Welcome friends, today we will talk about How to get SBI Bank Education Loan, Eligibility, Interest Rate, EMI Calculator, Minimum Salary, Civil Score and more details that we read in this article please read till the last.
If you want to take advantage of State Bank of India education loan then this article is for you . Education Loan One It comes under the category of unsecured loan .
1 year after the completion of the course for which you take this loan , before that you do not need to make repayment .
You can apply for this loan both online and offline . In this article , we will know in detail what is SBI education loan, what is the interest rate, eligibility, documents of this loan and how can we apply for this loan etc. , so read this article till the end.
SBI Education Loan
If you are a student and you want to do higher studies but you do not have money then you are in this situation. SBI Student loan can join with Whether you are studying in India or want to study outside India , you can take this loan for any type of course .
State Bank of India Provides various types of education loans to the customers . You can apply for the loan which is right for you . You do not have to pay any fee for prepayment of SBI Education Loan . Girls are given a special discount in the interest rate . Loan repayment will start after 1 year of completion of the course for the loan . You can take this loan for anything related to your education .
of the applicant for the loan CIBIL Score is also checked . Under this loan, you can take a loan amount up to Rs 1.5 crore . The maximum loan tenure of SBI education loan is 15 years . This loan tenure starts after your course duration + 12 months . Suppose you are doing a course whose duration is 4 years and you take this loan within the first year, then you get the following type of total loan tenure: Course duration + 12 months + 15 years = 20 years
SBI Education Loan Overview
- Loan Name: SBI Education Loan 2024
- Lender Name: State Bank of India
- Moratorium period: Course duration + 12 months
- Interest Rate: Starting from 6.85% pa
- Loan Amount: Up to Rs.1.5 Crore
- Processing Charges: Different for different loan schemes
- Application Mode: Online / Offline
- Official Website: https://www.sbi.co.in/
- SBI Wiki
SBI Education Loan Interest Rate 2024
State Bank of India offers many types of student loan schemes, for which the interest rate can be different . Girls are given a discount of up to 0.50% in the interest rate . SBI education loan interest rate starts from 6.85% p.a. You can understand more about SBI education loan interest rate from the table given below :
| loan name | interest rate per annum |
| SBI Student Loan Scheme | 8.65% |
| SBI Scholar Loan Scheme | 6.85% to 8.15% |
| SBI Skill Loan Scheme | 8.15% |
| SBI Global Advantage Scheme | 8.65% |
| SBI Takeover of Collateralized Education Loan Scheme | 8.65% |
Types of SBI Student Loan
State Bank of India offers many types of education loans which are as follows:
- SBI Student Loan Scheme
- SBI Scholar Loan Scheme
- SBI Skill Loan Scheme
- SBI Global Advantage Scheme
- SBI Takeover of Collateralized Education Loan Scheme
SBI Student Loan Scheme:
Features of Student Loan Scheme:
- Any citizen of India who wants to study in India or outside India can take advantage of this loan .
- 15 years after the course duration + 12 months .
- starts 1 year after the completion of the course .
- You have to repay your loan within a period of 15 years .
- You have to pay the loan in EMI ( Monthly Installment) .
- The processing charges are as follows:
- Rs.20 lakh – Nil
- loan above 20 lakhs – Rs 10,000 (plus tax)
- Security:
- Rs.7.50 lakh: Only parent/guardian as co-borrower . any kind of collateral No need for security or third party guarantee .
- 7.50 lakh: Parent/Guardian as co-borrower and actual collateral security .
- Margin:
- Rs.4 Lakh: Nil
- 4 lakh: 5% for studies in India and 15% for outside India
- The loan amount is as follows for studying in India:
- Medical Course: Up to Rs 30 lakh
- Other courses: Up to Rs 10 lakh
- Maximum Rs.50 lakh can be considered .
- Studying Abroad : Up to Rs.1.5 Crore .
