Hello friends welcome to today’s post. In today’s post, we are going to tell you about one such education loan. which is very reliable. If you want that you can provide higher education to your children in a good institute and in such a situation if you want that you can take a good loan from a reliable bank. Today we are going to tell you a very good solution to this problem of yours.
In today’s post we are going to tell you about SBI education loan . In this post we will tell you what is the process of SBI education loan?Apply for SBI education loan.What are the interest rates of SBI Education Loan ? SBI education loan eligibility criteria.
You can take this bank loan for higher education in India and foreign countries. What are the other special features of this loan and how can you take this loan? What are the things to be kept in mind while taking this loan? We are going to tell you all these things in detail through this post, so you must read this post completely from beginning to end, you will get answers to all your questions. So let’s start this post.
1.Key Highlighted Points of SBI education loan
| Point | Details |
|---|---|
| loan type | SBI Education Loan |
| Interest rates | 8.15% to 8.65% |
| Processing Fees | No Processing Fees for loan up to 20 lakhs |
| Tenure | 15 years |
| Collateral | No required for loan up to 7.5 lakhs |
| Loan EMI calculator | Available at bottom |
| Applying Process | Online and online (both available) |
| Required documents | Identity Proof, Address proof ,academic marksheet, admission proof, passport size photos |
| eligibility criteria | should be an Indian citizen,Should have secured admission in a good institute |
| special feature | concession in interest rates for girls and students who also take any policy from SBI |
2. What is SBI education loan?
State Bank of India provides education loan to Indian students to pursue higher education in India and abroad, Which is called SBI education loan. There are many types of this loan which you will know further in this post. This loan starts at an interest rate of 8.15%. One of the special features of this loan is that if you preclose this loan then you do not have to pay any penalty charges.
3.Different types of SBI education loan , loan amount you can take and loan interest rates:-
| Loan Name | Maximum Loan amount | Interest rates |
|---|---|---|
| SBI Student Loan | Rs.20 lakh | 8.15% to 8.65% |
| SBI scholar loan | Rs. 40 lakhs | 6.85% to 8.15% |
| SBI skill loan | 1.5 lakh | 8.15% |
| SBI Global ED-Vantage | Rs.1.5 crore | 8.15% to 8.65% |
| SBI take over of education loan | Rs. 1.5 crore | 8.15% to 8.65% |
*) If you are a girl student then you get 0.50% discount in loan interest rates.
*) There is a discount of 0.50% in the interest rate if you take SBI’s life insurance policy.
4. For how long can this loan be taken?
If you apply for SBI education loan then you get this loan for maximum 15 years. Apart from this, you also get 12 months repayment holidays to make the repayment.
5. What is the processing fee of this loan?
If you apply for education loan from SBI Bank, then you generally do not have to pay any processing fees for loans up to ₹ 20,00,000, if you take more loan than this only then you have to pay ₹ 10000 processing fee.
6. Different Types of SBI Education Loan (in Details)
1.SBI student loan
| *) Interest Rates | 8.15% to 8.65% | |
| Processing Fees | ||
| For loans up to Rs. 20 lakhs | Nil | |
| For loans above 20 lakhs Rs. | Rs. 10,000 + Applicable charges | |
| Collateral(Authentication property) | ||
| For loans up to Rs 7.5 lakh | None | |
| For loans above Rs 7.5 lakh | movable property | |
| Tenure of Loan | 15 years after the end of the course + 12 months Repayment Holidays | |
| Eligibility | Indian Citizen |
2.SBI scholar loan
| interest rates | 6.85% to 8.15% |
| Processing Fees | None |
| Collateral(Authentication property) | For List A and List C colleges only |
| Loan Tenure | 15 years from the end of the course + 12 months repayment holidays |
| Eligibility | Indian Citizens who have been selected through any entrance test / selection process |
3.SBI Global Ed-Vantage Loan
| interest rates | 8.15% to 8.65% |
| Processing Fees | Rs. 10,000 Per application |
| collateral | Tangible collateral as security |
| Loan Tenure | 15 years |
| Eligibility | Indian |
4.SBI skill loan
| Interest rates | 8.15% |
| Processing Fees | Nil |
| collateral | Nil |
| Loan Tenure | Up to 7 Years |
| Eligibility | Indian nationality |
5. SBI Takeover of Education Loan
| Interest rates | 8.15% to 8.65% |
| Processing Fees | Nil |
| collateral | At least 100% of the loan amount |
| Eligibility | Indian citizens with some special conditions |
7. Eligible courses to study abroad for SBI education loan
*)Regular graduation courses
*)Regular post graduate degrees
*) Diploma courses
*)Certificate courses
*) Doctorate
If you do these courses from the universities or institutes of the following countries, then you will be given loans:-
United Kingdom, United States of America, Canada, Australia, New Zealand, Europe (Belgium, Denmark, Finland, France, Greek, Germany, Italy, Ireland, Norway, Netherlands, Portugal, Poland, Russia, Sweden, Spain, Switzerland) and Asia countries such as Japan, Hong Kong, and Singapore.
Note: These loans are also provided to you for doing various courses in India. You also get this loan for study in India on fulfilling the eligibility conditions.
8.How to calculate SBI education loan EMI?
If you are thinking of taking SBI education loan, then you must calculate its EMI and so that if you take this loan, then you can plan your loan amount accordingly.
At the bottom of our website moneynext.in, we have made available an EMI calculator for your convenience. With the help of this you can calculate your EMI.To calculate your EMI, you have to enter your loan amount, interest rate and tenure in this calculator, which is in months or in years. After that, as soon as you click on the button of Find EMI, your EMI will be automatically calculated and revealed to you.
