Sbi Education Loan College List

The SBI Scholar loan scheme provided by the State Bank of India is a beneficial option for individuals seeking higher education in renowned institutions across the country. This loan offers an attractive interest rate and allows borrowers to repay it with flexibility.

The list of educational institutions eligible for SBI education loans includes prestigious colleges such as the IITs, IIMs, NITs, Army College of Medical Sciences, Manipal Institute of Technology, Delhi College of Engineering and BITS Pilani. These loans can cover most of the expenses related to education.

SBI Education Loan Interest Rate 2024

The interest rate for the SBI Scholar Loan scheme varies for different top institutes.

Below is a compilation of leading educational institutions in India, along with the corresponding interest rates offered by them.

The table displays a list of interest rates for education loans offered by SBI. The rates vary depending on the type of institution and whether or not there is a co-borrower. For example, for all IIMs & IITs, the interest rate is 7.05% with a fixed rate type. Other institutes have an interest rate of 7.20%, while NITs have an interest rate of 7.20% as well. The presence of a co-borrower can slightly lower the effective interest rate to 6.90%. However, some other institutions may have higher rates such as 7.70% and 8.20%.

Part-time Courses

The table displays the loan limit, 3-year MCLR (Marginal Cost of Funds Based Lending Rate), spread effective interest rate, and rate type for SBI Education Loan. For loans up to Rs 7.5 lakhs, the interest rate consists of a 2% spread over the 3-year MCLR, resulting in an effective interest rate of 9.30%.

Discount: Female students will receive a 0.50% reduction in interest rates.

SBI Scholar Loan: Key Attributes

SBI education loan offers complete funding without any additional charges. You can obtain 100% financing for your studies without having to pay any processing fees.

The following table provides information about different categories of SBI education loans and their respective maximum loan limits based on whether they require collateral or not. In Category AA, no security is required, and the maximum loan limit is Rs. 40 lakhs. Category A requires tangible collateral of full value with a parent/guardian as co-borrower, and the maximum loan limit is Rs. 30 lakhs for this category. Category B also requires collateral but has a lower maximum loan limit of Rs. 20 lakhs. Lastly, in Category C, the loan amount can be up to Rs. 7.5 lakhs without collateral or up to Rs. 30 lakhs with tangible collateral along with a parent/guardian as co-borrower.

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SBI College List for Education Loan

The repayment period for the loan begins after the completion of your course and lasts for 15 years. During this time, you will have a repayment holiday of 12 months. If you decide to take another loan for further studies in the future, you can repay both loans together within 15 years from the end of your second course.

3. Courses

Applicants have the opportunity to seek funding for a wide range of educational programs, including full-time degree or diploma courses, executive management courses, and part-time graduation or post-graduation courses from specific institutions.

4. Expenses covered

The loan funding includes the costs of exams, library and laboratory fees, buying books, equipment, instruments, computers or laptops, travel expenses and expenses related to exchange programs.

SBI Scholar Loan Eligibility Requirements

Applicants must be Indian citizens in order to apply for and obtain the loan.

2. Secured Admission

To be eligible for an SBI education loan, it is necessary to have gained admission to renowned institutions offering professional or technical courses. This admission should have been obtained through a rigorous selection process or entrance test.

Eligibility criteria for SBI education loan in India

SBI education loans are available to students from various countries who wish to pursue their studies in India. These loans provide financial assistance for educational expenses such as tuition fees, accommodation, and books. The eligible countries include Australia, Singapore, the Netherlands, Ireland, Canada, and the US.

For example, if you are a student from Australia planning to study in India, you can apply for an SBI education loan. This loan will cover your tuition fees at the Indian university or college of your choice. Additionally, it can also help with other expenses like living costs during your stay in India.

Similarly, if you are a student from Singapore interested in pursuing higher education in India, SBI offers education loans that can support your academic journey. Whether you plan to enroll in an undergraduate program or pursue postgraduate studies at an Indian institution renowned for its quality education system and diverse culture.

Ireland is yet another country on the list of eligible nations for SBI education loans. Aspiring Irish students looking forward to experiencing all that studying abroad has to offer have a chance through these loans provided by State Bank of India (SBI). By availing this opportunity offered by SBI Education Loans Scheme (ELS), they can embark on their academic journey without worrying too much about finances.

students hailing from Australia,

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have access

to valuable financial support

of educational loan products.

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hold you back from pursuing your dreams –

explore the possibilities

List of Documents Needed for SBI Education Loan Scheme

  • Marksheet of SSC and HSC
  • Graduation Marksheet (if pursuing Post-graduation)
  • Entrance Exam Result
  • Proof of Course Admission (Offer Letter/ Admission Letter/ ID Card)
  • Course expenses schedule
  • Copies of the letters giving the scholarship, free-ship, etc
  • Gap certificate if applicable (this should be a self-declaration from the student with the reason for the gap in studies)
  • Passport size photographs (Student/ Parent/ Co-borrower/ Guarantor)
  • Asset-liability statement of Co-applicant ( This is applicable for loans above Rs. 7.5 lakhs)
  • Latest Salary Slip
  • Form 16 OR latest IT Return

Non-Salaried Individuals

The required documents for an SBI education loan include bank statements of the parent/guardian/guarantor for the past 6 months, proof of business address (if applicable), recent income tax returns (if applicable), copies of property sale deed and other relevant documents if using immovable property as collateral, photocopy of liquid security offered as collateral, PAN card numbers of the student/parent/co-borrower/guarantor, mandatory Aadhaar card number if eligible for government interest subsidy schemes, and submission of officially valid documents such as passport, driving license, Aadhaar card copy, voter ID card, job card from NRGEA signed by a state government officer or a letter issued by the National Population Register containing name and address details.

