SBI Education Loan (*Apply Online) | Interest Rate 2021, EMI Calculator, Eligibility

State Bank of India is running the SBI Education Loan scheme. This bank offer students to borrow money at the minimum interest rate for the study purpose. Students should know the complete procedure to get the state bank of India study loan which will help them to study abroad or across the country.

This nationalize bank offers various type of student loan, skill loan, scholar loan or a loan to study abroad. Students are preferring this scheme as the bank offers instant application processes, lighter and attractive interest rates, a good amount of loans, Easy EMI options, instant approvals, benefits in taxes, and repayment options.

SBI Education Loan

SBI Education Loan

Students will have to understand the type of loans and need to know which is the preferred scheme for his/her academic journey. There is four types of loan scheme known as SBI Student Loan Scheme, SBI Scholar Loan Scheme, SBI Skill Loan Scheme, SBI Global Ed-Vantage Scheme.

Quick Overview
Bank NameState Bank of India
Type of Loans
  • Student Loan Scheme
  • Scholar Loan Scheme
  • Skill Loan Scheme
  • SBI Global Ed-Vantage Scheme
  • Dr. Ambedkar Interest Subsidy Scheme for Overseas Studies for OBCs and EBCs
  • Padho Pardesh Interest Subsidy Scheme for Overseas Studies for the Minority Communities
Purpose of LoanEducation
Mode of Apply Online
Study OptionsAnywhere in Country or Abroad
Official Websitehttps://www.sbi.co.in/portal/web/student-platform/student-loan

so let’s discuss in deep about SBI Student Loan Scheme eligibility criteria, interest rate, terms & conditions, subsidy, etc.

SBI Education Loan Student Eligibility Criteria

  • For SBI Student Loan Scheme
    • All the Indian citizen who is looking to study abroad or in India for higher education they can apply online for this scheme.
  • For SBI Scholar Loan Scheme
    • Those students will get loan approval under SBI Bank who are willing to pursue an education in selected premier institutions of India. You can check the approved institute list from the lower part of this page.
  • For SBI Skill Loan Scheme
    • Those who are looking to take admission in skill development courses in India can get a loan amount under this program.
    • Students must have to take admission in schools recognized by the Central or State education boards or colleges affiliated to the recognized university and certificate/diploma/degree issued by such organization as per the National Skill Qualification Framework (NSQF).
  • For SBI Global Ed-Vantage Scheme
    • Students who are going to pursue full-time regular courses at foreign colleges and universities will get loan amounts directly to their bank account after approval.

State Bank Education Laon for Student Courses Covered

Courses Covered for Various 4 Scheme
SBI Student Loan Scheme

  • Studies in India:
    • Graduation, Post-graduation including regular technical and professional Degree/Diploma courses conducted by colleges/universities approved by UGC/ AICTE/IMC/Govt.
    • Regular Degree/ Diploma Courses conducted by autonomous institutions like IIT, IIM
    • Teacher training/ Nursing courses approved by Central Government or the State Government
    • Regular Degree/Diploma Courses like Aeronautical, pilot training, shipping, etc. approved by Director General of Civil Aviation/Shipping/ concerned regulatory authority
  • Studies abroad:
    • Job oriented professional/ technical Graduation Degree courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc offered by reputed universities
    • Courses conducted by CIMA (Chartered Institute of Management Accountants) – London, CPA (Certified Public Accountant) in the USA, etc

SBI Scholar Loan Scheme

  • Regular full-time Degree/ Diploma Courses through entrance test/ selection process
  • Full-time Executive Management Courses like PGPX
  • No Certificate/ Part-time courses

SBI Skill Loan Scheme

  • Training Institutes/ Courses: Industrial Training Institutes (ITIs), Polytechnics, training partners affiliated to National Skill Development Corporation (NSDC)/ Sector Skill Councils, State Skill Mission, State Skill Corporation, preferably leading to a certificate/diploma/degree issued by such organization as per National Skill
  • Qualification Framework (NSQF) and Schools recognized by Central or State Education Boards or Colleges affiliated to recognized university leading to a certificate/diploma/degree

SBI Global Ed Vantage Scheme

  • Regular Graduate/ Post Graduate/ Doctorate Courses in any discipline offered by foreign Institutes/ Universities in the USA, UK, Canada, Australia, Europe, Singapore, Japan, Hong Kong, and New Zealand

