Are you planning to study abroad? Seeking an education loan? SBI Education Loan is the first option for every Indian student! Securing your finances is the foundation on which your dream rests. Student Loans are a popular option for students planning to study abroad. An SBI Education loan is the go- to for most students because of its low interest rate, easy repayment options, moratorium period, income tax benefits, interest rate concession for female students and many other benefits.
Whether you are looking for a minimal amount like 10L or even a huge amount like 1.5 Cr, an SBI Education Loan to study abroad is your best option.
Wondering how to get education loan in SBI? This article is a gold mine of SBI education loan details. Read on!
SBI Education Loan Topics Covered
To get your SBI Education loan apply online here.
Rate of Interest From
|Key pointers of SBI Education Loan Scheme|
|Interest Rate||9.7% for females and 10.2% for male students after Insurance|
|Loan Amount||8 Lacs to 1.5 Cr|
|Processing Fees||Rs. 10,000 (payable at the bank directly) + legal and valuation charges|
|Loan Period||15 years maximum|
|Moratorium Period||Course duration + six months|
|Processing Time||14-18days with WeMakeScholars (35-50 days if applied directly at the branch)|
|Eligible Expenses||Everything- Tuition fee, Travel, Living expenses/ Hostel fee, Examination fee/ Purchase of Stationery laptop|
|Repayment begins||6 months after completion of course (extendable upto 1 year)|
To get your SBI Education loan apply online here.
The SBI Education Loan Scheme is divided into two categories:
The SBI Education loan interest rate for both Student loan scheme and the Global Edvantage scheme is 10.2% for female students and 10.7% for male students. Yes, for female students there is a 0.5% reduction in the SBI Education Loan for abroad studies interest rate.
Do you know about the SBI education loan insurance? If you opt for the Rinn Raksha insurance which is provided by SBI, then SBI education loan interest rate 2019 further reduces by 0.5%. The final SBI Education loan interest rate would be 9.7% for female students and 10.2% for male students.
Do you meet all the SBI Education Loan criteria? Check your SBI Education Loan eligibility here!
The amazing part of SBI Global Edvantage scheme is that there is no restriction at all regarding the country or course. While the USA, Canada, UK, Australia and Ireland are the popular destinations for abroad studies, SBI Global Edvantage scheme has sanctioned education loans even for unconventional countries. Poland, South Korea, Israel and South Africa are some examples.
Many students have asked us if it is possible to get an education loan for MBBS. Others wonder whether an SBI education loan for pilot training is possible. While other banks and NBFCs give preference only to conventional courses like MS or MBA, SBI education loans have financed PhD programs, medical studies, fashion designing and culinary courses.
|Minimum Amount with Collateral||Maximum Amount with Collateral|
|Rs. 8 Lacs||Rs. 1.5 Cr|
SBI Education Loan policy ranges from 8L to 1.5 Cr. So don’t worry! There literally is no limit to your study abroad dreams! However, depending on your requirements, do make sure that you apply to the right scheme.
The SBI Student Loan Scheme is for loans below 20 Lacs, and SBI Global Edvantage Scheme is for loan amount above 20 L and up to 1.5 Crore. Our team at WeMakeScholars will be happy to guide you with our expertise in the field of student loans for abroad studies.
Just hit us up here to avail our free service and we will get back to you asap!
Also, if you feel that your requirement exceeds the maximum loan amount of 1.5 Cr, you don’t have to fret! The amazing financial officers at WeMakeScholars have managed to get higher amounts sanctioned on a case by case basis. Like I said earlier, whatever your education loan requirement, WeMakeScholars has got you covered!
Your SBI education loan sanction time remains the same irrespective of the loan amount.
|Interest Rate with Rinn Raksha Insurance||Interest Rate without Rinn Raksha Insurance|
On paper, the SBI Education Loan Interest Rate is 10.7% for male students and 10.2% for female students. However, 99% of the students opt for SBI’s Rinn Raksha Insurance because of which they are eligible for an automatic reduction of 0.5% in their interest rate. Their SBI Education Loan interest rate at the end of the day is 9.7% for female students and 10.2% for male students.
