How to get Education Loan from SBI

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How to get Education Loan from SBI

What is SBI Education Loan?

Securing your finances is a core upon which your dream is built. Therefore, student loans are a popular choice for many students who want to study abroad. Due to low-interest rates, easy repayment options, moratorium periods, income tax benefits, and interest rate concession for female students, SBI Education loans are the preferred choice for most students.

How to get Education Loan from SBI

An SBI Education Loan to study abroad can be the best option whether you need a small amount like 10L or a large amount like 1.5 Cr. A student who studies in India or abroad and requests a loan of less than 20 lakh rupees will not be charged any processing fees by the State Bank of India (SBI). State Bank of India does not impose any hidden fees on the loan amount requested. The bank recognizes the potential of students who can gain admission to prestigious institutions and provides them with special benefits. SBI Education Loans have a maximum repayment period of 15 years.

Moreover, the State Bank of India is one of India’s oldest and most trusted banks, making applying for an Education loan from the bank a safer option.

How you can take an Education Loan from SBI?

Step 1: Complete the online application form.

Step 2: Make sure to have all the SBI education loan documents and submit them to the nearest branch.

Step 3: The branch collects the reports and sends them to the processing centre.

What are the documents required for SBI Education Loan?

Documents by the Applicant:-

  • SBI education loan application form
  • Identity Proof- PAN Card, Adhaar card.
  • Residence Proof.
  • Passport photos – 2
  • Copy of qualifications like High school, 10+2, Degree certificates, etc.
  • Admit letter from the university.
  • IELTS/ TOEFL/ GRE/ GMAT examination Scorecard.
  • Passport copy- compulsory for abroad studies.

Documents by the Co-Applicant:-

  • Residence Proof – Telephone Billy/ Electricity Bill/ Water Bill/ Aadhar card, etc.
  • Identity Proof – Drivers License or PAN card.
  • Passport size photographs – 2
  • Latest salary slips- for last 3 months
  • Income Tax Receipts, from the last 2 or 3 years
  • Form 16 document- for the past 2 years
  • Balance Sheet for the last 3 years and P&L- only if self-employed.
  • Proof of Business Address – only if self-employed
  • Employer’s ID Card.

What are the collateral documents required for an Education Loan? 

  • Documents about the collateral security
  • Registered Sale Agreement and Property Title Deed.
  • Original Registration Receipt of the aforementioned contract
  • Municipal Corporation/Authorized Government Authority Allotment Letters such as MHADA, CIDCO, HUDA, JDA, GIDC, and others (if applicable)
  • Encumbrance Certificate (EC) from the past 30 years This document is commonly referred to as the Link Document.
  • A copy of the municipally approved building plan or plot layout
  •  Recent property tax bill or electricity bill bearing the same address.

What are the schemes available in SBI for Education Loan?

1. SBI Student Loan Scheme

  • Interest rate – 8.15% to 8.65%
  • Processing fee:
    • For loans up to Rs.20 lakh:-Nil
    • Processing fee for loans above Rs.20 lakh- Rs.10,000 
  • Collateral:-
    • For loans up to Rs.7.5 lakh:-No collateral required
    • For loans above Rs.7.5 lakh:-Tangible collateral
  • Loan Tenure:- 15 years after the course ends 
  • Eligibility:-Indian citizens

2. SBI Scholar Loan Scheme

  • Interest rate:-6.85% to 8.15%
  • Processing Fees:- Nil
  • Collateral: Required only for List A and List C colleges.
  • Loan Tenure:-15 years after the course ends
  • Eligibility:- Indian citizens who got selected through entrance tests/selection processes

3. SBI Global Ed-Vantage Scheme

  • Interest Rate:- 8.15% to 8.65%
  • Processing Fees:- Rs.10,000/application
  • Collateral:- Tangible collateral as security
  • Loan Tenure:- 15 years
  • Eligibility- Indian citizens

4. SBI Skill Loan Scheme

  • Interest Rate:- 8.15%
  • Collateral:- None
  • Loan Tenure:- Up to 7 years
  • Eligibility:- Indian citizens

5. SBI Takeover of Education Loan Scheme

  • Interest Rate:- 8.15% to 8.65%
  • Processing Fees:- Nil
  • Collateral:- Minimum 100% of the proposed loan’s value
  • Loan Tenure:-15 years
  • Eligibility:- Indian citizens

What countries and courses are eligible for SBI Education Loans?

The amazing aspect of the SBI Global Advantage scheme is that there are no restrictions on the country or course. While the United States, Canada, the United Kingdom, Australia, and Ireland are popular study abroad destinations, the SBI Global Advantage scheme has approved education loans for students from unusual countries. Examples include Poland, South Korea, Israel, and South Africa.

What is the repayment tenure for Education Loan?

The moratorium period for the SBI Education Loan Policy scheme is the course duration + 6 months. During the time period, there is no need to make any payments. For both the SBI Student Loan Scheme and the SBI Global Advantage Scheme, your SBI Education loan repayment begins 6 months after course completion.

For most private banks and NBFCs, at least a partial amount of interest is required to be paid while your studies are still in progress. There is no moratorium period.

FAQs on SBI Education Loan

✅ How much time does it take to get an SBI education loan?

This takes approximately 2 months to get processed and sanctioned.

✅ Can I get two education loans?

Yes, they are eligible for a second education loan and can apply from the same bank that provided their first loan, or they can apply to a different bank.