SBI Education Loan Expense Covered

Details About Expenses
Student Loan Scheme

  • College/school/hostel fee
  • Examination/Library/Laboratory fee
  • Books/equipment/instruments/uniforms
  • Computer necessary for the completion of the course
  • Building fund or caution/refundable deposit
  • Travel expenses/passage money for studies abroad
  • Two-wheeler cost up to INR 50,000
  • Any other expenses compulsory to conclude the course

Scholar Loan Scheme

  • College/school/hostel fee
  • Examination/Library/Laboratory fee
  • Books/equipment/instruments
  • Caution deposit/building fund/refundable deposit based on bills/receipts of the institute
  • Travel expenses/expenses on an exchange program
  • Purchase of computer/laptop
  • Any other expenses related to education

Skill Loan Scheme

  • tuition/course fee
  • examination/library/laboratory fee
  • Caution deposit, Books, equipment, and instruments

Global Ed-Vantage

  • College/school/hostel fee
  • Examination/library/laboratory fee
  • Travel expenses/passage money for studies abroad
  • Books/equipment/instruments/uniforms/computer
  • Caution deposit/building fund/refundable based on bills/receipts
  • The premium of ‘RiNn Rakhsha’

Loan Amount

  • Student Loan Scheme
    • For studies in India maximum Rs. 10 lacs
    • Studies abroad – maximum Rs. 20 lacs
  • Skill Loan Scheme
    • Amount of Loan
      • Minimum Loan Amount: Rs. 5000
      • Maximum loan amount: Rs. 1,50,000
  • Global Ed-Vantage
    • Quantum Of Finance
      • Minimum Loan Amount: Rs. 20 Lacs
      • Maximum Loan Amount: Rs. 1.5 Cr

Scholar Loan Scheme

Category
Maximum Loan Limit
No Security, only Parent/ Guardian as co-borrowerWith tangible collateral of full value and Parent/ Guardian as co-borrower
List AARs. 40 lacs
List ARs. 20 lacsRs. 30 lacs
List BRs. 20 lacs
List CRs. 7.5 lacsRs. 30 lacs

SBI Education Loan Interest Rate 2021

SchemeInterest Rates
Loans up to Rs.7.50 Lakh10.20%
Above Rs. 7.50 Lakh10.20%
SBI Scholar Loan Scheme List AA8.10%
List A8.25% for IIMs and IITs, 8.40% for others
List B8.40% for NITs, 8.90% for others
List C8.40% for NITs, 9.40% for others
SBI Global ED-Vantage Scheme10.20%
SBI Skill Loan Scheme9.70%

SBI Education Loan Interest Rate

SchemesMaximum Loan AmountInterest Rates
SBI Student LoanRs.20 lakh10.05%
SBI Scholar LoanRs.40 lakh7.95% to 9.25%
SBI Global ED-VantageRs.1.5 crore10.05%
SBI Skill LoanRs.1.5 lakh9.55%
SBI Take Over of Education LoanRs.1.5 crore10.05%

STUDENT LOAN SCHEME

SBI STUDENT LOAN SCHEME
Loan Limit1-year MCLRSpreadEffective Interest RateReset Period
Up to Rs 7.5 Lacs
8.25%
2.00%
10.25%
1 year
Concession
0.50% for girl students
Above Rs 7.5 Lacs
8.25%
2.25%
10.50%
1 year
Concession
0.50% (girl students)
0.50% concession for students availing of SBI Rinn Raksha or any other existing policy assigned in favor of our Bank

SCHOLAR LOAN SCHEME

Check Interest Rate
List1-year MCLRSpreadEffective Interest RateReset Period
ROI
8.25%
0.20%
8.45%
1 year
All IIMs & IITs
8.25%
0.35%
8.60%
1 year
Other institutes
8.25%
0.50%
8.75%
1 year
All NITs
8.25%
0.50%
8.75%
1 year
Other institutes
8.25%
1.00%
9.25%
1 year
All NITs

8.25%
0.50%
8.75%
1 year
Other institutes
8.25%
1.50%
9.75%
1 year

PART-TIME COURSES

(Available only at mapped branches for 15 selected Institutions )
Loan Limit1-year MCLRSpreadEffective Interest RateReset Period
Up to Rs 7.5 Lacs

8.25%
2.00%
10.25%
1 year
Above Rs 7.5 Lacs
8.25%
2.25%
10.50%
1 year
Concession
0.50% concession (girl students)