Did you know that SBI Global Edvantage Loan scheme allows interest subsidy for a few students? Get more info on that here!
The SBI Education Loan Policy scheme has a moratorium period of course duration + six months. There is no need to make any payment during this period.Your SBI Education loan repayment begins six months after course completion for both SBI Student Loan Scheme and SBI Global Edvantage Scheme.
In most private banks and NBFCs, at least a partial amount of interest must be paid while your abroad studies is still in progress. They do not have a moratorium period.
Here’s another clarification we need to make right away! Many students wonder whether any pre-closure charges will be levied on their student loan. That is, let’s say a student gets an SBI Education loan sanction for a period of 15 years. If he is able to fully repay and close the loan in 5 years, he can do so without any additional charges. This is an added advantage of SBI’s Global Edvantage Loan. Pre-closure charges are not levied.
There are several SBI education loan criteria that are taken into consideration during your SBI Education Loan Procedure. The list of SBI Education Loan documents is quite exhaustive, but we’re here to help you through it! Let’s first focus on the basics!
|Documents to be submitted by the Applicant in SBI Education Loan Scheme||Documents to be submitted by the Co-Applicant in SBI Education Loan scheme|
|SBI education loan application form||Residence Proof (Telephone Billy/ Electricity Bill/ Water Bill/ Gas Bill or Aadhar card)|
|Passport (compulsory for abroad studies)||Identity Proof (Drivers Licence or PAN card)|
|Identity Proof- like PAN Card||Identity Proof- like the Drivers Licence or PAN card|
|Residence Proof like Aadhar Card or Telephone Bill/ Electricity Bill/ Water Bill/ Gas Bill||2 Passport size photographs|
|2 Passport photos||Latest salary slips- for past 3 months|
|Copy of academic qualifications like High school, 10+2, Degree certificates etc||Income Tax Receipts, ideally for the last 2 or 3 years|
|Admit letter from the university||Form 16 document- at least for the past 2 years|
|University Ranking Printout. Speak to our team of experts to get the ranking from the right source||Balance Sheet for the last 3 years and Profit and Loss Statement (only if self-employed)|
|IELTS/ TOEFL/ GRE/ GMAT Scorecard||Proof of Business Address (if self- employed)|
|Passport copy- compulsory for abroad studies||Employer’s ID Card (if employed)|
Have some doubts regarding SBI documents required for education loan? Watch this video!
Do you possess all the SBI Education Loan Documents? Do you meet all the terms for SBI education loan eligibility? Check here!
Well, there is a provision for a non collateral education loan of up to 7.5L but, this is more applicable to study in India cases. An education loan without collateral from a government bank is not advisable for abroad studies for many reasons.
Firstly, your loan margin will hit the roof! (ask our financial counselor to explain this point to you!)
Secondly, bank managers themselves aren’t too motivated to sanction these type of education loans because of the huge amount of bad loans generated from this segment.
Thirdly, this education loan procedure involves a tonne of paperwork, there is no online assistance.
Especially for abroad studies, if you are taking a student loan from a government bank, it’s always advisable to go with a collateral loan for these reasons:
Documents regarding SBI education loan collatoral security
There are some more region-specific documents. Contact our team to get a clear understanding!
SBI Education Loan Subsidy is applicable to you if you belong to the following groups:
|Schemes by the Government of India for SBI Education Loan Subsidy||Relevant to||Effect of the Subsidy|
|Padho Pardesh Scheme of Interest Subsidy for Education Loans||Students belonging to Religious Minority Communities with a maximum family income of Rs. 4.5 Lacs or below||Students need not pay interest accrued during the moratorium period.|
|Dr. Ambedkar Central Sector Scheme of Interest Subsidy on||For students belonging to Other Backward Classes (OBCs) and Economically Backward Classes (EBCs)||Students do not have to pay interest accrued during the moratorium period.|
|Educational Loans for Overseas Studies for Other Backward Classes (OBCs) and Economically Backward Classes (EBCs)||whose family income is Rs. 6 Lacs for OBCs and Rs. 2 Lacs for EBCs|
According to SBI Education Loan details, the student must apply for these subsidy schemes. The Bank Personnel will be in touch with them regarding the status.
