SBI Education Loan

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SBI Education Loan

Receive expert, personalized guidance at no cost from VITTIYA to navigate education financing, ensuring a smooth journey to securing the funding you need for your studies in India or abroad.

Interest Rate

Starting from 10.15%

Processing Fees

INR 10,000

Margin Money

10%

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The Process Explained

How It Goes

Easy 5-Step Digital Journey to Secure Your Education Loan

Study Abroad

SBI Bank Education Loan for Abroad Studies

All you need to know about SBI bank education loan for studying abroad

Key Highlights

Experience the Journey

Founded in 1955, the State Bank of India (SBI) is India’s largest public sector bank, leading in assets, deposits, branches, customer base, and workforce. SBI offers education loans to support eligible students aiming to study in India or abroad. If you’re considering an education loan from SBI, exploring their options can help you find the best fit for your academic goals.

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Types of Education Loans in State Bank of India
The State Bank of India education loan is categorized into several schemes that cater to the varied needs of students. State Bank of India education loan schemes are as follows –

  • SBI Student Loan Scheme
  • SBI Scholar Loan Scheme
  • SBI Skill Loan Scheme
  • SBI Global Ed- Vantage
  • SBI Takeover of Education Loan Scheme
  • SBI Shaurya Education Loan

    • For students who are looking for an abroad education loan SBI offers the SBI Global Ed- Vantage scheme wherein students can avail up to INR 1.5 cr of financing for their education in India or abroad.
    Application Process of SBI Abroad Education Loan for Abroad Without Collateral

    The SBI student loan without collateral application process is quite simple.

     

    Step 1 – Prospective students need to visit the SBI website navigate to the education loan section and click on ‘Apply now’.
    Step 2 – Next, fill out the SBI education loan application form.
    Step 3 – Upload required documents including proof of admission to an eligible course and institution, alongside other necessary documents such as academic records and proof of identity.
    Step 4 – Submit the form and SBI will coordinate with you once they verify your application.

     

    The SBI collateral free education loan is an excellent financial tool for students aspiring to study overseas. With an SBI education loan for abroad without security, competitive interest rates, and comprehensive coverage of educational expenses, this loan makes the dream of studying abroad achievable for many students.

    The Global Ed-Vantage education loan from SBI

    The Global Ed-Vantage education loan scheme offers secured education loans to Indian students who want to pursue higher education abroad. Under this scheme, students can borrow up to INR 1.5 Cr to fund their education abroad. To secure SBI education loan for abroad students have to pledge collateral that holds at least 90% value of the total loan amount.

    Established in 1955, the State Bank of India (SBI) is India’s beacon of trust and reliability in the banking sector, offering a comprehensive SBI abroad education loan to empower students. As India’s largest public sector bank, SBI extends its support to students through its specialized SBI education loan for abroad studies, enabling them to pursue their academic dreams in foreign lands.

    For Example – If a student wants to secure a loan amount of INR 50 Lakh, then his collateral value should be at least INR 45 Lakh.

    SBI’s Global Ed-Vantage scheme is a tailored SBI student loan for study abroad, designed to support Indian students aspiring to study overseas. This abroad SBI student loan facilitates higher education across various countries, offering loans up to INR 1.5 Cr. It’s a perfect choice for students seeking a SBI study loan for abroad, ensuring their educational journey is well-funded. The education loan SBI provides is more than just financial assistance; it’s a gateway to achieving your education dreams without the burden of financial constraints.

    Please note, under this scheme, collateral security offered by a third party (other than parents) can also be accepted.

    Overview of the Global Ed-Vantage Education Loan from SBI

    For students plotting their academic future abroad, understanding the nuances of the SBI education loan for abroad studies is crucial. From processing fees to margin money, each aspect of this SBI abroad education loan is crafted to ease the financial burden, making your study abroad experience seamless.

    Feature
    Description
    Loan Amount
    INR 7.5 Lakh - INR 1.5 Cr
    Rate of Interest
    11.15% (Floating)
    (0.5% concession for female applicants)
    Processing Fees
    INR 10,000 + GST (Non-refundable)
    Margin Money
    INR 7.5 Lakh-INR 20 Lakh - 15%
    INR 20 Lakh - 10%
    Property evaluation charges
    Approximately INR 7,500
    (Note - property evaluation charges are subject to change, they may vary depending on one’s location and property)
    Moratorium Period
    Course duration + 06 months
    Repayment Tenure
    15 Years

    Moratorium Period is the time duration during which you are not required to make payments toward your education loan.