SBI SKILL LOAN SCHEME

SKILL LOAN Interest Rate
Loan Limit1-year MCLRSpreadEffective Interest RateReset Period
Up to Rs 1.5 Lacs
8.25%
1.50%
9.75%
1 year
ConcessionNot Applicable

SBI GLOBAL ED-VANTAGE

Interest Rate
Loan Limit1-year MCLRSpreadEffective Interest RateReset Period
Above Rs. 20 lacs & upto Rs 1.5 Cr
8.25%
2.25%
10.50%
1 year
Concession
0.50%  for SBI Rinn Raksha or any other existing policy assigned in favor of our Bank
Further Concession
0.50% (girl students)

SBI TAKEOVER OF COLLATERALISED EDUCATION LOANS SCHEME

Interest Rate
Loan Limit1-year MCLRSpreadEffective Interest RateReset Period
Above Rs 10 lacs & upto Rs 1.5 Cr
8.25%
1.50%
9.75%
1 year
Concession
0.50% (girl students)

Compare SBI Education Loan Schemes for Students

1. 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. 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. 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. Skill Loan Scheme

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

5. 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

Required Documents For SBI Student Loan

Student Loan Scheme, SBI Scholar Loan Scheme, and SBI Global Ed-vantage Scheme
For student-applicant:

  • Duly-filled loan form
  • PAN/Passport/Driver’s License/Voter ID card
  • A recent copy of Telephone Bill/Electricity Bill/Water Bill/Piped Gas
  • Bill or copy of Passport/Driving License/Aadhaar Card
    Passport (studies abroad)
  • Academic Records: 10th result, 12th result, graduation result, entrance exam result
  • Proof of admission: Offer letter/admission letter from the institution
  • Statement of cost of study or schedule of expenses
  • 2 passport-size photographs
  • Loan A/C statement for last 1 year (If any previous loan from other banks/lenders)

For co-applicant:

  • PAN/Passport/Driver’s License/Voter ID card
  • A recent copy of Telephone Bill/Electricity Bill/Water Bill/Piped Gas Bill or copy of Passport/Driving License/Aadhaar Card
  • 2 passport-size photographs
  • Loan A/C statement for last 1 year(ig any previous loan from other banks/lenders)

Note: 

  • Income proof for salaried co-applicant/guarantor
  • salary slips of last 3 months
  • copy of Form 16 for last 2 years/copy of IT Returns for last 2
  • financial years acknowledged by IT department
  • bank account statement for last 6 months
  • Income proof for self-employed co-applicant/guarantors include
  • business address proof
  • IT returns for last 2 years (if IT payee)
  • TDS Certificate (Form 16A)
    certificate of qualification (Chartered Accountants/Doctors and other professions)
  • bank account statement for last 6 months
  • All documents should be self-attested

SBI Skill Loan Scheme documents (Keep Applicable Certificate Only)

  • Duly-filled loan form
  • last qualifying examination marksheet
  • admission scholarship, studentship proof
  • Schedule of expenses
  • 2 passport size photographs
  • Student’s and the parent/guardian/spouse’s PAN Card
  • Student’s and the parent/guardian/spouse’s AADHAAR card
  • Borrower’s bank account statement for last six months
  • Co-borrower’s ITR/IT assessment order for the last 2 years
  • Co-borrower’s brief statement of assets and liabilities

Steps to Fill SBI Education Loan Apply Online Form 2021-22

Step By Step Instructions
  • First of all, visit the official website at “https://www.sbi.co.in/portal/web/student-platform/education-loan“. Copy and paste the above-mentioned web address in the URL section of the browser.
  • Choose any of the preferable options from the following list.
    • Student Loan Scheme
    • Scholar Loan Scheme
    • Skill Loan Scheme
    • Global Ed Vantage Scheme
  • Find Apply Now Online option from the same page and click on it.
  • Enter all the necessary information on the newly open page.
  • Complete the following steps
    • Get Instant Approval
    • Choose and Apply
    • Complete for fast processing
  • Fill all the forms and complete the required formalities.
  • The amount will be transferred as on providing the amount of security deposit mentioned in the notification.