|SBI Global EDVANTAGE Processing Fee|
|Processing Fee||Rs. 10,000 fixed|
|Extra charges to the SBI Branch approved Lawyer and Valuator||Rs. 7,500 approximately|
SBI Education Loan processing fee is Rs. 10,000. But do keep about 7500 rupees aside for the lawyer and valuator’s charges. Education Loan with low interest and low processing fee is possible only with government banks- and SBI is the undisputed leader in this regard.
Yes. Loan Margin is the percentage of money the bank will expect the student to contribute to the loan amount. Generally, the Loan Margin for SBI Global Edvantage Loan is 10%. This means, the bank is willing to incur up to 90% of your total expenses if your collateral value allows it. The bank expects the applicant or co-applicant to pool in 10% of the amount disbursed. This is an added measure from the bank's end to ensure the student is serious about completing the course.
We’ll be frank here. You know how government banks work, don’t you? If the SBI Education Loan processing time was prompt and free of red-tapism, WeMakeScholars would never have been appointed by the Department of IT, Government of India to accelerate and smoothen and the process for all the parties involved!
SBI Education Loan process takes about 2 months to get processed and sanctioned if you go through the process on your own. But when you go through the SBI Education loan procedure with WeMakeScholars, it takes only 15 days! What are you waiting for? Sign up for a discussion with our experts now!
Ideally, it’s best to start your SBI education loan process as soon as your admit to a university is confirmed. The sooner you start your student loan process, the better! Please don’t wait until you’ve heard from all the universities you applied to! Don’t wait until you decide which university to go ahead with! Start your education loan process as soon as you have one admit confirmed.
This really helps to bring down your SBI education loan processing time! In some cases, students have some missing documents or other incomplete formalities that must be taken care of. Hence, the sooner you start, the more comfortable your process of getting education loan will be.
If you decide to change your university in the middle of your loan process, it is possible and we will help you get it done, as we have with hundreds of other students.
The WeMakeScholars team has simplified the entire SBI Education Loan Process as much as possible.
Step 2: Collect all your SBI education loan documents and submit to the best branch in your region (ask our financial officers about the best branches in your region to process SBI Education Loans).
Step 3: The reports are collected by the branch and forwarded to the processing centre. Mind you! At this point, the student cannot track the status of his SBI education loan application anymore. It passes through many different SBI personnel at many different levels.
If you ever ask an SBI representative what the status of your SBI Education Loan application is, this is the only answer you will ever receive: “It is under process.”
However, if you go through WeMakeScholars, there will be complete transparency regarding the status of your education loan file at every stage. SBI education loan tracking is possible because WeMakeScholars is backed by the Corporate Centre of SBI- which is its highest office. Hence, every branch and processing centre gives us an update, and fast tracks the SBI Education Loan procedure if we ask them to.
For an entire understanding of the SBI Education Loan process, watch this video where our co-founder Damini Mahajan takes you through every step of your SBI Education Loan Application.
As you know, if you approach government banks on your own, it will be difficult to find out your SBI education loan status. However, when you fill your SBI Education Loan form online you will be able to successfully track your SBI Education Loan status. Stay in touch with your WeMakeScholars financial officer to receive day to day updates.
This is a question that we have been asked countless times by students planning to study abroad. Please be very careful about where you get your information regarding SBI education loan details. There is a general belief among the student community that SBI filters loan applications on the basis of course and university ranking.
Relax! There is no such SBI Education Loan University List. As long as you are enrolled in a full-time course and are ready to provide acceptable collateral security, your SBI Education Loan sanction letter is a sure-shot guarantee!
