The education loans offered by State Bank of India cater to the needs of every deserving individual. If you want to pursue your studies in India, you can avail up to the maximum loan amount of Rs.10 lakhs whereas, if you want to go abroad for higher studies, you can avail up to the maximum of Rs.30 lakhs as the loan amount from SBI. The loans offered by SBI sports customer-friendly features and benefits.
State Bank of India offers loans up to Rs.1.5 lakh under the skill loan scheme. The loan tenure varies from 3 years to 7 years and the interest rates vary from 8.80% per annum, but it will depend on the loan amount. State Bank of India Skill Loan scheme also offers a concession of 1 percent for a full term, in case the interest is serviced promptly “as and when applied during the moratorium period, including course duration”, as per the bank's website.
1. No collateral or third party guarantee will be taken
2. Offers loan upto Rs.1.5 lakh
3. The repayment tenure varies from 1 years to 7 years
4. The moratorium period is varies from 6 months to 1 year
1. Letter of admission
2. Filled in Loan Application Form
3. 2 passport size photographs
4. Statement of cost of study
5. PAN Card of the student and the parent/guardian
6. Aadhaar Card of the student and the parent/guardian
7. Id proof : Driving license, passport, aadhaar card, ant photo identity
8. Address proof : Driving license, passport, electricity bill, telephone bill
9. Student/co-borrower/guarantor’s bank account statement for last 6 months.
10. IT Return/ IT assessment order, of previous 2 years of parent/ guardian/ other co-borrower(If IT payee)
11. Brief statement of assets & liabilities of parent/ guardian/ other co-borrower
12. Income proof : Salary slip, form 16 of parent/ guardian/ other co-borrower
1. Industrial Training Institutes, National Skill Development Corporation (NSDC) , State Skill Corporation ( SSC), National Skill Qualification Framework (NSQF) are eligible for skilling loans.
2. There is no minimum course duration
3. School recognized by the central or state education board or colleges affiliated to recognized universities leading to a certificate / diploma/ degree issued by such organisation as per National Skill Qualification Framework (NSQF) is eligible for a skilling loan.
1. Penal interest : @2% to be charged for loan above Rs.4 lakh for the overdue amount and overdue period
2. Non credit of EMI installments on or before the due date : Rs.50000 plus applicable taxes thereon
13.70% to 15.20%
9.55% to 13.50%
9% to 14%
11.5% to 24%
8.30% to 10.41%
Starts from 8.50%
14.15% to 16.15%
7.50% to 9.75%
7.25% to 9.75%
8.30% to 9.95%
Expenses covered under SBI Skill Loan Scheme :
1. Tuition fees
2. Cost of books, uniforms and stationeries
3. Cost of laptop or computer ( If required)
4. Examination Form
5. Library/ Laboratory fees
6. Hostel fee
7. Travel expenses ( for Abroad)
8. Miscellaneous Expenses
1. Offline Method : By visiting the nearest bank branch.
2. Online Method :
Visit the official website of loan.
Click on apply now
Fill out the form with essential details.
Upload the mandatory documents required
Submit the form and take out a print out of the applications
Visit the bank branch for further formalities.
How to contact with SBI Education Loan
By customer care contact number : 1800112211 / 18004253800
By customer care email id : email@example.com
Financials products offered by Bank :
The maximum loan amount is provided by SBI Skill Loan Scheme is Rs.1.5 lakh.
The minimum repayment tenure is 1 years and maximum tenure period is 7 years for SBI Skill Loan Scheme.
The penal interest is charged by SBI Skill Loan Scheme is @2% to be charged for loans above Rs.4 lakh for the overdue amount and overdue period
No, there is no processing fee charged by SBI Skill Loan Scheme..
The minimum loan amount is provided by SBI Skill Loan Scheme is Rs.5000.Last Updated on : 10/Aug/2020
Know More About
You're eligible for a Sbi Skill Loan Scheme if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Education Loans is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
|Sbi Skill Loan Scheme Details|
|Interest Rate (Monthly reducing balance)||8.8% - 0%|
|Loan Tenure||1 year to 7 years|
|Pre-closure Charges||Varies with bank|
|Guarantor Requirement||Varies with bank|
Education Loans EMI Calculator