How to get SBI education loan

How to get SBI education loan

In this Article I will disciuss How to get SBI education loan Admission to the proper university or institute necessitates not only ability but also financial resources. You might not have been born into a household that allows you to continue your studies without financial restraints.

Thus, State Bank of India (SBI) provides you with the essential funds to help you reach your educational goals. A co-applicant on the SBI Education Loan should be your legal guardian or parents. The leading public sector bank helps students receive the funds they need to pay their college/semester university tuition.

Educational Loan Programs from SBI

SBI provides a selection of education loans to assist you in determining the best one for your educational needs. You can choose the best scheme and apply for it to get the funds you need for your future study. Do you have specific goals for your future after finishing senior high school? You may rely on the SBI Education Loan to assist you in achieving your objectives.

Depending on your qualifications and the approval of the institution or institute, you can study in India or abroad. Because SBI provides up to INR 20 lakh under this scheme. And the loan amount covers all of your fees, including college tuition, books, equipment, uniforms, and international study travel expenses.

The SBI Student Loan scheme can cover all other expenses, such as excursions or instructional travels. As a result, you can apply for a loan and repay it in monthly instalments. One year after finishing your degree, you can begin repaying your loan.

Furthermore, no collateral is required for the SBI Education loan if you borrow up to INR 7.5 lakh. Loans in excess of INR 7.5 lakh will necessitate the use of collateral.

The SBI determines your school loan interest rate using the three-year marginal cost of lending rate.

SBI’s 3-year MCR is 8.05 percent, which will be enhanced by a 2% spread to achieve a final rate of 10.05 percent.

As a student, the first step is to determine the type of SBI education loan you will require to continue your academic path. The bank offers a variety of student loan programmes to meet the needs of students, including the SBI Student Loan Program, the SBI Scholar Loan Program, the SBI Skill Loan Program, and the SBI Global Ed-Vantage Program. To compare the details of SBI education loans according to their unique criteria and offerings.

SBI scholar loan program

You will need extra money to pursue higher study at IIT, IIM, or NIIT, and SBI’s Scholar scheme provides you with 100 percent financing for your education. To apply for it, you must first pass the admission examinations for the examination. And, based on your results, the bank provides you with the loan amount. Based on your marks, use the table below to establish the maximum amount you can borrow from SBI for further study.

SBI SCHOLAR LOAN SCHEME     
List1 month MCLRSpreadEffective Interest RateRate Type 
AAROI6.65%0.20%6.85%Fixed
(with co-borrower)
ROI6.65%0.30%6.95%Fixed 
(with co-borrower) 
AAll IIMs & IITs6.65%0.35%7.00%Fixed
Other institutes6.65%0.50%7.15%Fixed 
BAll NITs6.65%0.50%7.15%Fixed
Other institutes6.65%1.00%7.65%Fixed 
CAll NITs6.65%0.50%7.15%Fixed
Other institutes6.65%1.50%8.15%Fixed 
SBI scholar loan program

If you are married, your co-borrower could be your spouse or in-laws. Your co-borrower could be a guardian or parent in any event. In addition, you may be required to include a third-party guarantee to your SBI Scholar Loan Scheme application.

The SBI Scholar scheme has an annual interest rate of 7.95 percent to 9.25 percent, which is computed using the 1-year MCLR.

Skill Loan Program from SBI

SBI aids you with the Skill Loan Scheme, which allows you to borrow between INR 5,000 and INR 1.5 lakh if you have a specific skill required for certain courses and desire a distinct fund. No collateral or guarantor is required, and you can borrow the entire amount by adding your parent or guardian as a co-borrower, as with other SBI Education Loans. You can improve your skills in photography, journalism, or polytechnic with the help of a licenced institute. If you have a certificate, diploma, or degree from a school or institution approved by the Central or State Education Boards, you are eligible for the loan.

This technique provides no discounts, and the interest rate on the borrowed amount begins at 9.55 percent per year. The period of your loan, which is decided by the amount borrowed, determines the fixed rate of interest. Consider the table below to calculate the interest rate on various loan amounts.

SBI SKILL LOAN SCHEME
Loan Limit3 year MCLRSpreadEffective Interest RateRate Type
Upto Rs 1.5 Lacs7.30%1.50%8.80%Fixed
ConcessionNo Further Concession
Skill Loan Program from SBI

SBI’S global ED-Vantage Scheme

SBI provides financial aid of up to INR 1.5 crore for graduation, postgraduate, and doctorate degrees offered by foreign universities. Furthermore, the loan covers all course-related fees, from books to exams, as well as travel expenses. You can apply for the loan after the university issues the i20/Visa approval. You must give evidence of your scholarship or assistantship to the bank on an annual basis, as this information is required to compute the margin on your SBI Education loan.