SBI Scholar Loan Scheme:
Qualities:
- SBI Education Loan is given to the beneficiary for pursuing higher education (IIT , IIM , NIT etc.) in selected premier institutes of the country .
- 100% Financing |
- Processing Charge – Nil |
- Loan tenure – 15 years .
- Regular Full Time Degree / Diploma Courses through Entrance Test / Selection Process .
- Full time Executive Management courses like PGPX .
- Part time Undergraduate / Postgraduate courses offered by selected institutes .
- For the fee to be paid in the college / school / hostel .
- examination / library / laboratory fee , purchase of books / equipment / equipment .
- can apply for this student loan for travel expenses/other expenses on exchange programmes .
- can take this SBI student loan for the purchase of computer / laptop , any expenses related to education .
SBI Skill Loan Scheme:
Qualities:
- This loan can be taken for pursuing skill development courses in India .
- It can also be called SBI Skill Loan Scheme .
- This loan can be taken for the purchase of tuition/course fee , examination/library/lab fee , security deposit , books , equipment .
- SBI Education Loan can be taken for any other expenses related to the course .
- The minimum loan amount under this loan is Rs.5000 and the maximum loan amount is Rs.1,50,000 .
- No collateral / guarantee is required .
- The repayment period of the loan is as follows:
- Rs.50,000 : Up to 3 years
- 50 thousand to 1 lakh rupees: up to 5 years
- 1 lakh: Up to 7 years
SBI Global Advantage Scheme – SBI Education Loan for Abroad:
If you want to study abroad then you can apply for this loan . This loan can be taken for studies for regular bachelor’s degree / post graduate degree / diploma / certificate / doctorate etc. The features of this loan are as follows:
Qualities:
- You can apply for this loan online .
- 1.5 crore under this loan You can take loan amount .
- Loan Tenure: Up to 15 Years |
- Loan sanctioned before i20/ Visa .
- Tax benefits under under section 80(E) .
- This loan covers expenses like direct payment of fees to the college/school/hostel , examination/library/laboratory fees , travel expenses for studying abroad/travel expenses etc.
- your course SBI Global Advantage Scheme can be availed for everything required to fulfill the
- Minimum loan amount: Rs.7.50 lakh .
- Maximum loan amount: Rs.1.5 crore .
- Processing Fee: Rs.10,000 per application .
- Under this loan, simple interest will be charged during the course period + moratorium period .
- real collateral Security |
SBI Takeover of Collateralized Education Loan Scheme:
You can reduce your monthly EMI by taking your current high cost education loan to State Bank of India . The features of this loan are as follows:
Qualities:
- Rs.1.5 crore can be considered .
- Competitive interest rate |
- Minimum amount of finance: Rs 10 lakh .
- Maximum amount of finance: Rs 1.5 crore .
- Repayment Period : Maximum 15 years .
- Processing Fee: Nil |
- Hidden Charge : Zero |
- Top up loan facility for further studies .
- EMI can be reduced by switching your existing loan in State Bank of India .
- can pay your EMI through Net Banking / Mobile Banking / Cheque .
- Top Up Loan Facility |
- The collateral security acceptable to the bank shall be minimum 100% of the loan amount sanctioned .
SBI Education Loan Eligibility
State Bank of India Education Loan only when you fulfill all its eligibility . The eligibility for different types of loans can also be different . All the loan details have been given above and along with it its eligibility has also been given . You can apply for the loan you want to take advantage of and the loan for which you are eligible .
SBI Education Loan Documents Required
SBI student loan , you should keep all your documents together so that whenever the bank asks you for documents, you can show them all the documents immediately . To apply for a loan, you must have the following documents:
- duly Filled Application Form .
- 10th , 12th Marksheet , Graduation (if applicable) , Entrance Exam Result .
- Proof of admission to the course [Offer Letter/Admit Card/ID Card if available] .
- Expense date for the course .
- Copies of the scholarship award letter .
- Gap certificate , if applicable (self-declaration from student for gap in studies) .
- Passport size photographs of the student/parent/co-borrower/guarantor (copy of each) .
