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SBI STUDENT LOAN SCHEME

About SBI Student Loan Scheme:

SBI is one of the most trusted banks for personal facilities. It is an Indian multinational public sector banking and financial services. SBI established on 1 July 1995 and their headquarters in Mumbai.

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. The interest rate of SBI Student Loan Scheme varies from 9.30% per annum. The processing fee charges nil if loan amount up to Rs.20 lakh and the processing charge is Rs.10000 plus tax if loan amount is above Rs.20 lakh.

Benefits of SBI Student Loan Scheme :

1. 0.50% concession in interest for girl students.

2. The repayment tenure is 15 years after course period + 12 month of repayment holiday

3. Repayment will commence one year after completion of course

4. The loan amount is Upto Rs.30 lakh

Documents required for SBI Student 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 Student loan scheme :

1. A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.

Compare other bank interest rate :

BANKS

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

11.35%

Standard Chartered Bank Education Loan

10.99%

SBI Student Loan Scheme

9.30%

SBI Skill Loan Scheme

8.80%

SBI Scholar Loan Scheme

8.30% to 9.95%

SBI Takeover of Education Loan

9.30%

SBI Global Ed-Vantage

9.30%

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 Student 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 Student 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 : customercare@sbi.co.in

Financials products offered by Bank :

BUSINESS LOAN

CAR LOAN

COMMERCIAL LOAN

EDUCATION LOAN

GOLD LOAN

HOLIDAY LOAN

HOME LOAN

LOAN AGAINST PROPERTIES 

LOAN AGAINST SECURITIES

PERSONAL LOAN

PROFESSIONAL LOAN

TWO WHEELER LOAN

SBI Student Loan Scheme Frequently Asked Questions :

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

The maximum loan amount is provided by SBI Student Loan Scheme is Rs.30 lakh for studies in India.

2. How much tenure is provided by the SBI Student Loan Scheme?

The repayment tenure is 15 years after the course period plus 12 months of repayment holiday.

3. Is there any processing fee charged by SBI Student Loan Scheme?

Yes, the processing fee is nil if loan amount is up to Rs.20 lakh and above Rs.20 lakh the processing fee charged Rs.10000 plus tax.

4. How much interest rate is provided by the SBI Student Loan Scheme?

The Interest rate provided by SBI Student Loan Scheme is 9.30% per annum.

Last Updated on : 08/Oct/2020

Know More About

Sbi Student Loan Scheme

You're eligible for a Sbi Student 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 Student Loan Scheme Interest Rates

Updated on 25 Nov 2017

Sbi Student Loan Scheme Details
Interest Rate (Monthly reducing balance) 9.3% - 0%
Processing Fees Loan amount upto Rs.20 lakh = Nil and loan amount above Rs.20 lakh = Rs.10000 plus tax
Loan Tenure 1 year to 15 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Education Loans EMI Calculator

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959