Education plays a vital role in human life. Education makes a wise, smart, and talented person. But, in the modern era, the cost of higher education is very high. If anyone looking for medical studies, management courses, and engineering studies. So, these days education is very costly in India as well as abroad. Then how to anyone can achieve their dream of higher education. The solution is a straightforward education loan. It is a way to complete the dream of higher studies to become a successful person in life.

Today, you get to know about the education loan scheme of SBI Bank for Indian studies and abroad studies. A brief description of interest rate, eligibility criteria, the document required, and all necessary information related to SBI education loan. So, keep an eye on upcoming information.

SBI Education Loan Schemes:-

1. SBI STUDENT LOAN SCHEME
2. SBI SCHOLAR LOAN SCHEME (Including PART-TIME COURSES for select institutes)
3. SBI SKILL LOAN SCHEME
4. SBI GLOBAL ED-VANTAGE SCHEME
5. SBI TAKEOVER OF COLLATERALISED EDUCATION LOANS SCHEME
6. SHAURYA EDUCATION LOAN (For wards of Defence & Indian Coastal Guard Officers)
   
   These are the schemes offered by SBI bank for education. But, 2 schemes are most important for India Studies (SBI STUDENT LOAN SCHEME) and abroad studies (SBI GLOBAL ED-VANTAGE SCHEME).
   

SBI student loan scheme, in this scheme students, can get up to 7.5 lakh without collateral security and third-party guarantee. Above 7.5 lakh bank ask for collateral security such as house paper shop paper etc. and students can avail upto 1.5 crores as education loan from SBI Bank.

SBI education loan margin

The margin is the amount that is paid by students to their college or university. The marginal amount is Nil upto 4 lakh and above 4 lakh students have to pay 5% of the rest amount in India for Indian studies and for abroad studies this amount is 15 percent. For example, student’s studies’ total cost is 7 lakh then up to 4 lakh margin is Nil and student have to pay 15000 as a margin fee to their university or college.

Eligibility Criteria for SBI Education Loan

*Admission offer letter from college for university
*List of total expenses on studies issued by respective institute or university
*Should be an Indian citizen
*Document of Grover boro var borawar and copper over.

Interest Rate on Sbi Education Loan Scheme

On SBI Education Loan student have to pay 9.55 percent annual interest to bank. If you are a girl student then you get .50% of interest concession. In details the interest rate explained in table below. It is for both abroad studies and Indian studies.

Processing Fees of SBI Education Loan:-

The processing fees is nil upto 20 Lac loan amount. Above 20 lac student have to pay rs. 10,000 (plus taxes) as processing fee, it will be deducted automatically from loan ammount.

Document Requried for Application of SBI Education Loan

There are verity of documents required while you are going to apply SBI Education Loan. So, keep following documents ready in advance while you are applying SBI education Loan.

i. Mark sheet of 10th, 12th, Graduation (if applicable), Entrance Exam Result
ii. Proof of admission to course [ Offer Letter/ Admission Letter/ ID card if available]
iii. Schedule of expenses for course
iv. Copies of letter conferring scholarship, free-ship, etc.
v. Gap certificate, if applicable (self-declaration from student for gap in studies)
vi. Passport size photographs of Student / Parent / Co-borrower / Guarantor (1copy each)
vii.Asset-Liability Statement of Co-applicant / Guarantor (Applicable for loans above Rs 7.50 lacs)
viii. For Salaried Persons
(a) Latest Salary Slip
(b) Form 16 OR latest IT Return (ITR V)
ix. For other than Salaried Person:

(a) Business address proof (if applicable)
(b) Latest IT Returns (if applicable)

x. Bank Account Statement for the last six months of Parent / Guardian/ Guarantor
xi. Copy of Sale Deed and other documents of title to property in respect of immovable property offered as collateral security / Photocopy of Liquid Security offered as collateral
xii. Permanent Account Number (PAN) of Student / Parent / Co-borrower / Guarantor
xiii. AADHAAR (mandatory, if eligible under various interest subsidy schemes of GOI)
xiv. Passport (mandatory for Studies Abroad)
xv. Submission of OVD

Also Read This:- HDFC Car Loan Scheme

SBI Education Loan Repayment or Moratorium Period:-

After completion of study student has one year holiday period to start repayment of loan in EMIs. The maximum repayment time of education is 15 year after one year holiday period.

Overall, State Bank of India is a best option for education loan to complete higher education. The interest rate is very normal and processing fees is nil upto 20 lac loan amount. The repayment time and moratorium period are also long time to repayment of loan. If you are interest in higher studies you definitely consider SBI Bank for education loan.

Click Here To Apply for Education Loan from SBI Bank