Important steps related to SBI Education Loan 2023 need to be known from this article. From here you can know the eligibility criteria, application form and Interest rates.
It is the dream of every student to get higher education in India or abroad. But due to financial constraints, this dream of many students remains unfulfilled. Here students need not be worried as State Bank of India (SBI) provides education loan to finance the education of the students. In this article, we will discuss several aspects including how to get SBI Education Loan?, eligibility, interest rates and application process.
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SBI Education Loan Schemes
State Bank of India (SBI) offers various types of education loans to finance the education of students. Whose details are as follows.
|Loan schemes||Loan limit||SBI Education Loan Interest Rate|
|SBI Student Loan Scheme||Up to Rs.7.5 lakh Above Rs.7.5 lakh||10.90%|
|SBI Scholar Loan Scheme||AA list: Rs.40 lakhA list: Rs.20 lakh/Rs.30 lakhB list: Rs.20 lakhC list: Rs.7.5 lakh||With or without a co-applicant, starts from 7.95%|
|SBI Skill Loan Scheme||Up to Rs.1.5 Lakh||10.40%|
|SBI Global Ed- Vantage||Above Rs.7.50 lacs & up to Rs.1.5 crore||10.90%|
|SBI Takeover of Education Loan Scheme||Above Rs.10 lakh & up to Rs.1.5 crore||10.90%|
|SBI Shaurya Education Loan||Up to Rs.7.50 lakh Above Rs.7.50 lakh & up to Rs.1.50 crore||10.90%, 10.90% – 11.50%|
SBI Education Loan Margin Calculation
|Loan Limit||Loan margin|
|Below Rs 4 lacs||NIL|
|Above Rs 4 lacs to study in India||5%|
|Above Rs 4 lacs to study abroad||15%|
SBI Education Loan Documents Required
- Passport Sized Photograph
- Admission letter from the institution
- Fee structure list
- Course expense details
- Proof of identity (such as Aadhaar card, PAN card, passport)
- Proof of address (such as Aadhaar card, passport, utility bill)
- Self-declaration for gap in studies (if applicable)
- Income proof of co-borrower/ guarantor
- Last six months bank account statements of parent, guarantor, or guardian
- Collateral documents (if applicable)
EMI Calculate on Education Loans
If you are thinking of taking an education loan, then you should know that EMI (monthly installment) is fixed. The Equated Monthly Installment (EMI) of the education loan can be calculated by the following formula:
EMI Amount = [P x R x (1+R)^N]/[(1+R)^N-1]
P = Principal amount
R = Rate of Interest
N = Number of years for repayment (this is calculated in months)
SBI Education Loan Calculator
You may calculate the EMI (Equated Monthly Installment) for your education loan using the SBI Education Loan EMI Calculator on their official website. To utilise the SBI Education Loan Calculator, follow these steps:
- First of all visit the official website.
- Find SBI Education Loan EMI Calculator
- Enter the loan amount you wish to avail in the “Loan Amount” field.
- Enter the rate of interest (ROI) in the “Interest rate” field.
- Enter the period for which you want the loan in the “Loan Tenure” field.
- Click on the “Calculate” button to get the EMI amount for your Education Loan.
How to Apply for an SBI Education Loan
State Bank of India provides education loan for students. To take an education loan, students have to apply offline or online. You can apply online from the official website of SBI. While for offline application, you will have to contact the nearest SBI Bank loan officer.
SBI Education Loan College List
State Bank of India (SBI) offers various types of education loans for colleges and courses in India and abroad. Although the list of eligible colleges under SBI is long, yet we are providing some facts related to the eligibility criteria of SBI education loan, the details of which are as follows.
- UG courses (including engineering, medical, agriculture, etc.)
- PG courses (including MCA, MBA, MS, etc.)
- Professional courses (including CA, CS, ICWA, etc.)
- Courses conducted by recognized institutes (including IITs, IIMs, NITs, etc.)
- Courses conducted by foreign universities (for Indian nationals)
FAQs about SBI Education Loan
For students with limited funds, SBI education loans offer an accessible route to higher education. SBI education loans are a popular choice for students who wish to follow their ambitions of attending a university since they provide low interest rates, flexible repayment terms, and no prepayment penalty.
What is the maximum education loan that can be Benefitted from State Bank of India
How much education loan amount will be received depends on the course, college, amount and location etc.
What is SBI education loan customer care
1800-11-1109 (Toll Free) 94491-12211 (Mobile number, Toll Free)
What is the repayment period for SBI education loans