Useful Links:

Click Here to use SBI Student Loan Scheme EMI/Interest Calculator

Apply Online for State Bank of India Education Loan

List of Approved Institutes

No.List AA Institutions
1Indian Institute of Management (IIM), Ahmedabad
2Indian Institute of Management (IIM), Bangalore
3Indian Institute of Management (IIM), Calcutta
4Indian Institute of Management (IIM), Indore
5Indian Institute of Management (IIM), Indore- Mumbai Campus
6Indian Institute of Management (IIM), Kozhikode
7Indian Institute of Management (IIM), Lucknow
8Indian Institute of Management (IIM), Lucknow- Noida Campus
9Indian School of Business (ISB), Hyderabad
10Indian School of Business (ISB), Mohali
11Xavier Labour Relations Institute (XLRI), Jamshedpur
S. No.List A Institutions
1Birla Institute of Technology & Sciences (BITS), Pilani
2BITS (Pilani) – Goa Campus
3BITS (Pilani) – Hyderabad Campus
4Indian Institute of Foreign Trade (IIFT), Delhi
5Indian Institute of Foreign Trade (IIFT), Kolkata
6Indian Institute of Management (IIM), Amritsar
7Indian Institute of Management (IIM), Bodhgaya
8Indian Institute of Management (IIM), Jammu
9Indian Institute of Management (IIM), Kashipur
10Indian Institute of Management (IIM), Nagpur
11Indian Institute of Management (IIM), Raipur
12Indian Institute of Management (IIM), Ranchi
13Indian Institute of Management (IIM), Rohtak
14Indian Institute of Management (IIM), Sambalpur
15Indian Institute of Management (IIM), Shillong
16Indian Institute of Management (IIM), Sirmaur
17Indian Institute of Management (IIM), Trichy
18Indian Institute of Management (IIM), Udaipur
19Indian Institute of Management (IIM), Visakhapatnam
20Indian Institute of Technology (IIT), Bhilai
21Indian Institute of Technology (IIT), Bhubaneshwar
22Indian Institute of Technology (IIT), Chennai
23Indian Institute of Technology (IIT), Delhi
24Dept of Management Studies, IIT Delhi
25Indian Institute of Technology (IIT), Dharwad
26Indian Institute of Technology (IIT), Gandhinagar
27Indian Institute of Technology (IIT), Goa
28Indian Institute of Technology (IIT), Guwahati
29Indian Institute of Technology (IIT), Hyderabad
30Indian Institute of Technology (IIT), Indore
31Indian Institute of Technology (IIT), Jammu
32Indian Institute of Technology (IIT), Jodhpur
33Indian Institute of Technology (IIT), Kanpur
34Department of Industrial & Management Engineering, IIT Kanpur
35Indian Institute of Technology (IIT), Kharagpur
36Indian Institute of Technology (IIT), Mandi
37Indian Institute of Technology (IIT), Mumbai
38Indian Institute of Technology (IIT), Palakkad
39Indian Institute of Technology (IIT), Patna
40Indian Institute of Technology (IIT), Roorkee
41Indian Institute of Technology (IIT), Rupnagar (Ropar)
42Indian Institute of Technology (IIT), Tirupati
43Indian Institute of Technology (IIT), Varanasi
44Indian School of Mining (ISM), Dhanbad
45Institute of Management Technology (IMT), Ghaziabad
46Kasturba Medical College (KMC), Mangalore
47Management Development Institute (MDI), Gurgaon
48Management Development Institute (MDI), Murshidabad
49National Institute of Industrial Engineering (NITIE), Mumbai
50Nirma Institute of Management, Ahmedabad
51S P Jain Institute of Management and Research (SPJIMR), Mumbai
52Shailesh J. Mehta School of Management (SJSOM), IIT Mumbai
53Symbiosis Centre for Management & HRD (SCMHRD), Pune
54Symbiosis Institute of Business Management (SIBM), Pune
55T. A. Pai Management Institute (TAPMI), Manipal
56Xavier Institute of Management (XIM), XUB-Bhubaneswar
57Xavier School of Human Resource Management (XSHRM), XUB-Bhubaneswar
58Xavier School of Rural Management (XSRM), XUB-Bhubaneswar
S. No.List B Institutions
1Army College of Dental Sciences (ACDS), Secunderabad
2Army College of Medical Sciences (ACMS), Delhi
3Army Institute of Law (AIL), Mohali
4Army Institute of Management (AIM), Kolkata
5Army Institute of Technology (AIT), Pune
6Bharathidasan Institute of Management (BIM), Tiruchirapalli
7Birla Institute of Technology (BIT), Mesra, Ranchi
8College of Engineering, Pune
9Delhi College of Engineering (DCE), Delhi
10Dhirubhai Ambani Institute of Information & Communication Technology (DAIICT), Gandhinagar
11Faculty of Engineering & Technology, Jadavpur University, Kolkata
12Faculty of Management Studies (FMS), Delhi
13Goa Institute of Management (GIM), Goa
