How to take education loan from SBI?

SBI Education Loan: In this article you will get information about SBI Education Loan 2022. If you want to take advantage of education loan of State Bank of India then this article is for you. Education loan comes under the category of an unsecured loan.

The special thing about SBI Education Loan is that you have to make repayment 1 year after the completion of the course for which you take this loan, before that you do not need to make repayment. You can apply for this loan both online and offline.

SBI Education Loan in Hindi

If you are a student and you want to do higher studies but you do not have money then you are in this situation. SBI student loan can join with Whether you are studying in India or want to study outside India, you can take this loan for any type of course.

State Bank of India offers various types of Education Loan to the customers. You can apply for the loan which is right for you. You can also apply for this loan through Vidyalakshmi Education Loan Portal. You do not have to pay any fee for prepayment of SBI Education Loan.

Girls are given a special discount in the interest rate. Loan repayment will start after 1 year of completion of the course for the loan. You can take this loan for anything related to your education. If your CIBIL score is very good then you can take advantage of the bank’s attractive Education Loan interest rate. Generally a credit score of 750 or above is considered as a good score.

Under this loan, you can take a loan amount up to Rs 1.5 crore. The maximum loan tenure of SBI Education Loan is 15 years. This loan tenure starts after your course duration + 12 months. Suppose you are doing a course whose duration is 4 years and you take this loan within the first year, then you get the following type of total loan tenure: Course duration + 12 months + 15 years = 20 years

HIGHLIGHTS:

loan name	SBI Education Loan 2022
name of lender	State Bank of India
Moratorium period	Course Duration + 12 Months
Rate of interest	Starting from 7.95% p.a.
loan amount	up to Rs 1.5 crore
processing charge	Different for different loan scheme
Application Mode	online / offline
official website	www.sbi.co.in

SBI Education Loan Interest Rate 2022

State Bank of India offers many types of student loan schemes, for which the interest rate can be different. Girls are given a discount of up to 0.50% in the interest rate. SBI Education Loan Interest Rate 7.95% p.a. starts with | You can understand more about SBI education loan interest rate from the table given below:

loan name	interest rate per annum
SBI Student Loan Scheme	10.55%
SBI Scholar Loan Scheme	7.95% to 9.45%
SBI Skill Loan Scheme	10.05%
SBI Global Advantage Scheme	10.55%
SBI Takeover of Collateralized Education Loan Scheme	10.55%
Shaurya Education Loan	10.55%

Types of SBI Student Loan

SBI Bank offers several types of education loans which are as follows:

• SBI Student Loan Scheme
• SBI Scholar Loan Scheme
• SBI Skill Loan Scheme
• SBI Global Advantage Scheme
• SBI Takeover of Collateralized Education Loan Scheme

SBI Student Loan Scheme:

• Any citizen of India who wants to study in India or outside India can take advantage of this loan.
• The tenure of this loan is maximum 15 years after the course duration + 12 months.
• The repayment period of the loan starts 1 year after the completion of the course.
• You have to repay your loan within a period of 15 years.
• You have to pay the loan in EMI (monthly installment).
• The processing charges are as follows:
  • On loan up to Rs.20 lakh – Nil
  • On loan above 20 lakhs – Rs 10,000 (plus tax)
• Security:
  • Up to Rs.7.50 lakh: Only parent/guardian as co-borrower. No collateral security or third party guarantee is required.
  • Above Rs 7.50 lakh: Parent/Guardian as co-borrower and actual collateral security.
• Margin:
  • Up to Rs.4 Lakh: Nil
  • Above Rs 4 lakh: 5% for studies in India and 15% for outside India
• The loan amount is as follows for studying in India:
  • Medical course: Up to Rs 30 lakh
  • Other courses: Up to Rs 10 lakh
  • Maximum Rs.50 lakh can be considered.
• Studying Abroad : Up to Rs.1.5 Crore.

SBI Scholar Loan Scheme:

• This SBI Education Loan is given to the beneficiary for pursuing higher education (IIT, IIM, NIT etc.) in selected premier institutes of the country.
• 100% Financing |
• Processing Charge – Nil |
• Loan tenure – 15 years.
• Regular Full Time Degree / Diploma Courses through Entrance Test / Selection Process.
• Full time Executive Management courses like PGPX.
• Part time Undergraduate / Postgraduate courses offered by selected institutes.
• For the fee to be paid in the college / school / hostel.
• This loan can be taken for examination / library / laboratory fee, purchase of books / equipment / equipment.
• You can apply for this student loan for travel expenses/other expenses on exchange programmes.
• You can take this SBI student loan for the purchase of computer / laptop, any expenses related to education.

