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  • SBI Education Loan

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    Overview:

    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

    Without Security

    With Security

    List AA

    Rs.30 Lakhs

    NA

    List A

    Ra.20 lakhs

    Rs.30 lakhs

    List B

    Rs.20 lakhs

    NA

    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.

      19th 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.

      2nd 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.

      6th April 2016

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    SBI Education Loan Reviews

  • Page 1 of 6 1 2 3 4 5
    • SBI Education Loan
      "Worst service"
      STATE BANK OF INDIA
      0.5 1.0/5 "Really Bad"
      The service was fine abroad limit is less than the local limit ,the interest rate was little high compare to other banks in the market , they dont have a limited information they wont allow to pay the repayment very soon also that time interest rate 13.75 which was high lot of fluctuations in interest rate. They need to improve their service with online facilities also the customer service was not as I expected from SBI.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 21, 2017
    • SBI Education Loan
      "Interest rate should be reduced"
      STATE BANK OF INDIA
      0.5 3.0/5 "Satisfactory"
      My education loan was running with SBI, they gave me the loan around Rs. 2 lakhs. SBI gave me the nominal interest even for the education loan it was disappointing. They disbursed the amount on time. But it would be great if they reduce the interest rate for the education loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 16, 2017
    • SBI Education Loan
      "Good service"
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      The educational loan service was good with State bank of India. They helped me to get the required loan amount. This loan has the tenure of 3yeras. The customer support is good with State bank of India . The rate of interest and the charges are nominal with State bank of India.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 15, 2017
    • SBI Education Loan
      "Good "
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      I am having the educational loan with the State bank of India , since 2012. I would like to say that the customer service is not yet experienced and I used to interact with their branch only. I am happy with the State bank of India till now.
      Was this review helpful? 0
      , noida
      Reviewed on Nov 15, 2017
    • SBI Education Loan
      "Average"
      STATE BANK OF INDIA
      0.5 2.0/5 "Expected more"
      Initially my dad took the educational loan for me and now it is transferred to my name. It is with the State Bank of India. Again the problem comes with the rate of interest. The least rate I got was 11% and now it is 13.5%. It would be better if there is a better service.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 11, 2017
    • SBI Education Loan
      "Worst experience"
      STATE BANK OF INDIA
      0.5 1.0/5 "Really Bad"
      I have taken a education loan from State bank of India.That was a worst experience. The disbursed amount was 1.5 lakhs.The given rate of interest was 15%. The tenure is for 14 years.But with in 10 years i have completed the the loan. And i completed the loan with 2 or 3 payments with the rate of interest.
      Was this review helpful? 0
      , sedam
      Reviewed on Nov 08, 2017
    • SBI Education Loan
      "System should updated and should be customer's oriented"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      My existing loan was running with SBI for the prinicipal amount of Rs. 25 lakhs. Hence again I took the education loan for my son for the graduation. Therefore my same home under collateral for the loan amount Rs.25 lakhs. Totally Rs.50 lakhs is running in SBI for two loans. They done the disbursed on time for the education purpose but service should be customer oriented.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 07, 2017
    • SBI Education Loan
      "Loan process should be easier"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I had very nice experience with SBI for the education loan. The process of SBI is complicated we should visit 3 to 4 times to the branch for the documentation process. But once we done with the procedure everything is good. I got best interest as well for my education loan.
      Was this review helpful? 0
      , faridabad
      Reviewed on Nov 02, 2017
    • SBI Education Loan
      "Good service"
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      State bank has approved my educational loan . The response was very poor with SBI rural are branch. The process is very long with State bank of India. They have disbursed the loan amount within 2 to 3 weeks. The rate of interest was 13% which was nominal with State bank of India.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 31, 2017
    • SBI Education Loan
      "Its Better"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      SBI helped to graduate me, I took education loan of Rs. 1.5 lakh from SBI for the tenure of two years. They gave me interest rate around 10 to 12%, they gave me flexible option repay the amount. I paid different EMI amount to close my loan very earlier it was good.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 13, 2017
