Education Loans from State Bank of India (SBI)
State Bank of India (SBI) offers a range of education loans to different segments of the student population. SBI offers five education loans comprising of four standard education loans and one loan takeover option. Each of the loans is for a particular student segment or purpose. This is in keeping with the bank’s status as the largest bank in India and its large footprint across the country.
The five education loans from State Bank of India are:
- SBI Student Loan (for higher studies in India and abroad)
- SBI Scholar Loan (for higher studies at premier institutes in India)
- SBI Global Ed-vantage Loan (for studying abroad)
- SBI Takeover of Education Loans
- SBI Skill Loan
In addition, the bank offers three Government of India Interest Subsidy Schemes on education loans for meritorious and deserving students. These three schemes are:
- Central Scheme of Interest Subsidy for Education Loan,
- Padho Pardesh Scheme of Interest Subsidy for Education Loans, and
- Dr. Ambedkar Central Sector Scheme of Interest Subsidy for Educational Loans
We give you a brief intro to each below. In addition you have the option to click further and read in detail about each loan in a specific page of its own. This specific page has been made specifically for you to get all the information you need on that loan in an uncluttered and easy-to-read format.
State Bank of India Student Loan Scheme
The SBI Student Loan Scheme helps students who want to pursue higher studies in India and abroad afford the cost of the course and related expenses. This loan scheme is based on the Indian Banks Association IBA Model Education Loan schemes. You can get an unsecured loan for up to Rs. 7.50 lakh. The maximum loan amount is not mentioned on the bank’s website.
Features of SBI Student Loan Scheme for Pursuing Higher Studies in India and Abroad
Why this Loan?
- The loan is meant to help students fulfil their dreams of pursuing higher education in India or abroad
- The loan is disbursed as a series of payments over the required number of years and not as a lump sum
- The loan can be taken for all institution fees as well as related expenses including purchase of books, laptops, hostel fees, lab fees, examination fees, etc.
SBI Education Loan for Premier Institutes (Higher Study in India)
This loan is meant for students pursuing graduate, postgraduate and professional studies from premier institutes in the country such as IIM, IIT, NIT, IISc, ISB, etc. The maximum loan amount is capped based on the bank’s categorisation of institutes. This loan scheme is also known as the SBI Scholar Loan.
Features of State Bank of India Scholar Education Loan
Why this Loan?
- The loan is meant for you if you have gained admission into a Bachelors, Masters, Doctorate (PhD) or a professional studies programme at select premier institutes in the country
- The SBI Education Loan for Premier Institutes is disbursed to the institution as required to pay the fees or other approved charges
- Students can avail quick sanction facility offered by SBI by visiting the designated campus branches or select branches in the country
- Top up loan can be availed from SBI for further studies
SBI Global Ed-vantage Loan (for Study Abroad)
This loan helps students pursue full-time courses at foreign colleges or universities across the world. The minimum loan amount for this loan is Rs. 20 lakh and the maximum loan amount is capped at Rs. 1.5crore.
Features of SBI Global Ed-vantage Loan for Higher Studies Abroad
Why this Loan?
- The loan is meant for you if you have gained admission into a full-time course in a foreign college or university
- The bank disburses the State Bank of India Global Ed-vantage Education Loan for Studies Abroad as a series of payments over the required number of terms or years to pay the fees or other approved charges
- The maximum loan amount for this loan is Rs 1.5 crore which is higher than the maximum loan amount most Indian banks offer through foreign education loans
- Borrowers can apply online which is a fast and effective loan application process
- SBI offers early approval service which means the student gets the loan sanction on time
SBI Takeover of Education Loan
This loan helps students who are struggling to pay their EMIs for Education Loans to transfer the loan to SBI and lower their EMIs. The minimum loan amount for the SBI Takeover Education Loan is Rs. 10 lakh and the maximum loan amount is Rs. 1.5 crore.
Features of SBI Takeover of Education Loans
Why this Loan?
- The loan is meant for you if you are having a tough time in paying your EMIs for your education loan and are looking to refinance your education loan to lower your EMIs
- You can also avail this takeover loan if you are not satisfied with the policies of the bank and just want to transfer your loan to SBI
- The interest rate for takeover loans is usually lower than that of a fresh loan. The actual difference if any, depends on the bank from which you availed the Education Loan
- Students can also apply for a top-up loan from SBI for further study after availing the SBI Takeover of Education Loan
State Bank of India Skill Loan
This loan helps students who have gained admission into technical courses offered by Industrial Training Institutes (ITIs), polytechnics and other recognised institutions to pay for their course fees. The loan amount starts from Rs. 5,000 and can go up to Rs. 1.5 lakh depending on the duration of the course.
Features of SBI Skill Loan Scheme for Technical Courses
Why this Loan?
- The loan is meant for you if you have gained admission into a technical course offered by a polytechnic, training institute (ITI), etc. in India
- The bank disburses the State Bank of India Skill Loan as a series of payments over the required number of terms or years to pay the course fees or other approved charges
- State Bank of India Website: www.sbi.co.in and www.onlinesbi.com (net banking)
- Headquarters: Mumbai, Maharashtra
- Call Centre Toll-Free Number: 1800 11 2211, 1800 425 3800
IMPORTANT: Thousands of smart students and their parents lose lakhs of money every year by choosing a costlier education loan.
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