14Indian Institute of Science (IISc), Bangalore
15Indraprastha Institute of Information Technology (IIIT), Delhi
16International Management Institute (IMI), Kolkata
17International Management Institute (IMI), New Delhi
18Jamnalal Bajaj Institute of Management Studies (JBIMS), Mumbai
19Kasturba Medical College (KMC), Manipal
20Kirloskar Institute of Advanced Management Studies (KIAMS), Bangalore
21Manipal Institute of Technology (MIT), Manipal
22Marine Engineering & Research Institute, Kolkata
23Mudra Institute of Communication (MICA), Ahmedabad
24Narsee Monjee Institute of Management Studies (NMIMS), Mumbai
25National Institute of Technology (NIT), Surathkal
26National Institute of Technology (NIT), Tiruchirapalli
27National Law School of India University (NLSIU), Bangalore
28National Law University (NLU), Jodhpur
29Prin. L. N. Welingkar Institute of Management, Development & Research (WeSchool), Mumbai
30Visvesvaraya National Institute of Technology (VNIT), Nagpur
S. No.List C Institutions
1Centre for Environmental Planning & Technology (CEPT), Ahmedabad
2Chandragupt Institute of Management, Patna
3Dr. B R Ambedkar National Institute of Technology (NIT), Jalandhar
4Indian Institute of Forest Management (IIFM), Bhopal
5Indian Institute of Petroleum and Energy (IIPE), Vishakhapatnam
6International Institute of Information Technology (IIIT), Hyderabad
7Kalinga Institute of Industrial Technology (KIIT) University School of Management (SOM)
8Kalinga Institute of Industrial Technology (KIIT) University School of Technology (SOT)
9L N Mittal Institute of Information & Technology (LNMIIT), Jaipur
10Loyola Institute of Business Administration (LIBA), Chennai
11Maharishi Markandeshwar University (MMU) Medical College, Haryana
12Malaviya National Institute of Technology (NIT), Jaipur
13Maulana Azad National Institute of Technology (NIT), Bhopal
14Motilal Nehru National Institute of Technology (NIT), Allahabad
15National Institute of Construction Management & Research (NICMAR), Pune
16National Institute of Food Technology Entrepreneurship and Management (NIFTEM), Sonepat
17National Institute of Technology (NIT), Agartala
18National Institute of Technology (NIT), Arunachal Pradesh
19National Institute of Technology (NIT), Calicut
20National Institute of Technology (NIT), Delhi
21National Institute of Technology (NIT), Durgapur
22National Institute of Technology (NIT), Goa
23National Institute of Technology (NIT), Hamirpur
24National Institute of Technology (NIT), Jamshedpur
25National Institute of Technology (NIT), Kurukshetra
26National Institute of Technology (NIT), Manipur
27National Institute of Technology (NIT), Meghalaya
28National Institute of Technology (NIT), Mizoram
29National Institute of Technology (NIT), Nagaland
30National Institute of Technology (NIT), Patna
31National Institute of Technology (NIT), Puducherry
32National Institute of Technology (NIT), Raipur
33National Institute of Technology (NIT), Rourkela
34National Institute of Technology (NIT), Sikkim
35National Institute of Technology (NIT), Silchar
36National Institute of Technology (NIT), Srinagar
37National Institute of Technology (NIT), Tadepalligudem
38National Institute of Technology (NIT), Uttarakhand
39National Institute of Technology (NIT), Warangal
40National University of Juridical Sciences (NUJS), Kolkata
41Netaji Subash Institute of Technology (NSIT), Delhi
42Sardar Vallabh Bhai National Institute of Technology (NIT), Surat
43School of Planning & Architecture, New Delhi
44Thapar University, Patiala
45University College of Engineering (UCE), Odisha
46Xavier Center For Urban Management and Governance (XUMG) [Post Graduate Programme in Urban Management and Governance (MBAUMG)]
47Xavier School of Commerce (XSC) [Master of Business Finance (MBF)]
48Xavier School of Sustainability (XSOS) [Post Graduate Programme in Sustainability Management (MBA-SM)]

SBI Customer Care Number

  • Toll-free number: 1800 11 2211
  • Toll-free number: 1800 425 3800
  • Toll number: 080-26599990

Candidates can check SBI Education Loan Status, Terms & Conditions, Subsidy, List of Documents, and other information related to this. You can ask the questions related to SBI Education Loan using the given below comment section.

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