9.An example of this loan
| loan amount | Rs. 10 Lakhs |
| Tenure | 15 years |
| Interest rate | 8.65% pa |
| Processing Fees | no |
Then the details of the loan will be :-
| Monthly EMI of loan | Rs. 9936 |
| Total interest | Rs. 7,88,393 |
| Total Payable amount | Rs. 17,88,393 |
10.Documents required for availing SBI Education Loan:-
The following documents must be required to take SBI education loan:-
for student/applicant
1.)Your Identity Proof(Voter ID/Passport/PAN card or Driving license)
2.)Address proof ( Aadhar Card / Driving License / Passport)
3.)Academic records : 10th, 12th, graduation (if done), result of entrance exam through which you got admission.
4.)Proof of admission
Admission letter or offer letter provided by the educational institute.
5.) Loan account statement for the last 1 year if you have taken loan from any other lender
6.)Passport size photographs
for co-applicant
1.)Identity proof (Voter ID card/ passport/ PAN card/ driving license)
2.)Address proof (Aadhar card/ driving license/ passport)
3.)Last 1 year statement of loan account, if you have taken loan from any other lender
4.)Passport Size Photograph
11.)How to Apply for SBI Education Loan?
You can apply for SBI education loan either online or offline.
Online :-
1.) First of all you have to visit the official website of SBI.
2.) Now you have to click on Education Loan from the section of Loan.
3.) After that you have to click on Apply now button. (For which loan you want to apply)
4.) After this you will be redirected to a next page where you will have to fill all your important details.
5.) Now a Bank representative will assist you in taking the loan.
Offline
1.) You have to take all the necessary documents to your nearest SBI branch.
2.) Now you have to fill and submit the application form for the loan.
In both the cases, if you are found eligible for the loan, then your loan will be approved and you will get the loan.
12.)SBI education loan subsidy scheme
If you apply for SBI education loan, then you also get subsidy on interest rates in it, so that you can save your money. Here we have told you about some subsidy scheme:-
1.)Central scheme for interest subsidy for economically weaker sections
If your family annual income is less than ₹ 4.5 lakh then you can take advantage of this scheme. You can take advantage of this scheme by getting education from technical and professional institutes in India.
2.)Padho Pradesh scheme
This scheme provides interest rate subsidy to the lower class students in the respective educational studies.This scheme is for Masters, M.Phil, and PHD level
3.)Dr Ambedkar Central sector scheme
Under this scheme, subsidy is provided in educational loan to all those students who come under Economically Backward Classes (EBCs) and Other Backward Classes (OBCs).
13.SBI Education Loan Features
If you apply for SBI education loan then you will get to see the following features in SBI loan which you will not get in other loan:-
1.) No Processing Fees
If you take SBI education loan to study in India or you take loan of less than Rs 20,00,000 then SBI bank does not charge you any kind of processing charge in education loan
2.) Good amount in loan
If you apply for an education loan from SBI Bank, then you can get a good amount in the form of education loan. Through this loan, you can easily take a loan of Rs 20,00,000 to Rs 40,00,000.
3.) No hidden fees
If you apply for SBI Bank Education Loan then no hidden charges are levied on you after you take the loan.
4.)Discount in Interest rates
SBI Bank provides interest rate relaxation to all the students who have taken admission in top universities.
5.) Good Tenure
One of the major advantages of taking an education loan from SBI Bank is that you can take this loan for a good period of about 15 years or even more.
6.) Trusted
SBI Bank is an old and reliable bank of India. So you can take education loan from this.
7.) Benefits of Government Subsidy Scheme
By taking an education loan from SBI Bank, you can get the benefit of many government subsidy schemes, even if you are a girl student, you get a discount in the interest rates.
14.Frequently asked questions about SBI education loan
Is there any processing fee to be paid for availing SBI Education Loan?
If you apply for Global Ed-Vantage loan then you have to pay processing fee of Rs 10000 per application, apart from this you do not have to pay any processing fee for taking other education loan.
How can I apply for SBI education loan?
To apply for SBI education loan, you have to either visit the nearest branch of SBI Bank or you can apply for this bank loan by visiting the official website of SBI Bank.
How can I pay my SBI education loan?
You can pay your SBI Bank education loan through EMI, your repayment will start after the completion of your course.
What is the percentage required to avail SBI Education Loan?
If you want to apply for SBI Education Loan then you have to secure your admission in any top university or institute.
What is the minimum loan amount I can take through SBI Education Loan?
If you want to take education loan from SBI Bank, then you can easily take loan of minimum 1.5 lakh rupees through SBI education loan.
How can I check my SBI education loan details?
To check the details of your SBI education loan, you have to visit the official website of SBI Bank. You can log into your account to know the details of your education loan through the account number that will be provided to you.
How long does it take to get SBI Bank Education Loan?
If you apply for education loan from SBI Bank, then you get this loan within two months after you apply.
15.Last Words :-
In today’s post, we have told you every important information about SBI Education Loan in details. We have given you this information through this post that SBI (State Bank of India) provides many types of education loan which you can take for pursuing higher education in India or abroad.
Generally, loans ranging from ₹ 20,00,000 to ₹ 40,00,000 can be taken easily through this loan. The interest rate of this loan generally ranges from 8.15% to 8.65%. If you apply for this loan, then you generally do not have to pay any Processing Fees .
Through this post, we have also given you this information that if you apply for this loan, then you can take advantage of the reduction in interest rates on loans by some government schemes. Apart from this, if you are a girl student or you have taken any kind of policy from SBI, then you get discount in interest rates.
Through this post, we have told you about how to apply for SBI Bank Education Loan and what documents you will need if you apply. We have also told you about some commonly asked questions through this post.
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