No collateral security or third party guarantee is required for loans under Rs. 7.5 lakh.
Here are the different kinds of SBI education loans in detail:
Scholar loan: This loan is available for courses at select leading institutions in India like IITs, IIMs, NITs, AIIMS and other premier institutions. One can avail a loan up to Rs. 30 lakh.
Global Ed-Vantage: This loan is exclusively for full-time regular courses at foreign colleges and universities. One can avail a loan from Rs. 20 lakh upto Rs. 1.5 crores.
Student Loan: This loan is for pursuing higher education in India or abroad. One can avail a loan amount upto Rs. 10 lakh for studies in India and Rs. 20 lakh for studies abroad.
Skill Loan: It is a term loan to Indian nationals for pursuing vocational education and training in India where admission has been secured.
Take-over of Education Loans: With this loan, you can switch your existing high cost education loan to SBI and reduce your monthly EMIs (Equated Monthly Instalments).
Here are the details you need to know in order to avail SBI’s education loans:
Loan Amount:
For studies in India: maximum Rs. 10 lakh
Studies abroad: maximum Rs. 20 lakh
However, higher loan limit for studies in India are considered on case-to-case basis, as well.
Higher loan limit for studies abroad are considered under SBI’s Global Ed-Vantage Scheme.
Rate of Interest:
Student loan
| Loan Limit | 1 year MCLR | Spread | Effective Interest Rate | Reset Period |
| Upto Rs. 7.5 Lacs | 8.15% | 2.00% | 10.15% | 1 year |
| Above Rs. 7.5 Lacs | 8.15% | 2.75% | 10.90% | 1 year |
| Concession | 0.50% concession in interest for girl students | |||
| Further Concession | 1% concession for full tenure of the loan, if interest is serviced promptly as and when applied during the moratorium period, including course duration |
Security:
Upto Rs. 7.5 lakh: Only the parent/guardian can be a co-borrower. No collateral security or third party guarantee is required.
Above Rs. 7.5 Lacs: Only the parent/guardian can be a co-borrower and tangible collateral security is required.
In case of married person, co-obligator can be either spouse or the parent(s)/ parents-in-law.
Margin:
A margin is the amount you need to pay from your own funds, while the rest is paid by the bank.
Upto Rs. 4 Lakh: Nil
Above Rs. 4 Lakh : 5% for studies in India, 15% for studies abroad
Repayment:
In case second loan is availed for higher studies later, one has to repay the combined loan amount in 15 years after completion of second course.
