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Eligibility for SBI Education Loans

Last Updated 18th Jun 2021

Particulars Eligibility
Loan amount ₹ 20 Lakh
Loan Tenure 12 months
Co-applicant Required Yes
Prepayment Charges Nil

SBI Education Loan Interest Rate Jun 2021

Every child needs a quality education in order to lead a complete, successful and comfortable life. Unfortunately, such education comes at a cost that not everyone who deserves it can afford. That is where education loans comes into play.Education loans are funds offered by banks and financial institutions to meritorious students to help them pursue their dream course.

SBI Education Loan Interest Rate is quite competitive for education in India’s finest institutes and on studying abroad.Interest rates on Education Loans are floating, and vary with the changes in MCLR. SBI Education loan interest rates are in the range of 7.00% and 9.30%.

Education Loan SBI

Determinants of Eligibility for Education Loans

  Courses in India Courses Abroad IIT, IIM, ISB Courses
Max Loan Amount ₹ 10,00,000 ₹ 20,00,000 ₹ 40,00,000
Interest Rates      
Loans upto ₹ 4,00,000 9.30 % , for Girls - 8.80% 9.30 % , for Girls - 8.80% 7.00 % , for Girls - 7.00%
Loans ₹ 4,00,000 - ₹ 7,50,000 9.30 % , for Girls - 8.80% 9.30 % , for Girls - 8.80% 7.00 % , for Girls - 7.00%
Loans > ₹ 7,50,000 9.30 % , for Girls - 8.80% 9.30 % , for Girls - 8.80% 7.00 % , for Girls - 7.00%
Margin requirement (own contribution by student/ family)      
Loans upto ₹ 4,00,000 0% 0% 0%
Loans above ₹ 4,00,000 5% 15% 15%
Max Tenure Post Moratorium      
Loans upto ₹ 7,50,000 10 years 10 years 10 years
Loans above ₹ 7,50,000 12 years 12 years 12 years
Co-Applicant required (Y/N) Yes Yes Yes
Third Party Guarantee      
Loans upto ₹ 4,00,000 Not required Not required Not required
Loans ₹ 4,00,000 - ₹ 7,50,000 Required Required Required
Loans > ₹ 7,50,000 Not required Not required Not required
Collateral Security (Fixed deposit/ Property, LIC)      
Loans upto ₹ 4,00,000 Not required Not required Not required
Loans ₹ 4,00,000 - ₹ 7,50,000 Not required Not required Not required
Loans > ₹ 7,50,000 Required Required Required
Prepayment Charges (Y/N) Nil Nil Nil
Moratorium Period (lower of the two)      
After course period 12 months 12 months 12 months
After getting job 6 months 6 months 6 months

SBI Education Loan

Education Loan amount can be used for a variety of purposes, covering all aspects of needs that a student might have with respect to his studies. These include:

  • Tuition Fees payable to college/school
  • Examination, Library, Laboratory fees
  • Purchase of Books/Equipment/Instruments/Uniforms, Purchase of computers
  • Caution Deposit/Building Fund/Refundable Deposit
  • Travel Expenses/Passage money for studies abroad
  • Cost of a Two-wheeler upto Rs. 50,000/-

SBI Student Loan Features

SBI student loans come with the following attractive features:

  • 0.50% concession in interest for girl students
  • 1% concession for full tenure of the loan, if interest is serviced promptly as and when applied during the moratorium period, including course duration
  • No processing / upfront charges levied on education loans
  • SBI Scholar Scheme for higher studies in premier institutes in India
  • SBI Global edVantage Scheme for studying abroad
  • SBI Take-over of Education Loans for switching your existing high cost Education Loan to SBI and reduce your monthly EMIs.