SBI Skill Loan Scheme:

• This loan can be taken for pursuing skill development courses in India.
• It can also be called SBI Skill Loan Scheme.
• This loan can be taken for tuition/course fee, examination/library/lab fee, security deposit, purchase of books, equipment.
• This SBI Education Loan can be taken for any other expenses related to the course.
• The minimum loan amount under this loan is Rs.5000 and the maximum loan amount is Rs.1,50,000.
• No collateral/guarantee is required.
• The repayment period of the loan is as follows:
  • Up to Rs.50,000: Up to 3 years
  • 50 thousand to 1 lakh rupees: up to 5 years
  • For loans above 1 lakh: Up to 7 years

SBI Global Advantage Scheme:

• If you want to study abroad then you can apply for this loan.
• Under this loan, you can take a maximum loan amount of up to Rs 1.5 crore.
• Loan Tenure: Up to 15 Years |
• Loan sanctioned before i20/Visa.
• Tax benefits under under section 80(E).
• This loan covers expenses like direct payment of fees to college/school/hostel, examination/library/laboratory fees, travel expenses for studying abroad/passage expenses etc.
• SBI Global Advantage Scheme can be availed for everything you need to complete your course.
• Minimum loan amount: Rs 7.50 lakh.
• Maximum loan amount: Rs.1.5 crore.
• Processing Fee: Rs.10,000 per application.
• Under this loan, simple interest will be charged during the course period + moratorium period.
• Actual Collateral Security |

SBI Takeover of Collateralized Education Loan Scheme:

• Loans up to Rs.1.5 crore can be considered.
• Competitive interest rate |
• Minimum amount of finance: Rs 10 lakh.
• Maximum amount of finance: Rs 1.5 crore.
• Repayment Period : Maximum 15 years.
• Processing Fee: Nil |
• Hidden Charge : Zero |
• Top up loan facility for further studies.
• Your EMI can be reduced by switching your existing loan in State Bank of India.
• You can pay your EMI through Net Banking / Mobile Banking / Cheque.
• Top Up Loan Facility |
• The collateral security acceptable to the bank shall be minimum 100% of the loan amount sanctioned.

SBI Education Loan Documents Required

• Duly filled application form.
• 10th, 12th Marksheet, Graduation (if applicable), Entrance Exam Result.
• proof of admission to the course [प्रस्ताव पत्र/प्रवेश पत्र/आईडी कार्ड यदि उपलब्ध है] ,
• Expense date for the course.
• Copies of the scholarship award letter.
• Gap certificate, if applicable (self-declaration from student for gap in studies).
• Passport size photographs of the student/parent/co-borrower/guarantor (copy of each).
• Asset-liability details of the co-applicant/guarantor (applicable for loans above Rs.7.50 lakh).
• For Salaried Persons:
  • latest salary slip
  • Form 16 or latest IT return
• For other than salaried person:
  • Business Address Proof (if applicable)
  • Latest IT Returns (if applicable)
• Bank Account Details for the last six months of the Parent/Guardian/Guarantor Student/Parent/Co-borrower/Guarantor
• Copy of sale deed of property and other documents of title of property in respect of photocopy of security/liquid security offered as surety
• Permanent Account Number (PAN) of the student/parent/co-borrower/guarantor
• Aadhar card
• Passport (mandatory for study abroad)

Submission of OVD (Officially Valid Document). The OVD document is as follows:

• Proof of Identity and Address:
  • Passport
  • driving license
  • proof of aadhar number
  • Voter ID card issued by the Election Commission of India,
  • Job card issued by NREGA duly signed by an officer of the State Government
  • Letter issued by National Population Register containing details of name and address.

In case the OVD submitted by the customer does not contain the updated address, the following documents can be provided as proof of address:

• Utility bill (electricity, telephone, post-paid mobile phone, piped gas, water bill) should not be more than two months old.
• Property or Municipal Tax Receipt.
• Pension or Family Pension Payment Orders (PPOs) issued by Government Departments or Public Sector Undertakings to retired employees, if they have the address.
• Letter of allotment of accommodation from the employer issued by lease and license agreements with State Government or Central Government Departments, statutory or regulatory bodies, public sector undertakings, scheduled commercial banks, financial institutions, listed companies and such employers as allottees of Government accommodation.

How to apply for SBI Education Loan?

If you fulfill all the conditions of this loan, then you can apply for it both online and offline. The procedure to apply is given below:

SBI Education Loan Apply Online

• To apply online, first you have to visit the official website of the bank.
• In the option of Loans on the home page of the website education loan Click on this option will appear.

• On the next page, the list of all education loans will open in front of you.
• The option of Apply now will appear in front of the loan for which you want to apply, click on it.
• The loan application form will open in front of you on the next page.
• Enter the requested information in it and submit the form.
• After this the bank employees will contact you and the loan process will be issued further.

How to apply offline?

• For this you have to take all your documents to your nearest State Bank of India branch.
• You have to go to the bank and contact the bank employee.
• The bank employee will provide you all the information related to SBI Education Loan.
• After that your documents will be verified.
• Then you have to fill a form and attach the documents with it and submit it in the same bank.
• In this way your offline application will be completed.

SBI Education Loan Customer Care Number

• Toll Free Number : 1800 1234 / 1800 11 2211 / 1800 425 3800 / 080-26599990

Conclusion

In this article we have you SBI Education Loan 2022 Provided complete information about Whether you are studying in India or studying outside India, you can take education loan from SBI Bank. The bank offers various types of education loans for which you can apply.

If you have any other type of information regarding this loan, then you can get information by calling SBI customer care number.

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