    Margin Money refers to the amount of money that a borrower is required to contribute towards the loan, while the remaining amount is paid by the lender. 

    SBI Education Loan Eligibility Criteria

    Securing an SBI student loan for studying abroad is easier with Vittiya’s guidance. Whether you’re aiming for universities in the USA, Australia, or Europe, the SBI education loan for abroad studies provides solid financial support, allowing you to stay focused on academics rather than finances. Here’s an overview of SBI’s eligibility criteria for education loans:

    • Age: Applicants must be Indian citizens and at least 18 years old.

     

    • Educational Qualification: Admission to a recognized university or institution for a degree or diploma program is required.

     

    • Academic Performance: A strong academic record and fulfillment of prerequisite tests like GRE, IELTS, or TOEFL are necessary.

     

    • Co-Applicant: A co-applicant, such as a parent or legal guardian with a regular income and good credit history, is mandatory.

     

    • Accepted Courses: Loans are provided for regular undergraduate, postgraduate, diploma, certificate, and doctorate courses from foreign institutions. Certain pathway courses are also included, and pilot training programs must be approved by the respective country’s aviation authority.

     

    • Country of Study: SBI loans support studies in the USA, UK, Canada, Australia, Singapore, Japan, Hong Kong, New Zealand, and many European countries.
    • Collateral Requirements: SBI accepts residential properties, buildings, and fixed deposits as collateral.

     

    Vittiya makes your SBI education loan journey smooth and efficient, helping you meet these requirements and focus on achieving your academic goals abroad.

    Interest Rate of SBI Student Loan Scheme
    Students now have increased access to higher education through competitive interest rates on student loan programs. Currently, the education loan interest rate stands at 11.15% (variable). Additional discounts are also available to help reduce loan costs:

  • A 0.5% interest rate discount is provided for female students.
  • An extra 0.5% discount is offered to students opting for an existing life insurance policy or enrolling in the Rinn Raksha policy.

    • These concessions make financing education more affordable and accessible, particularly for students aiming to pursue higher education.
    What is Rinn Raksha Insurance?

    Rinn Raksha is an insurance scheme available for education loan borrowers, providing financial protection for the borrower’s family in case of the borrower’s untimely passing during the loan repayment period.

     

    This scheme offers two types of coverage options: Group Credit Life Insurance (GCLI) and Term Life Insurance (TLI). GCLI covers the outstanding loan balance if the borrower passes away, while TLI provides coverage based on a total sum assured. Additionally, students who opt for this insurance receive an extra 0.5% reduction in their education loan interest rate.

     

    These education loan options are designed to offer competitive terms, supporting students as they pursue higher education.

    SBI Education Loan Without Collateral

    The education loan for studying abroad provides a significant advantage by offering funding up to INR 7.5 lakh without requiring collateral. This feature ensures that students without assets can still pursue their educational goals without financial barriers.

     

    For loan amounts exceeding INR 7.5 lakh, collateral is required. When applying for a non-collateral education loan, a parent or guardian must co-sign as a guarantor.

     

    Importantly, for collateral-based loans, no financial co-applicant is required, making it an option for students who prefer to proceed without a financial co-applicant.