    • SBI Education Loan
      "DISSATISFIED"
      STATE BANK OF INDIA
      0.5 1.0/5 "Really Bad"
      Before 11 years I availed a Educational loan with the State Bank of India.The rate of interest was 10% as fixed was way high at that time.The loan got disbursed within a month The documentation is really huge with them.The service should be improved with them.Any updated status should be notify with the customers.They should clearly explain each and everything to the customers.
      Was this review helpful? 0
      , kolkata
      Reviewed on Sep 29, 2017
    • SBI Education Loan
      "Good for education"
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      SBI is better than HDFC, I took education loan with short term. I took principal amount Rs.10 lakhs from SBI, for the tenure of one year. Service is not upto the mark they need to improve on it but the interest rate is attractive than other banks.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 27, 2017
    • SBI Education Loan
      "Satisfactory"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      I have taken the educational loan from State Bank of India and the process to get the loan was simple. The process was easy with the documentation and there were no hassles to get the loan through. The customer support is also good and there are nor hassles.
      Was this review helpful? 0
      , jaipur
      Reviewed on Sep 26, 2017
    • SBI Education Loan
      "Not bad"
      STATE BANK OF INDIA
      0.5 3.0/5 "Satisfactory"
      I have availed an educational loan before 9 years for a tenure period of four years which is okay. The rate of interest charged by them was okay when compared to other banks according to bank norms interest rate charged by the bank at that time was okay.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 14, 2017
    • SBI Education Loan
      "Worst Experience"
      STATE BANK OF INDIA
      0.5 1.0/5 "Really Bad"
      I took education loan during the year 2008 from SBI, I was not happy with their service because from the bank employee I got a confirmation not to pay my monthly EMI, they said government have closed all loans . Then I did not pay the EMI, I didn't pay suddenly I got a call from agencies they were disturbing me like anything, they kept calling me again and again. Finally I paid entire amount in last February and closed my loan but till now I was not updated with my credit history.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 07, 2017
    • SBI Education Loan
      "Awesome process"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      State bank of India has disbursed my educational loan within 2 days of time. They came and collected all my documents immediately they have approved the loan and the disbursement has been done on next day. I can say the educational loan process was very smooth with State bank of India.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 31, 2017
    • SBI Education Loan
      "Process is good"
      STATE BANK OF INDIA
      0.5 4.0/5 "Great!"
      State Bank of India was average on the processing charges. The rate was around 12.5% which was normal. I have taken a educational loan and the process was smooth and very easy. The documentation was simple. The repayment is also easy and without issues.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 31, 2017
    • SBI Education Loan
      "Excellent Service"
      STATE BANK OF INDIA
      0.5 5.0/5 "Blown Away!"
      The state bank of India provided me a educational loan within 2 days of time. The service is really good with SBI. The Equated Monthly Installments process was very good with SBI. They asked me to pay the Emi how much ever I can afford. The scheme of EMI is very good with SBI. The rate of interest is nominal with SBI. I am satisfied with the loan amount from SBI.
      Was this review helpful? 0
      , chittorgarh
      Reviewed on Aug 14, 2017
    • SBI Education Loan
      "Interest should be low for an education loan"
      STATE BANK OF INDIA
      0.5 3.0/5 "Satisfactory"
      SBI education loan process was flexible, within the time they have disbursed the amount. I felt interest rate was high for the education loan, they offered me around 13 to 14% but for the car loan and other products they were offering around 7 to 8% of interest. It would be great if they reduce the interest rate for the education loan.
      Was this review helpful? 0
      , thiruvananthapuram
      Reviewed on Aug 10, 2017
    • SBI Education Loan
      "SBI education loan"
      STATE BANK OF INDIA
      0.5 4.5/5 "Excellent!"
      SBI provides 9.5% interest rate if you apply through this SBI global-Edvantage scheme launched recently. You can avail loan amount minimum of 20 lakhs to maximum of 1.5 crore. Simple Interest will be charged during Course Period + Moratorium Period. You can get time up to 15 years post-completion of your course to repay the SBI loan. Not all the SBI branches are able to process this scheme. Therefore, you can start the application process at https://goo.gl/dG27dd. Your application will be assigned to the respective branch near to you. Hope it is helpful!
      Was this review helpful? 0
      , khammam
      Reviewed on Jul 24, 2017
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