- Asset-liability details of the co-applicant/guarantor ( applicable for loans above Rs.7.50 lakh)
- For Salaried Persons:
- latest salary slip
- Form 16 or latest IT return
- For other than salaried person:
- Business address proof (if applicable)
- Latest IT Returns (if applicable)
- Bank Account Details for the last six months of the Parent/Guardian/Guarantor Student/Parent/Co-borrower/Guarantor
- Copy of sale deed of property and other documents of title of property in respect of photocopy of security/liquid security offered as surety
- Permanent Account Number (PAN) of the student/parent/co-borrower/guarantor
- Aadhar Card
- Passport (mandatory for study abroad)
Submission of OVD (Officially Valid Document) . The OVD document is as follows:
- Proof of Identity and Address:
- Passport
- driving license
- proof of aadhar number
- Voter ID card issued by the Election Commission of India
- Job card issued by NREGA duly signed by an officer of the State Government
- Letter issued by National Population Register containing details of name and address .
OVD submitted by the customer does not contain the updated address, the following documents can be provided as proof of address:
- Utility bill (electricity , telephone , post-paid mobile phone , piped gas , water bill) should not be more than two months old .
- Property or Municipal Tax Receipt .
- Pension or Family Pension Payment Order (PPO) issued by Government Departments or Public Sector Undertakings to retired employees, if they have the address .
- Letter of allotment of accommodation from the employer issued by lease and license agreements with State Government or Central Government Departments , statutory or regulatory bodies , public sector undertakings , scheduled commercial banks , financial institutions , listed companies and such employers as allottees of Government accommodation .
How to apply for SBI Education Loan ?
If you fulfill all the conditions of this loan, then you can apply for it both online and offline . The process to apply is given below .
SBI Education Loan Apply Online
- To apply online, first you have to visit the official website of the bank. sbi.co.in But have to come
- In the option of Loans on the home page of the website education loan Click on this option will appear .
- On the next page, the list of all education loans will open in front of you .
- Apply now will appear in front of the loan for which you want to apply , click on it .
- The loan application form will open in front of you on the next page .
- Enter the requested information in it and submit the form .
- After this the bank employees will contact you and the loan process will be issued further .
How to apply offline ?
- For this, you have to take all your documents to your nearest State Bank of India branch .
- You have to go to the bank and contact the bank employee .
- bank employee will provide you all the information related to SBI Education Loan .
- After that your documents will be verified .
- Then you have to fill a form and attach the documents with it and submit it in the same bank .
- In this way your offline application will be completed .
SBI Education Loan Customer Care Number
- Toll Free Number : 1800 1234 / 1800 11 2211 / 1800 425 3800 / 080-26599990
Conclusion:
In this article we have you provided complete information about SBI Education Loan 2024. Whether you are studying in India or studying outside India, you can take education loan from State Bank of India .
The bank offers many types of education loans for which you can apply . If you have any other type of information regarding this loan, then you can get information by calling SBI Customer Care Number .
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FAQ’s
Q. How much loan can I get for education from SBI ?
Ans . You can take loan amount up to Rs 1.5 crore under education loan .
Q. What is the Moratorium period in SBI Education Loan ?
Ans . Course Duration + 12 Months |
Q. How do I apply for SBI Education Loan ?
Ans . You can apply online and offline . The complete procedure to apply is given in this article .
Q. What is SBI Education Loan ?
Ans . Any student can take education loan to meet the expenses related to his education .
Q. What is SBI education loan interest rate ?
Ans . The bank offers many types of student loans, which have different interest rates . The interest rate of this loan starts from 6.85% per annum .
Q. What is the processing fee for SBI student loan ?
Ans . The processing fee is nil for loans up to Rs.20 lakhs but Rs.10,000 + GST for loans above Rs.20 lakhs . Totally nil for scholar loans .
Q. is the maximum period of State Bank of India Education Loan ?
Ans . The maximum loan tenure is 15 years .