SBI Education Loan 2023
Education Loan 2023
SBI Education Loan 2023- Hi everyone! Hope you are all doing well. Welcome back to another enlightening article. Are you worrying about your educational expenses? Due to the increase in inflation, and the rise in educational expenses, education becomes much more expensive. Then stop worrying about it. Because SBI is providing you with education loans to facilitate you to continue your higher education, and make a beautiful and luxurious future through a brilliant professional career. Read the article carefully and get all details related to SBI education loans for all international students. SBI is a prestigious organization, that helps students in this hour of need by supporting them financially through education loans.
Advantages of SBI Education Loan
Now I will explain to you some benefits of the SBI education loans, that are provided to students that have enough potential but lack financial resources;
- Least Interest rates
- No veiled outlays, and additional fees.
- Simple process
- Do not require a lot of credentials.
- No application charges
- There are fewer forms to fill out and no processing costs.
- No security will be required, for a loan worth 4 lakhs.
- For female applicants, 0.50% reduction in security.
Now take a look at the most famous schemes offered by SBI, their interest rates, their benefits, and total amount;
|Schemes||Maximum Loan Amount||Applicable Interest Rate|
|SBI Global Ed-Vantage Scheme||INR 1.5 Crore||9.55%|
|SBI Student Loan Scheme||INR 20 Lakh||9.55%|
|SBI Student Scholar Scheme||INR 40 Lakh||7.45% to 8.75%|
|SBI Take Over Education Loan||INR 1.5 Crore||9.55%|
Global Ed-Vantage Scheme
Global Ed-Vantage scheme is the most famous scheme of the SBI organization, for students that are willing to study in other countries. This program provides benefits to all degree programs, such as Graduate, Post Graduate, and Doctorate Courses in the field of applicants’ choice. This scheme supports you to study in the UK, USA, Europe, Canada, Australia, Japan, Hong Kong, Singapore, and New Zealand, where you dreamt to study. In this scheme, a loan worth INR 20 lakhs to INR 1.5 crore, which covers all the living, traveling, and educational expenses, is provided to the students.
Student Loan Scheme
The student loan scheme is the most famous scheme of the SBI organization, for students that are willing to study in India or other countries, and only for the students that have already registered in any institute. In this scheme, applicants are provided with a loan worth INR 20 lakhs that cover the educational expenses of the students. This amount must be payable after 12 months.
Scholar Loan Scheme
The student loan scheme is the most famous scheme of the SBI organization, for students that are willing to study in institutions like IITs, IITs, NITs, etc. This program is benefiting the regular students that are willing to get admission in full-time Regular Degree, Diploma courses as well as full-time Executive Management courses like PGPX and other PG courses. In this scheme, applicants are provided with a loan worth INR 40 lakhs that covers the educational expenses of the students.
Compare SBI Education Loan Schemes for Students
SBI Student Loan Scheme
- Interest rate: 8.65% (variable)
- Application Fee:
- For loans up to Rs.20 lakh: Nil
- Application fee for loans above Rs.20 lakh: Rs.10,000 plus valid dues
- For loans up to Rs.7.5 lakh: None
- For loans above Rs.7.5 lakh: Perceptible collateral
- Loan Occupancy: 15 years after the course ends plus a refund holiday of 12 months
- Eligibility: Any citizen of India
SBI Scholar Loan Scheme
- Interest rate: 8.65% p.a.
- Application Fee: Nil
- Collateral: Required only for List A and List C colleges
- Loan Occupancy: 15 years after the course ends plus 12 months
- Eligibility: Indian nationals who are nominated by entrance tests/selection procedures
SBI Skill Loan Scheme
- Interest Rate: 8.15%
- Collateral: None
- Loan Occupancy: Up to seven years
- Eligibility: Indian nationals
- Loan amount: Rs.5,000 – Rs.1.5 lakh
SBI Takeover of Education Loan Scheme
- Interest Rate: 8.65%
- Application Fee: Nil
- Collateral: Minimum 100% of the projected loan’s value
- Loan Occupancy: 15 years
- Eligibility: Indian nationals who are majors at the loan switchover time with regular Equated Monthly Installments (EMIs) being waged
SBI Education Loan Essential Documents
To apply for the SBI education-based credentials of the applicant or guardian are needed, those necessary credentials are;
Student or Applicant
- Identify Evidence
- Address evidence
- Admission letter from the university or college as evidence of admission
- Academic Records (10th,12th, Entrance Examination, etc.)
- Two recent Passport Size Photographs with clear face
- Applicant’s Passport
- Statement of the loan account for 1 year (If the loan is taken from any other creditor)
Co-Applicant or Parent
- Identity evidence
- Legal evidence of the address
- Two recent Passport Size Photographs
- Statement of the loan account for 1 year
Procedure to Apply for SBI Education Loan Online/Offline
You can apply for an SBI Education loan through any platform, online or offline;
- Reach your closest SBI branch along with your all-required credentials.
- Fill submit the application form that you get from there.
- Visit the official website of SBI.
- Direct to the Education loan portal.
- Select your favorite loan scheme.
- Click on “Apply Now”.
- You will be forwarded to the Vidya Lakshmi website.
- Roll yourself by providing all your details.
- And then submit your application form.
- A bank demonstrative will contact you soon.
- SBI Scholar Loans: Available in designated campuses or charted divisions.
SBI Education Loan for Abroad
Now I will tell you the particulars of the SBI Studies Abroad Loan Scheme;
- Interest Rate: 8.65% (variable)
- Processing Fees: Rs.10,000 per application.
- Collateral: Perceptible collateral security
- Loan Occupancy: 15 years
- Minimum Loan Amount: Rs.7.50 lakh or above
- Maximum Loan Amount: Rs.1.5 crore
- Eligibility: Indian nationals who are majors at the loan switchover time with regular EMIs being waged
Funding Schemes on SBI Education Loan
SBI provides education loan interest funding tactics to praiseworthy students, letting them save money while ongoing their studies. Those schemes are discussed below;
- Interest Subsidy Central Scheme for Economically Weaker Sections: This scheme is provided to students having a family income of Rs.4.50 lakh each year. This scheme applies to technical and professional education, certified by the government of India. The funding is only obtainable during the EMI suspension duration.
- Padho Pradesh Scheme: This scheme is only for the minority nationals of India and also provides education loans without any interest. It helps students to complete their higher education in M.Phil. and a Ph.D. degree in any relevant field of applicants’ choice
- Bhimrao Ambedkar Scheme for the Central Sector: This scheme is for the students belonging to EBC (Economically Backward Castes), and OBC(Other Backward Castes) to help them to study abroad.
SBI Education Refund Guidelines
The SBI education loan policy program covers a six-month suspension duration for degree programs that lasts longer. No requirement to make money during that time. Refunding of the SBI Education loan inaugurates six months after the completion of the degree for both the SBI Student Loan Scheme and the SBI Global Advantage Scheme. Maximum private banks and NBFCs necessitate at minimum a limited payment of interest though studies abroad are still proceeding. No such item as a suspension duration occurs.
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