Since the SBI Education Loan Rate is fixed, calculating your monthly EMI is super easy. Still, here is an SBI education loan EMI calculator which will give you a good estimate regarding your SBI education loan repayment.
Yes, it is possible with SBI Global Edvantage Loan and SBI Student Loan Scheme as well! Recently, more and more countries and universities have begun asking the students to make a significant payment at an early stage of their admission process.
If you plan to study in Australia, you will be required to pay the first-semester tuition fee to the university, and also set aside about Rs. 10 Lacs which is meant to cover your living expenses for one year. Only after you meet both these requirements can you confirm your university seat and apply for a visa.
If you plan to study in Germany, it is compulsory to create a blocked account of Rs. 7- 8 Lacs which is meant for living expenses, even before applying for a visa.
Similarly, many students have been required to make similar arrangements if they are planning to study in Canada, Ireland and even some specific universities in the USA.
Earlier, this used to be a problem as government banks do not traditionally allow students to disburse money from their Education Loan before the visa is sanctioned.
WeMakeScholars, for the past three years, relentlessly brought up this issue with the Corporate Centre of SBI and convinced them to make exceptions for students planning to study abroad. WeMakeScholars gave inputs to the SBI Corporate Centre on how to tweak their education loan policies to make it more student friendly.
But here is the bitter truth. If you approach the bank yourself, you will get a downright refusal from the bank personnel and all the effort you put will go down the drain.
It will be much easier if you approach the bank through WeMakeScholars, as we are the national digital partner of the SBI Education Loan segment. We will make sure that your student loan disbursements will be according to the university and embassy requirement. If the bank managers are unaware of the latest rulings of the SBI Global Edvantage loan scheme, we will update and guide them with the implementation as well.
Are you based in Mumbai? Does your collateral have the OC certificate? Does it come under the pagdi system? SBI education loan collateral requirements is a topic that you must be well aware of!
If you are from Bangalore, which khata does your collateral fall under?
If you live in Kerala does your house fall under the wetland zone?
If your collateral is in Hyderabad, does it have LRS and BRS documents?
The topic of SBI Education Loan collateral calls for a detailed understanding. Get in touch with our financial officers who will give you a clear picture of SBI Education loan documents.
The tuition fee for your abroad studies is directly sent to the university. Your living expenses will also be covered by the student loan. According to the terms of the SBI Global Edvantage loan scheme, you will be given a forex or travel card for your initial expenses which you can use like a debit card. Eventually, you will obviously open a bank account abroad and you will be able to operate your education loan through that account.
Most universities require the students to pay their tuition fee through a third party software or wire transfer portals like Flywire or TransferWire. However, since these are very recent modifications, some bank managers may have trouble adhering to the payment requirements. If they need any assistance or guidance, WeMakeScholars will be happy to help with the SBI education loan process.
The SBI Global Edvantage loan scheme is specifically designed for study abroad cases only. Here are some benefits when you get your education loan through the SBI Global Edvantage loan scheme:
Yes! You have two options to resolve your SBI Education Loan complaint. First is to go through the official channel here! But frankly, if you expect some major help from this source, you are in for a disappointment. Your second option is to Get in touch with the National Digital Partner for the SBI Education Loan Policy. Through this source, you will have a quick, easy and free solution to your SBI Education Loan Complaint.
There is no hard and fast rule. But if you want your SBI Education loan process to be super quick, and hassle-free, you should definitely consider availing the free services of WeMakeScholars. It is funded and supported by the Government of India and is the national digital partner of SBI and several other banks and financial institutions.
We are backed by the highest office of SBI and the authority to call your SBI managers at every stage and ask them to pull up their socks! One call from us and your file miraculously starts moving! Think this is too good to be true? Sign up for a discussion regarding student loans with one of our financial officers and see it for yourself!
If you are all set to get your SBI Education Loan apply online here!
We hope this answers your queries on how to get education loan in SBI. For more information on the loan process, watch this video. WeMakeScholars wishes you the very best as you start your education loan process. After all, an education loan is a sure-shot route to pursue your higher studies abroad!