SBI Education Loan in 2024 | Abroad, Interest, Eligibility

Funding is one of the main issues that families and individuals have while considering a higher education. A lot of students struggle to pay for the fees involved with attending universities and colleges due to the escalating expense of education. But with its education loan scheme, the State Bank of India (SBI) provides an alternative. To help you make your aspirations of a college education come true, we shall examine the advantages and application procedure for an SBI education loan in 2024 in this post.

What is an SBI education in loan 2024?

The State Bank of India provides financial products like SBI education loans to assist students in covering the costs of their postsecondary education. Undergraduate, graduate, and professional courses in India and overseas are all covered by this loan. You may also visit: When Education Loan Interest Starts

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  • Undergraduate education loan
  • Post-graduate education loan
  • Parents availing of education loan
  • Career growth education loans
SBI Education Loan in 2024

SBI Education Loan in 2024 Details

Key Pointers of SBI Education Loan In 2024
Interest Rate9.7% for females and 10.2% for male students after Insurance
Loan Amount8 Lacs to 1.5 Cr
Processing FeesRs. 10,000 (payable at the bank directly) + legal and valuation charges
Loan Period15 years maximum
Moratorium PeriodCourse duration + six months
Processing Time14-18days with We Make Scholars (35-50 days if applied directly at the branch)
CategoryCareer Guide
Eligible ExpensesEverything- Tuition fee, Travel, Living expenses/ Hostel fee, Examination fee/ Purchase of Stationery laptop
Official Web Sitesbi.co.in

Eligibility Criteria for SBI Education Loan in 2024

To be eligible for an SBI Education Loan, there are specific criteria that need to be fulfilled. These criteria encompass age limit, citizenship requirements, educational qualifications, and entrance exam scores.

The applicant must be an Indian citizen and their age should fall within the range of 16 to 35 years.

The applicant should have obtained admission to a recognized university, college, or institute either in India or abroad. The required entrance exam scores may differ depending on the course and institution.

Minimum and Maximum Loan Amounts

SBI Education Loan provides a diverse selection of loan amounts to meet various educational requirements. The minimum loan amount is fixed at Rs. 1,000,000, whereas the maximum loan amount can reach up to Rs. 1.4 crores. The sanctioned loan amount is determined based on the borrower’s needs and their ability to repay. you may also check:  Choosing an Education Loan

  • For studies in India: Up to Rs. 1,000,000
  • For studies in Abroad: Up to Rs. 2,000,000
  • For studies at IIT’s, IIM’s and ISB’s: Upto Rs. 4,000,000
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SBI Education Fund Summary Table

SBI Education Loan LimitFor India – INR 10 Lacs
For Abroad – 20 Lacs
(Up to ₹ 7.5 lakh without collateral)
SBI Education Loan Interest RateFor loans above INR 4 Lacs
In India: 5%
In abroad: 15%
SBI Education Loan MarginFor loan above INR 4 Lacs
In India: 5%
In abroad: 15%
SBI Education Loan Processing FeeUp to INR 4 Lacs: Nil
Above INR 4 Lacs: INR 5000
SBI Education Loan SecurityUp to 7.50 Lacs: Only Parent/ Guardian as co-borrower. No Collateral Security or third-party guarantee. Above INR 7.50 Lacs: Tangible security along with parents as co-taker
SBI Education Loan RepaymentReady After 1 year of course completion or 6 months after getting a job
SBI Education Loan in 2024

Loan Coverage

SBI Education Loan encompasses a wide range of expenses related to education. Let’s delve into the details:

The loan caters to various academic expenses such as tuition fees, examination fees, library charges, laboratory fees, and any other expenses directly related to academics.

The loan also covers expenses associated with accommodation, including hostel charges or rental expenses. Additionally, it includes the cost of books, study materials, and equipment necessary for the course.

If you aspire to pursue your education abroad, SBI Education Loan provides financial assistance for this endeavor. The loan covers travel expenses, visa fees, health insurance, and other costs associated with studying abroad.

SBI Education Loan Interest Rate

Loan Amount RangeCourses in IndiaCourses AbroadIIT, IIM, ISB Courses
Loans up to Rs. 4 lakh10.50 %  – 10.00%10.50 %  – 10.00%8.85 %
Loans Rs. 4.0 – 7.5 lakh10.50 % – 10.00%10.50 %– 10.00%8.85 % – 10.00%
Loans > Rs. 7.5 lakh10.75 % – 10.25%10.75 % – 10.25%8.85 % – 10.00%
SBI Education Loan in 2024

SBI Education Loan Schemes with detailed features, documents, max loan, courses

SchemesMaximum Loan AmountInterest Rates
SBI Student LoanRs.20 lakh10.05%
SBI Scholar LoanRs.40 lakh8.95% to 9.25%
SBI Global ED-VantageRs.1.5 crore10.05%
SBI Skill LoanRs.1.5 lakh9.55%
SBI Take Over of Education LoanRs.1.5 crore10.05%
SBI Education Loan in 2024

Documentation Needed for SBI Education Loan in 2024

The bank requires specific documentation under the Know Your Customer Policy (KYC). These are the documentation that the co-borrower and candidates need.

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  • Passport
  • PAN Card
  • Aadhaar Card
  • Voter’s ID Card
  • Driving Licence
  • Photo Credit Card
  • Central and State Govt. issued Photo ID Proof
  • Defence ID Card.
  • Aadhaar Card
  • Ration Card
  • Passport
  • Bank Account Statement
  • Voter’s ID Card
  • Letter from any recognized public authority
  • Telephone Bill
  • Electricity Bill
  • Water Bill
  • Salary Slips (not more than 3 months old)
  • Bank Statements (not more than 3 months old)
  • ITR
  • Form-16 (for the last 2 years)
  • bank account statement (for the last 6 months of salary account)
  • Business address proof
  • IT returns for the last two years (If IT payee)
  • TDS certificate
  • Form 16A if applicable
  • Certificate of qualification (for CA, doctor, and other professions)
  • Bank account statement for the last 6 months.

SBI Education Loan Charges

Rs. 10,000 is the processing fee for SBI education loans. To cover the costs of the valuator and attorney, however, set aside roughly 7,500 rupees. Only government banks can offer low return and low processing cost education funds, and SBI is without a doubt the best in this category.

SBI Global EDVANTAGE Processing Fee
Processing FeeRs. 10,000 fixed
Extra charges to the SBI Branch approved Lawyer and ValuatorRs. 7,500 approximately

How To Apply for Education Fund in SBI Bank?

To apply for the SBI Bank Education Fund using the online mode.

  • First of all, Visit the Main website of SBI Bank www.onlinesbi.sbi
  • After that, you won’t need to worry at all because the application form process is done both offline and online.
  • After that, you have the option to open directly to the bank, to the main office, or to the official website for more information.
  • You must carefully fill out the application form after that. If applying online, you can just download the application and fill it out with the necessary information.
  • Your mark sheet, your admissions documentation, and any more required documents must be added after that.
    Additionally, an interview with the official website is required. Regardless of your eligibility, they will still visit you.

Conclusion

For students hoping to pursue further education, being able to secure an SBI education loan in 2024 could be a game-changer. It is a feasible financing option because of the advantages of competitive interest rates, flexible repayment options, and tax benefits. Students may guarantee a seamless loan acceptance and disbursal process and pave the path for a better, more successful future by adhering to the above-described application procedure.

Let SBI be your partner in achieving academic success and don’t let financial limitations stop you from pursuing your aspirations of a higher education.