SBI Education Loan Eligibility

Parameters SBI Education Loan Eligibility Criteria
Age of the Applicant
  • Upto 35 years for non-employed personnels
  • Upto 45 years in case of working employees/ executives
Who can apply
  • An Indian National having secured admission to professional/technical courses in recognized institutions.
  • Permanent employees who are employed for not less than three years with any organisation and who intend to acquire higher professional qualifications and have secured admissions in a reputed institute.
Maximum Loan Amount
  • Upto ₹ 10,00,000 for studies in India.
  • Upto ₹ 20,00,000 for studies abroad.
  • Upto ₹ 40,00,000 for studies at IIT's, IIM's and ISB's.
  • These amounts are subjective to margin requirements as mentioned in the table above
Repayment Frequency
  • Quarterly or monthly rests.
  • Repayment in Education Loans typically starts 1 year after completing the course or six months after getting a job, whichever is earlier.
  • Loan interest re‐payment will start immediately after disbursement of the first installment of the loan.
Repayment Period
  • Tenure of an Education Loan consists of Duration of Study, Grace Period after the Study and Repayment Period.
  • For Indian courses repayment tenure is maximum of 12 years after the commencement of repayment.
  • For Abroad courses repayment tenure is maximum of 12 years after the commencement of repayment.

SBI Education Loan EMI Calculator

SBI Education Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to SBI against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.

SBI Education Loan repayment calculator calculates EMI based on the loan amount you have applied for, interest charged on loan and the tenure for which you have applied. offers affordable and convenient education loans with loan EMIs as low as ₹ 8,653 per lakh for a 12 years tenure and lowest rate of interest of 7.00%.

FAQs

What is the procedure of education loan in SBI?

To borrow money for an education loan from SBI, all you need to do is visit the nearest SBI branch, fill the application form, submit the required documents. You can also apply for an education loan by visiting the official website of SBI.

Can we get an education loan without security?

To get an education loan upto ₹ 4 Lakh, you need to provide co-borrower security of your parents or husband and does not require any third-party guarantee or tangible security.

Is the property required for an education loan?

To get an education loan above ₹ 7.50 Lakh, you need to provide co-borrower security and tangible security equivalent to 100-133% of the loan amount as collateral. The tangible security is provided in the form of property, shares, fixed deposits etc.


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SBI Education Loan News - Jun 2021
  • 2021-05-21 : SBI net profit rises 81% YoY
    State Bank of India’s quarterly net profit rose 81% year-on-year to Rs 6,451 crore for the three months ended March. The bank’s total domestic advances rose 5.67% year-on-year to Rs 21.82 lakh crore. Retail advances which include home, LAP, personal, two-wheeler, car, gold, education and doctor loan stood at Rs 8.7 lakh crore. Further, total domestic deposits for SBI which include FD and RD rose 14.26% from a year ago to Rs 35.7 lakh crore. The current account and savings account deposits rose 16.73% year-on-year to Rs 16.47 lakh crore.
  • 2021-04-27 : SBI introduced video KYC on mobile banking app YONO
    With an aim to improve the customer experience and improve the loan and investment portfolio, SBI introduced KYC on its Mobile banking app YONO. The digital initiative, powered by AI and Facial Recognition Technology, is a contactless and paperless process.
  • 2021-03-21 : SBI recorded digital transactions as high as 67%
    State Bank of India has recorded a considerable increase in its digital transactions. The bank reported 67% digital transaction in the post Covid period from earlier 60% in the pre Covid times. The increase is attributed to hike in e-commerce due to covid induced lockdown which restricted the movement.
  • 2020-12-10 : SBI goes easy on a plan to spin off Yono
    State Bank of India is going slow on its plans to divest its stake in digital platform Yono, YONO is a digital initiative by SBI and stands for “You Only Need One”. YONO helps customers to apply for retail loans like home, personal, gold, two-wheeler and car loan along with business and mudra loans digitally. Further, it also helps in investing in FD and RDs. The special digital tool also provides the facility to apply for the current and savings account.
  • 2020-11-11 : SBI to focus on financial inclusion
    SBI is planning to increase the share of its newly created business vertical, financial inclusion and micro-markets from the current 12% to 20% by March 2022. The bank recently created a separate FI&MM vertical within the bank with an aim of financial inclusion of rural and semi-urban areas to improve customer experience in the hinterland.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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