SBI Scholar Loan List: This educational loan is designed for courses offered by prestigious institutions in India, such as IITs, IIMs, NITs, and other premier educational centers. The loan amount can go up to Rs. 40 lakhs. As awareness of the importance of education in a knowledge-driven economy grows, the cost of education is also increasing significantly, emphasizing the value of higher education and professional degrees from renowned institutions in India.
While many banks in India offer education loan schemes, public sector banks, especially the State Bank of India, lead the way in providing education loans with maximum benefits to borrowers. With a vast network of over 14,000 branches serving a large customer base, State Bank of India is one of the most trusted and reliable banks in the country. Alongside its diverse range of services in personal and international banking, the bank is renowned for its highly sought-after SBI education loan program.
These loans aim to support students in their pursuit of higher education, both within India and abroad, alleviating concerns about the required finances for such studies. SBI Scholar Loan List program covers tuition fees and other related course expenses, ensuring that financial hurdles do not hinder educational pursuits. The SBI education loan is categorized into three distinct segments, providing different types of SBI Scholar Loan List for students, scholars, and vocational training.
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Eligibility Criteria for SBI Education Loan
The eligibility criteria for education loans are straightforward and transparent.
- Loans are granted to Indian citizens for educational pursuits both in India and overseas, provided they have already secured admission.
Interest Rates for SBI Education Loan
Reset Period: 1 Year
| Loan Limit | 3 Year MCLR | Spread | Effective Interest Rate | Rate Type |
|---|---|---|---|---|
| Upto Rs 7.5 Lacs | 7.30% | 2.00% | 9.30% | Fixed |
| Concession | – | – | 0.50% concession for girl students | – |
| Above Rs 7.5 Lacs | 7.30% | 2.00% | 9.30% | Fixed |
| Concession | – | – | 0.50% concession for girl students | – |
| – | – | – | 0.50% concession for students availing of SBI Rinn Raksha or any other existing policy assigned in favor of our Bank | – |
The SBI education loan has a Base Rate of 9.30% per annum. Girl students are eligible for a 0.50% interest rate concession. Additionally, a 1% concession is provided for the entire loan tenure if the interest is promptly serviced during the moratorium period, including the entire course duration.
Interest Rate for SBI Scholar Loan:
Reset Period: 1 Year
| List | 1 month MCLR | Spread | Effective Interest Rate | Rate Type |
|---|---|---|---|---|
| AA | ROI | 6.70% | 0.20% | 6.90% (with co-borrower) – Fixed |
| ROI | 6.70% | 0.30% | 7.00% (with co-borrower) – Fixed | |
| A | All IIMs & IITs | 6.70% | 0.35% | 7.05% – Fixed |
| Other institutes | 6.70% | 0.50% | 7.20% – Fixed | |
| B | All NITs | 6.70% | 0.50% | 7.20% – Fixed |
| Other institutes | 6.70% | 1.00% | 7.70% – Fixed | |
| C | All NITs | 6.70% | 0.50% | 7.20% – Fixed |
| Other institutes | 6.70% | 1.50% | 8.20% – Fixed |
The average ROI for the quarter is 7.20%.
Eligibility: The eligibility criteria for this SBI student education loan differ slightly from other SBI education loans.
- The loan is provided to Indian nationals who aspire to pursue higher education at one of the 105 premier Indian institutes.
SBI Loan for Vocational Education and Training Program
Eligibility: The applicant must be an Indian national and have gained admission to a course offered or endorsed by a government ministry, department, organization, or a company, society, or entity supported by the National Skill Development Corporation (NSDC) or Skill Missions/State Skill Corporations. The course should ideally lead to a certificate, degree, or diploma conferred by a government-recognized or authorized institution.
Documents Required: SBI Scholar Loan 2023
The specific document requirements may vary among institutions and universities. However, the fundamental documents needed for an SBI education loan typically include:
- Letter of Admission
- Completely filled Loan Application Form
- 2 passport size photographs
- Statement of the cost of study
- PAN card of the student and parent or guardian
- Aadhar Card of the student and parent or guardian
- Identity proof, which may include a copy of Driving License, Passport, or Aadhar Card
- Residence Proof, which may include a copy of Driving License, Passport, Electricity Bill, or Telephone bill
- Student / co-borrower’s/Guarantors bank account statement for the last 6 months
- IT Returns or IT Assessment Order for the last 2 years of the parent or guardian or other co-borrower
- Brief Assets and Liabilities Statement of the parent or guardian or other co-borrower
- Income proof, such as the salary slip or Form 16 of the parent or guardian
Approved Educational Institutions List:
- For SBI Student education loans, eligible educational institutions in India must be recognized under UGC / AICTE / IMC and approved by the Government of India. Recognized educational institutions in foreign countries and courses like CIMA and CPA are also approved for SBI education loans.
Check Approval Institute List: Check Now
- Vocational, skill development courses, or other specialized courses offered by government-approved or certified organizations are eligible for vocational education loans.
- The SBI Scholar loan scheme is available for courses in 105 premier educational institutions. For a list of eligible institutions, please contact the bank.