SBI Education Loan | Interest Rates | Documents | SBI Schemes | EMI

SBI Education Loans – (SBI STUDENT LOAN SCHEME) December 2016 SBI offers education loan for all eligible courses graduation courses, PG courses, Professional courses, EMI Calculator. All the necessary information about Interest Rates, Documents required and expenses considered for loan along with repayments options of Education Loan is shared below.

Why SBI is the Best Bank for Education Loans?

Repayment Period 15 Years after course period
Processing Fees Nil
Loan amount for India 10 Lakh
Loan amount for Abroad 20 Lakh
Margin Nil upto 7.5 Lakh, 5% for India, 15& for abroad in case of 7.5 lakh above
Loan amount in Case of Scholar Loan Maximum 30 Lakh
Loan Amount under Skill Loan Scheme 50000 – 150000
Compare Education Loan
Full Name:
Country of Study:
Course of Study:
Co-borrower’s* Income:
Email ID :
Residence City:
Course Name:
Required Loan Amount:
Mobile:
+91
Applicant’s Income Status :

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* Co-borrower : Relative with good income who can support your education loan application. Typically it can be your Father, Mother, Brother, Sister, Spouse, Cousin, Paternal Uncle (Chacha), Paternal Aunt (Chachi), Maternal Uncle (Mama), Maternal Aunt (Mami), Grandfather, Grandmother

Courses Covered under SBI Education loan Scheme
Studies in India:
Graduation, Post-graduation including regular technical and professional Degree/Diploma courses conducted by colleges/universities approved by UGC/ AICTE/IMC/Govt. etc
Regular Degree/ Diploma Courses conducted by autonomous institutions like IIT, IIM etc
Teacher training/ Nursing courses approved by Central government or the State Government
Regular Degree/Diploma Courses like Aeronautical, pilot training, shipping etc. approved by Director General of Civil Aviation/Shipping/ concerned regulatory authority

Studies abroad:
Job oriented professional/ technical Graduation Degree courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc offered by reputed universities
Courses conducted by CIMA (Chartered Institute of Management Accountants) – London, CPA (Certified Public Accountant) in USA etc.

Documents Required

✓ Admission letter | Application form | 2 passport size photographs
✓ Statement of cost of study
✓ Parents and student Pan card / Aadhar card
✓ Proof of identity | Proof of residence (Driving Licence/Passport/Electricity bill/Telephone bill)
✓ Last 6 months bank statement of Student/Co-borrower/ guarantor’s
✓ Last 2 years IT return/ IT assessment order of Parent/ Guardian/ other co-borrower (if IT Payee)
✓ Brief statement of assets & liabilities of Parent/ Guardian/ other co-borrower
✓ Proof of income (i.e. salary slips/ Form 16) Parent/ Guardian/ other co-borrower

SBI Education loan Interest Rates December 2016

1 year MCLR 8.90% w.e.f. 01.11.2016

Scheme Interest Rates
Loans upto Rs.7.50 Lakh 10.90%
Above Rs. 7.50 Lakh 10.75%
SBI Scholar Loan Scheme List AA 9.35% (upto Rs.30 Lakh)
List A 9.35% for IIM, 9.55% for others
List B 9.85%
List C 10.90%
SBI Global ED-Vantage Scheme 10.75%
SBI Rinn Raksha for Girls 10.25%
SBI Skill Loan Scheme 10.40%

 

ALL INTEREST RATES ARE SUBJECT TO CHANGE, WITHOUT NOTICE.
IT exemption under Section 80(E) in respect of interest paid in all Education Loans

List of Expenses Covered Under SBI Student Loan Scheme

✓ Fees payable to college/school/hostel
✓ Examination/ Library/ Laboratory fees
✓ Purchase of books/equipment’s/instruments (maximum 20% of the total tuition fees payable for completion of the course)
✓ Travel Expenses/Passage money for studies abroad
✓ Caution Deposit/Building Fund/Refundable Deposit (maximum 10% of tuition fees for the entire course)
✓ Any other expenses required to complete the course like study tours, project work etc
✓ Cost of a Two-wheeler upto Rs. 50,000/-

* No voucher/ receipt insisted upon. Purpose (end use) need to be self-certified for these expenses. Such expenditure (without voucher/ receipt) will not exceed 25% of the loan amount(upto a lumpsum amount of max Rs. 1 lac). If any expenditure for these purposes is required to be made beyond the 25% cap, it can be permitted subject to production of voucher/ receipt.

SBI Loan Scheme for Vocational Education And Training – 13.15% p.a (Interest Rates)

(1% concession for full tenure of the loan, if interest is serviced promptly as and when applied during the moratorium period, including course duration)

SBI Scholar Loan Scheme

SBI offers special rate of interest for students securing admission in IITs, NITs, AIIMS and other reputed institutes of the country.
# 100% Financing
# NO Processing Fee
# Quick sanction at Designated Campus Branch or more than 5000 Selected Branches all over the country

For Interest Rates & Documents & Courses – Click Here

SBI Skill Loan Scheme – 1.50% above MCLR, currently 10.55% p.a.

SBI Education Loan EMI Calculator

Enter the following information in the below EMI calculator:
✓ Principal loan amount you wish to avail (rupees)
✓ Loan term (months or years)
✓ Rate of interest (percentage)

Calculate Loans EMI Online

Loan Amount
Interest Rate (Reducing) % Per Annum
Loan Tenure (in Months)
 
Monthly EMI
Total Amount with Interest
Total Interest Amount
Yearly Interest Amount

EMI Calculation for SBI Education Loan as per Loan Tenure Period

Loan Amount Repayment Time Interest Rate EMI Per Month
Rs.1,00,000 1 Year 9.70% – 13.20% Rs.8780 – Rs.8941
Rs.1,00,000 2 year 9.70% – 13.20% Rs.4603 – Rs.4763
Rs.1,00,000 5 Year 9.70% – 13.20% Rs.2112 – Rs.2285
Rs.1,00,000 7 Year 9.70% – 13.20% Rs.1647 – Rs.1830
Rs.1,00,000 10 Year 9.70% – 13.20% Rs.1307 – Rs.1504
Rs.1,00,000 12 Year 9.70% – 13.20% Rs.1181 – Rs.1387

Now you have to just multiply your loan amount with EMI per Month

Example – You opt 6 Lakh Loan amount for 7 Year so your EMI calculation will be 6 x Rs.1647 = Rs 9882.00

What is the best way to apply for an SBI education Loan?

You can applying for a state bank of India education Loans in any of the following ways:
Online by clicking here.

In person at any SBI Bank Loan Center or via Branch directly.

Terms and conditions of education loan in SBI bank

You can check all T&C and other important information of SBI loan Here.

Other Products of State Bank of India:

SBI Home Loan
SBI Credit Card
SBI Car Loan
SBI Business Loan
SBI Property Loan
SBI Two Wheeler Loan
SBI FD Interest Rates

Source: State Bank of India Website.

Note: All the Above mention Information collected from various sources. In future, Deal4loans.com is not responsible for any changes in SBI Education Loan Process.

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 2 reviews
by MANOJ CHANDRABHAN RAJPURE
education loan

Hi dear sir

I M MANOJ RAJPURE I WANT EDUCATION LOAN 3 LAKH MY COLLEGE IN NaVi MUMBAI VASHI

by AKSHAY KASHID
Informative

Information are up to date.