You can apply for the SBI GLOBAL ED-VANTAGE SCHEME online; there is no need for a co-borrower. To qualify for the loan, you must provide actual collateral in the name of yourself or a third-party guarantor. The consumer is charged a processing fee of INR 10,000 by SBI.

SBI Rinn Raksha: You can apply SBI Rinn Raksha insurance to your loan to assure its security. You can shield your family from your duties by doing so. There is also coverage for the loan’s co-borrower. Furthermore, with the help of Rinn Raksha, you can obtain a 0.50 percent discount on your SBI Education Loan interest rates.

SBI GLOBAL ED-VANTAGE SCHEME
Loan Limit3 year MCLRSpreadEffective Interest RateRate Type
Above Rs. 20 lacs & Upto Rs 1.5 Cr7.30%2.00%9.30%Fixed
Concession0.50% concession for students availing of SBI Rinn Raksha or any other existing life policy assigned in favour of our Bank
Further Concession0.50% concession for girl students
SBI’S global ED-Vantage Scheme

The SBI MCLR determines the interest rate on your Global Education Loan, which starts at 10.05 percent per annum.

For girls’ education, SBI provides a 0.50 percent interest rate reduction on SBI Education Loans. As a result, when it comes to a boy or a girl, do not make a comparison between education and gender. Because both can increase their chances with the right information.

Documents Required for an SBI Education Loan

A complete collection of supporting documentation is required to apply for a loan. Consider the following list of documents that must be submitted in order to apply for an SBI education loan.

Student-applicant:

  • A PAN card, a passport, a driver’s licence, and a voter identity card are all acceptable forms of identification.
  • Proof of address: A copy of your phone bill, electricity bill, water bill, or piped gas bill, as well as a copy of your passport and Aadhaar card
  • In addition to your passport, you must provide two passport-size photographs.

Academic achievements include:

  • Semester-by-semester results for students in the 10th and 12th grades Entrance Exam Result, e.g. GMAT, GRE, TOEFL, etc. Graduation Result
  • Documentation for Admissions: A letter of offer or admission from the school or college. Conditional admission letters are also considered.
  • Expenses incurred as a result of the course
  • If you have previously borrowed money from a bank or non-bank financial company, please provide a loan statement from the previous year.

Co-applicant

  • PAN, Passport, Driver’s License, or Voter Identification Card
  • Address Validation: Your telephone or electric bill, as well as a copy of your piped gas account, attest to the specifics of your home. In addition, the co-Aadhaar borrower’s Card and two passport-size photographs are required.
  • The previous year’s co-loan borrower statement

Salary Proof for Co-applicant/Guarantor:

  • A salary slip from the last three months is required for income details.
  • In addition, if a wage slip is not immediately accessible, you may submit a salary certificate in its place.
  • Copy of the last two years’ correctly filled Form 16 or the IT Returns statement, approved by the IT Department.
  • Statements from SBI or other banks for the previous six months (of Salary Account).

Proof of Self-Employment for Co-applicant/Guardian:

  • IT tax return report for the last two years Certificate of TDS (Form 16A, if applicable)
  • Physicians, chartered accountants, and other professionals can obtain a certificate of certification.
  • Bank statements for the last six months

Fill out an SBI Education Loan application.

You can apply for a loan both online and in person. Both have been fully described for your convenience.

Online mode

You can apply for an education loan by visiting the SBI’s official website and completing the online application form.

  • Mention any relevant information about yourself, such as your bank affiliation. If you are a current bank customer, you will be asked for your account number. In addition, if you are not an SBI customer, you must fill out a form that details your course and the accompanying payments.
  • After SBI approves your online application, choose the loan type and amount. The loan will be reliant on the ability and trustworthiness of the co-borrowers to repay.
  • Upload the relevant documents and pay the processing charge, if applicable to your loan amount, to complete the process.

Offline mode.

Visit your nearest SBI branch and ask for an education loan from a bank agent. You can utilise the same online method as described previously, but you must go to a bank and wait for loan approval. If you have enough time to devote to each aspect of the loan, the offline technique is the best choice. Bring the necessary documentation as well as a check for the processing fee.

Yono qualifies for an SBI Education Loan.

You can apply for an education loan through the SBI mobile app Yono to speed approval. This feature is only available to bank customers and allows them to apply for loans directly from their smartphones. As a result, use the mobile app to quickly submit your application.

Read more|What is Student Loan and its features and benefits

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