, and interest rate of 10.05%, with no processing fee, the following will be your loan details and amortisation table:

  • Total interest due: Rs.9,39,799
  • Total amount payable: Rs.19,39,799
Year Principal Paid(A) Interest Paid(B) Total Payment (A+B) Outstanding Loan Balance
2020 22,354 74,638 96,992 9,77,647
2021 32,539 96,782 1,29,321 9,45,108
2022 35,961 93,354 1,29,315 9,09,145
2023 39,750 89,572 1,29,322 8,69,397
2024 43,932 85,387 1,29,319 8,25,464
2025 48,557 80,762 1,29,319 7,76,907
2026 53,668 75,652 1,29,320 7,23,239
2027 59,318 70,003 1,29,321 6,63,921
2028 65,560 63,759 1,29,319 5,98,360
2029 72,461 56,857 1,29,318 5,25,898
2030 80,090 49,229 1,29,319 4,45,808
2031 88,519 40,801 1,29,320 3,57,288
2032 97,836 31,480 1,29,316 2,59,451
2033 1,08,135 21,184 1,29,319 1,51,315
2034 1,19,518 9,801 1,29,319 31,796
2035 31,795 534 32,329 0

How to Apply for SBI Education Loan Online/Offline

You can apply for an SBI education loan either online or offline:

1. Offline:

  • Walk into your nearest SBI branch with all the necessary documents.
  • Fill in and submit the application form that you can obtain from there.

2. Online:

  • Visit the SBI official website
  • Navigate to the section on Education Loan
  • Click on the button ‘'Apply Now’' under the loan you wish to apply for
  • You will be redirected to the next page where you will have to enter your contact details
  • A bank representative will get in touch with you

3. SBI Scholar loans: Available in select campuses or mapped branches

SBI Education Loan Documents Required and Application Form

The documents required to apply for the SBI education loan are as given below (all documents should be self-attested):

1. For the student/applicant:

  • Identity proof (either voter’s ID card, passport, PAN card, or driver’s license)
  • Proof of address or residence (either a utility bill or a copy of the Aadhaar card/driver’s license/passport)
  • Passport
  • Academic records (10th, 12th, Graduation (if applicable), entrance exam result through which admission is obtained
  • Proof of admission: Admission letter or offer letter from the educational institution
  • Loan account statement of the previous 1 year, if loan has been taken from another lender
  • Passport size photographs

2. For co-applicant:

  • Identity proof (either voter’s ID card, passport, PAN card, or driver’s license)
  • Proof of address or residence (either a utility bill or a copy of the Aadhaar card/driver’s license/passport)
  • Loan account statement of the previous 1 year, if loan has been taken from another lender
  • Passport size photographs

Subsidy Schemes on SBI Education Loan

SBI offers interest subsidy schemes for the education loan which helps deserving students to save money while ensuring continuity of their studies. Some of these schemes are as given below:

1. Central Scheme for Interest Subsidy for Economically Weaker Sections: The gross parental or family income should not exceed Rs.4.50 lakh per annum. This is applicable for courses in recognized professional and technical educational institutes in India. The subsidy is provided for the period of the EMI moratorium.

2. Padho Pardesh: For minority students, this scheme provides subsidy on the interest for overseas educational studies. This is for the Masters, M.Phil, and PhD levels.

3. Dr. Ambedkar Central Sector Scheme: This is for interest subsidy on educational loans for overseas studies for students from Economically Backward Castes (EBCs) and Other Backward Castes (OBCs).


  1. Is there any concession on interest rate available other than for girl students?

    An interest rate concession of 0.50% is available for students who buy the SBI Rinn Raksha or other life insurance policy from the bank. This is available for those students who are applying for the SBI Student Loan Scheme and SBI Global Ed-Vantage Scheme.

  2. Is there any way to get further concession on the interest?

    You can get 1% concession in interest throughout your loan tenure if you pay back the interest amount during the period of your course and moratorium.

  3. Will the SBI education loan cover for expenses related to accommodation on campus?

    Yes, fees for accommodation provided by the school or college authorities, or in a hostel provided by the educational institution, is covered under the education loan offered by State Bank of India.

  4. If boarding and lodging at the school or college is arranged outside the campus by the student, will the expenses for that be covered under the SBI education loan?

    In cases where boarding and lodging is arranged outside the campus of the educational institution, or is not connected to it, then the expenses will be covered under the education loan based on the student’s or parents’ estimate; however, it should not exceed the expenses incurred by students who avail boarding facilities of the educational institution.

  5. If a student takes up another course after the completion of the first one, will the moratorium period be extended further?

    If the student enrolls for another course after the first one is completed, then the moratorium period will be extended for the entire duration of the second course. The repayment of the education loan will then start only one year after the second course has been completed or 6 months after getting employed, whichever comes first.

  6. If a student is not able to complete the course within its time duration, will an extension of time be permitted for its completion?

    If, for any reason that is beyond the control of the student, the course cannot be completed within its scheduled time duration, then the time required to complete it can be extended for up to 2 years; however, anything beyond the 2 years will require special sanction from the bank authorities and will be given according to their discretion.

  7. If I require my own vehicle to travel to the educational institution, for lack of public transport, will the expenses to buy one be included in the education loan?

    In cases where you require your own vehicle to reach your educational institution, you are eligible for an amount of up to Rs.50,000 to buy a two-wheeler of your own, which will be covered under the expenses of the education loan.

  8. Is the purchase of a computer required for the course covered under the education loan?

    Yes, you can buy a computer or laptop that is required for your course as it is covered under the expenses of the education loan.

  9. Will the SBI education loan be given as a lumpsum or in tranches?

    The SBI education loan is usually disbursed in tranches and not as a lumpsum amount.

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.

  • 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.

  • 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.

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