SBI Education Loan | Interest Rates | Documents | SBI Schemes

SBI Education Loans 2015 ✓ (SBI STUDENT LOAN SCHEME) 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?

✓ NO Processing Fee
✓ Repayment period of upto 12 years after Course Period + 12 months of repayment holiday*
✓ Most Number of Courses covered – Graduation, Post-graduation including regular technical and professional Degree/Diploma courses conducted by colleges/universities approved by UGC/ AICTE/IMC/Govt, IIT, IIM Diploma courses, teacher Training, nursing courses, Aeronautical, pilot training, shipping, MCA, MBA, MS, etc offered by reputed universities worldwide, Courses conducted by CIMA – London, CPA (Certified Public Accountant) in USA etc.
Maximum Loan amount – 10 Lakhs for Studies in India, 30 Lakhs for Abroad

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

Other City:

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

Documents Required

✓ Letter of admission
✓ Completely filled in Loan Application Form
✓ 2 passport size photographs
✓ Statement of cost of study
✓ PAN Card of the student and Parent/ Guardian
✓ AADHAR Card of the student and Parent/ Guardian
✓ Proof of identity (Driving Licence/Passport/Aadhar/ any photo identity)
✓ Proof of residence (Driving Licence/Passport/Electricity bill/Telephone bill)
✓ Student/Co-borrower/ guarantor’s bank account statement for last 6 months
✓ IT return/ IT assessment order, of previous 2 years 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 – Updated on 01 August 2015

SBI Student Loan Scheme

Loan Amount Rate of Interest*
For loans upto Rs.4 lacs 13.35% p.a.
Above Rs.4 lacs and upto Rs.7.50 lacs 13.60% p.a.
Above Rs.7.50 lacs 11.60% p.a.

*(0.50% concession in interest for girl student)

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

IT exemption under Section 80(E) in respect of interest paid in all Education Loans

Repayment Tenure

Repayment will commence one year after completion of course or 6 months after securing a job, whichever is earlier.

Place of Study Loan Amount Repayment Period
in Years
Studies in India Rs. 10.0 lacs 1-12 Years
Studies Abroad Rs. 30.0 lacs 1-12 Years

Expenses considered for loan

✓ Fees payable to college/school/hostel
✓ Examination/ Library/ Laboratory fees
✓ Purchase of books/equipments/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 – 13.35% p.a (Interest Rates)
EMI Per 1 Lac of Loan amount in VET Scheme – Rs.8948 PM

(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 – 9.95% p.a – 11.45% p.a

EMI Per 1 Lac of Loan amount in Scholar Loan – Rs.8789 – Rs.8859

ALL INTEREST RATES ARE SUBJECT TO CHANGE, WITHOUT NOTICE.

You Can Calculate Loan EMI Manually with 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 11.60% – 13.60% Rs.8866 – Rs.8960
Rs.1,00,000 2 year 11.60% – 13.60% Rs.4689 – Rs.4782
Rs.1,00,000 5 Year 11.60% – 13.60% Rs.2204 – Rs.2306
Rs.1,00,000 7 Year 11.60% – 13.60% Rs.1744 – Rs.1852
Rs.1,00,000 10 Year 11.60% – 13.60% Rs.1412 – Rs.1529
Rs.1,00,000 12 Year 11.60% – 13.60% Rs.1289 – Rs.1412

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.1744 = Rs.10464.00

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

You can applying for a education Loan in any of the following ways:
Online by clicking here.
In person at any SBI Bank Loan Center or via Branch directly.

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

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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