    SBI Education Loan Documents Required
    The documents required for an SBI education loan for studying abroad depend on various factors, including your academic and professional background, your co-applicant’s financial profile, and the location and type of collateral property, if applicable.
    Applicants’ Documents Required for Student Loan SBI:
  • Identity proof: PAN/ Passport/ Driver’s License/ Voter ID card or government-issued identification document.
  • Education loan application form.
  • Address proof: recent copy of telephone bill/ electricity bill/water bill/ piped gas bill/ driving license/ Aadhaar card.
  • Passport
  • Past academic record.
  • 10th standard mark sheet
  • 12th standard mark sheet
  • Undergraduate result (semester-wise)
  • Entrance exam results (e.g. GMAT, GRE, TOEFL, etc.)
  • Proof of admission: admission letter (A conditional admission letter is also applicable).
  • Statement of expenses.
  • 2 passport-size photographs.
  • Loan A/C statement of one year (if applicable)
  • Bank account statement of the student (if applicable)
    • Co-applicant’s Documents Required for Student Loan SBI
  • Identity proof: PAN/ Passport/ Driver’s license/ Voter ID card or government-issued identification document.
  • Address: recent copy of telephone bill/ electricity bill/water bill/ piped gas bill or copy of passport/ driving license/ Aadhaar card.
  • 2 passport-size photographs.
  • If any previous loan is from other banks/ lenders, then the loan A/C statement of 1 year.
  • Legal documents of the collateral/ property documents.
  • Bank account statement of the co-borrower/guarantor, for the last 6 months (in case of takeover of education loan).
    • Income proof for salaried co-applicant/guarantor
  • Salary slips for the last 3 months.
  • Copy of form 16 of the last 2 years or copy.
  • Bank account statement for the last 6 months (Salary account).
  • Brief statement of assets & liabilities of parent/ guardian/ other co-borrower.
    • Income proof for self-employed co-applicant/ guarantor
  • Business address proof.
  • Last 2 years IT returns ( If IT Payee).
  • TDS certificate (Form 16A, if applicable).
  • Certificate of qualification (for C.A./ doctor and other professionals).
  • Brief statement of assets & liabilities of parent/ guardian/ other co-borrower
  • Bank account statement for the last 6 months.
    • Documents Required for Student Loan SBI Against property
    The list of documents required for collateral study loan SBI depends on several factors, primarily: property type, purchase history, and location. Broadly, the following documents are required:

    Common documents:
  • Registered sale deed.
  • Approved plan or map of the constructed property.
  • Chain documents, evidencing the ownership history of the property for the last 30 years.
  • Latest property tax receipt.
  • Occupancy proof.
    • Additional documents if you’re applying for a study loan SBI with a property in the following cities:

    Mumbai or Pune:
  • NA order
  • Urban land ceiling order
  • NOC from a builder or society
  • Share certificate
  • Letter of allotment
  • Conveyance deed of society
  • If CIDCO / MHADA property: NOC and transfer letter

    • Hyderabad:
  • Urban land ceiling certificate
  • NA certificate, if not included in the sale deed
  • 7/12 extract, if not included in the sale deed
  • Encumbrance certificate

    • Bengaluru:
  • RTC (Record of tenancy certificate)
  • Conversion order (from agriculture to residential)
  • Khata certificate ( A or B )
  • Property tax receipt
  • Encumbrance certificate
    • How to Apply State Bank of India Education Loan Online
    To secure an SBI education loan, you can apply online on the official SBI website. After completing the form, a branch visit is required with all necessary documents. To simplify this process, you can apply through Vittiya.

    With various SBI student loan options available, from general study loans to specific education loan plans, you have choices suited to your academic path and study destination. Vittiya’s expertise in education financing makes navigating the SBI abroad education loan process easy and seamless, so your focus remains on achieving your academic dreams.

    Vittiya offers a four-step process for fast loan approval:
    1. Apply online
    2. Free doorstep document collection
    3. Processing & approval
    4. Loan sanction & disbursal

    Start your journey by applying online with Vittiya for a smooth education loan experience.
    yOUR ANSWER

    Frequently Asked Questions

    Candidates can get a SBI education loan without an account, even if parents are deceased, with simple EMI calculations and no prepayment fees.

    Does SBI offer education loan without collateral?

    Yes, education loan without collateral SBI are available up to amounts of INR 7.5 Lakh. However, parents or guarantors have to act as a cosigner for such loans.

    You can check the status of your SBI education loan abroad application on your Vittiya account dashboard.

    The SBI education loan EMI can be checked using the Vittiya EMI calculator. All you need to do is to enter a few details like loan amount, loan tenure, and interest rate.

    Students who avail of the SBI Rinn Raksha policy, or any other existing life policy receive a 0.5% interest rate concession. There is a further 0.5% concession for girl students.

    There is no penalty on prepayment of an education loan after 6 months of loan disbursal.

    Yes, SBI provides upto INR 7.5 Lakh education loans without collateral.

    Yes SBI provides education loans for Australia.