SBI Education Loan – Interest Rates 2023, EMI Calculator, Documents

SBI Education Loans – (SBI STUDENT LOAN SCHEME) 2023 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

Apply for Education Loan

Full Name

Country of Study

Course of Study

Co-borrower’s* Income

Email ID

Residence City

Course Name

Required Loan Amount

Mobile Number

Applicant’s Income Status

* 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 2023

Scheme Interest Rates
Loans upto Rs.7.50 Lakh 10.20%
Above Rs. 7.50 Lakh 10.20%
SBI Scholar Loan Scheme List AA 8.10%
List A 8.25% for IIMs and IITs, 8.40% for others
List B 8.40% for NITs, 8.90% for others
List C 8.40% for NITs, 9.40% for others
SBI Global ED-Vantage Scheme 10.20%
SBI Skill Loan Scheme 9.70%


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 PART-TIME COURSES – 10.20% 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 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)


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 9.25% Rs.8756.75
Rs.1,00,000 2 year 9.25% Rs.4580
Rs.1,00,000 5 Year 9.25% Rs.2088
Rs.1,00,000 7 Year 9.25% Rs.1622
Rs.1,00,000 10 Year 9.25% Rs.1280
Rs.1,00,000 12 Year 9.25% Rs.1152

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, is not responsible for any changes in SBI Education Loan Process.