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SBI Education Loan Scheme 2019
State Bank of India (SBI) Education Loan Schemes are providing assistance to students across the country with the impending cost of education. SBI is offering various SBI Education Loan Schemes for students as per their specific requirement. Whether you want to choose a loan option for student loan, skill loan, and scholar loan or abroad, SBI’s education loan covers you on all fronts. With online application process, lighter and attractive interest rates, high credit amounts, easy EMI options, initial approvals, tax benefits and better repayment options, SBI education loans are the preferred options for innumerable students in India.
The first step for you as a student is to identify the type of SBI education loan which is essential for you to pursue your academic journey. According to the requirement of the students, SBI Student Loan Scheme, SBI Scholar Loan Scheme, SBI Skills Loan Scheme, SBI Global Ad-Vantage Scheme provides a series of student loan schemes. To compare SBI education loan details according to your specific needs and offerings, check the comparison table given the advice given on the end of the article: Education SBI Education Loan – Eligibility, Course, Interest Rate, Repayment, Comparison ‘.
Documents Required
- Admission letter | Application form | 2 passport size photographs
- Statement of cost of study
- Parents and student Pan card / Aadhar card
- Proof of identity | Proof of residence (Driving Licence/Passport/Electricity bill/Telephone bill)
- Last 6 months bank statement of Student/Co-borrower/ guarantor’s
- Last 2 years IT return/ IT assessment order of Parent/ Guardian/ other co-borrower (if IT Payee)
- Brief statement of assets & liabilities of Parent/ Guardian/ other co-borrower
- Proof of income (i.e. salary slips/ Form 16) Parent/ Guardian/ other co-borrower
Why SBI is the Best Bank for Education Loans?
| Repayment Period | 15 Years after course period |
| Processing Fees | Nil |
| Loan amount for India | 10 Lakh |
| Loan amount for Abroad | 20 Lakh |
| Margin | Nil upto 7.5 Lakh, 5% for India, 15& for abroad in case of 7.5 lakh above |
| Loan amount in Case of Scholar Loan | Maximum 30 Lakh |
| Loan Amount under Skill Loan Scheme | 50000 – 150000 |
Top Banks Education Loan Interest Rates
| Banks/NBFC | Loan Amount | Rate of Interest |
| Axis Bank | Up to Rs. 4 Lakhs | 15.20% |
| Loans greater than Rs. 4 Lakhs and upto Rs. 7.5 Lakhs | 14.70% | |
| Loans greater than Rs. 7.5 Lakhs | 13.70% | |
| Bank of Baroda | For all loan types and amounts | 8.50% onwards |
| Canara Bank | For Vidhya Turant Loan Scheme | 6.60% |
| Up to Rs. 4 Lakhs | 10.40% | |
| Rs. 4 Lakhs to Rs. 7.50 Lakhs | 10.40% | |
| Loans above Rs. 7.50 lakhs | 10.20% | |
| IBA´s Model Loan scheme for Vocational Education & Training | 9.90% | |
| HDFC Bank | Minimum APR | 9.00% |
| Maximum APR | 13.86% | |
| Average APR | 11.57% | |
| Kotak Mahindra Bank | For all loan types and amounts | 11.5% to 24% |
| Punjab National Bank | PNB Kaushal | 8.55% onwards |
| PNB Saraswati/Udaan | 10.30% onwards | |
| PNB Pratibha (for admission to IITs , IIMs and XLRI Jamshedpur) | 8.45% onwards | |
| PNB Pratibha (for admission to other colleges) | 8.55% onwards | |
| PNB Honhaar | 10.45% | |
| State Bank of India | Up to Rs. 7.5 Lakhs | 10.25% |
| Above Rs. 7.5 Lakhs | 10.50% | |
| Avanse | For all loan types and amounts | 10% to 16.50% |
| Credila | For all loan types and amounts | 11.85% onwards |
- SBI Student Loan Scheme interest rates
10.45% interest rate is offered for up to INR 7.5 lacs with 0.50% concession for girl students. 10.70% is offered for above INR 7.5 lacs with 0.50% concession for girl students and 0.50% concession for students availing SBI Rinn Raksha or any other existing policy assigned in favour of SBI.
- SBI Scholar Loan Scheme interest rates
8.65% interest rate is offered for list AA institutions, up to 8.95% for list A institutions, up to 9.45% for list B institutions and up to 9.95% for list C institutions.
- SBI Skill Loan Scheme interest rate
9.95% interest rate is offered for loan amount up to INR 1.5 lacs.
- SBI Global Ed-Vantage Scheme interest rates
10.70% interest rate is offered for loan amount above INR 20 lacs and up to INR 1.5 Cr with 0.50% concession for girl students and 0.50% concession for students availing SBI ‘Rinn Raksha’/existing life insurance policy allocated in favour of SBI.
SBI Education Loan – Repayment Rules
SBI education loan repayment rules include repayment commencement a year after course completion and the repayment period as long as 15 years. Given below are the loan repayment terms for each type of SBI education loan: