SBI Skill Loan Scheme: Interest Rate, Eligibility, Processing & Customer Care

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About SBI Skill Loan Scheme :

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.

Benefits of SBI Skill Loan Scheme :

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

Documents required for SBI Skill Loan Scheme :

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

Eligibility Criteria for SBI Skill loan Scheme :

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.

Fee and charges of SBI Skill Loan Scheme :

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

Compare other bank interest rate :



AXIS Bank Education Loan

13.70% to 15.20%

HDFC Bank Education Loan for Indian Education

9.55% to 13.50%

HDFC Bank Education Loan for Foreign Education

9% to 14%

Kotak Mahindra Bank Education Loan 

11.5% to 24%

IDBI Bank Education Loan

8.30% to 10.41%

Indian Bank Education Loan

Starts from 8.50%

RBL Bank Education Loan

14.15% to 16.15%

Bank of Baroda Education Loan

7.50% to 9.75%

Bank of India Education Loan

7.25% to 9.75%

Canara Bank Education Loan


Standard Chartered Bank Education Loan


SBI Student Loan Scheme


SBI Skill Loan Scheme


SBI Scholar Loan Scheme

8.30% to 9.95%

SBI Takeover of Education Loan


SBI Global Ed-Vantage


Other products of SBI Bank :

1. SBI New Car Loan Scheme

2. SBI Loan Against Properties

3. SBI Personal Loan 

4. SBI EMI Calculator

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

How to apply for SBI Skill Loan Scheme :

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 

  1. By customer care contact number : 1800112211 / 18004253800

  2. By customer care email id :

Financials products offered by Bank :













SBI Skill Loan Scheme Frequently Asked Questions :

1. What is the maximum loan amount provided by SBI Skill Loan Scheme?

The maximum loan amount is provided by SBI Skill Loan Scheme is Rs.1.5 lakh.

2. How much tenure is provided bySBI Skill Loan Scheme?

The minimum repayment tenure is 1 years and maximum tenure period is 7 years for SBI Skill Loan Scheme.

3. How much penal interest is charged by 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 

4. Is there any processing fee charged by SBI Skill Loan Scheme?

No, there is no processing fee charged by SBI Skill Loan Scheme..

5. What is the minimum loan amount provided by SBI Skill Loan Scheme?

The minimum loan amount is provided by SBI Skill Loan Scheme is Rs.5000.

Last Updated on : 08/Oct/2020

Know More About

Sbi Skill Loan Scheme

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

Sbi Skill Loan Scheme Interest Rates

Updated on 25 Nov 2017

Sbi Skill Loan Scheme Details
Interest Rate (Monthly reducing balance) 8.8% - 0%
Processing Fees Nil
Loan Tenure 1 year to 7 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

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