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Kindly be aware that if you do not possess the most recent address while submitting the Officially Valid Documents (OVD), alternative documents can serve as evidence of your current address.

How much student loan does SBI give?

Furthermore, before finalizing the loan application process, thoroughly research different banks or financial institutions offering educational loans in India. Compare interest rates, repayment terms, and other relevant factors to make an informed decision about which institution suits your needs best.

1) Evaluate your financial needs based on tuition fees and living expenses.

2) Create a comprehensive budget plan.

3) Research different banks or financial institutions offering educational loans.

4) Understand the repayment terms thoroughly before making any commitments.

By following these steps diligently, you can make informed decisions regarding educational loans while ensuring responsible borrowing practices

SBI Education Loan Institution List 2020

The following is a list of colleges that are eligible for SBI education loans under the AA category.

– Indian Institute of Management (IIM), Ahmedabad in Gujarat

– Indian Institute of Management (IIM), Bangalore in Karnataka

– Indian Institute of Management (IIM), Calcutta in West Bengal

– Indian Institute of Management (IIM), Indore in Madhya Pradesh

– Indian Institute of Management (IIM), Indore-Mumbai campus in Maharashtra

– Indian Institute of Management (IIM), Kozhikode in Kerala

– Indian Institute of Management (IIM), Lucknow in Uttar Pradesh

and its Noida campus also located there.

Additionally, the following institutions are also included:

-Indian School of Business(ISB) Hyderabad, Telangana,

-Indian School Of Business(ISB) Mohali,Punjab,

-Xavier Labour Relations Institue(XLRI) Jamshedpur,Jharkhand.

Is it possible to obtain a student loan from SBI for studying abroad?

The loan amount range starts at INR 7.50 lakhs and goes up to INR 1.50 crores. SBI Global Ed-vantage Scheme covers the following expenses related to higher education abroad: Tuition fees. Housing or accommodation fees.

SBI Education Loan Helpline: Customer Care Assistance

To resolve any concerns or questions, you may contact the provided phone numbers.

Here are some contact numbers that you can use to reach out for assistance: a toll-free number, 1800 11 2211; another toll-free number, 1800 425 3800; and a toll number, 080-26599990.

Is it possible to obtain a 100% education loan?

Additionally, education loans offer flexibility through a moratorium period. During this period, borrowers do not have to make any repayments towards their loan principal or interest. This gives them some breathing space after completing their course until they find employment or start earning income before beginning repayment.

Conclusion

If you are interested in studying at top institutes, the SBI Scholar scheme is a great loan option to consider. Make sure to carefully review all the necessary loan documents before applying for this loan.

What is the lowest SBI education loan amount?

Under the SBI Scholar Loan scheme, students can avail a loan amount ranging from INR 7.5 lakhs to INR 40 lakhs, depending on the type of institution they choose for their education. If the student is opting for any covered institution and requires a minimum loan amount, no collateral or security is needed. In such cases, only the parent or guardian can act as a co-borrower.

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The State Bank of India (SBI) provides financial assistance to students who wish to pursue higher education in various colleges across India. The loan amount offered by SBI depends on the type of college or institution chosen by the student. This includes both government-recognized institutions as well as private colleges that meet certain criteria.

1. Loan Amount: Students can avail loans starting from INR 7.5 lakhs up to INR 40 lakhs under the SBI Scholar Loan scheme.

2. Institution Types: The loan eligibility varies based on whether you choose government-recognized institutions or private colleges meeting specific criteria.

3. Minimum Loan Amount: For all covered institutions, if your required loan amount falls below a specified limit (minimum), then no collateral/security is required.

4. Co-Borrower: Only parents/guardians are allowed to act as co-borrowers when applying for an educational loan under this scheme.

Is it possible to obtain a 20 lakh education loan?

There is no limit on the maximum amount of loan that can be approved under the education loan scheme offered by SBI. For NRI students, the maximum quantum of loan available is Rs. 20 Lakhs, and for premium institutes, it goes up to Rs. 30 Lakhs.

SBI understands the importance of providing financial assistance to students pursuing higher education in India or abroad. With this understanding, they have designed their education loan scheme to cater to the diverse needs of students from different backgrounds.

P.S: SBI believes in empowering students with quality education by offering flexible and generous loans without imposing any upper limit on funding requirements. This commitment reflects their dedication towards supporting aspiring individuals in achieving their academic goals effectively and efficiently.

Is it possible to obtain an SBI education loan for studying abroad without collateral?

The State Bank of India (SBI) offers student education loans up to 7.5 Lacs with certain conditions. In this case, only the parent or guardian can act as co-borrowers for the loan. The loan does not require any collateral security or third-party guarantee.

However, if the loan amount exceeds Rs. 7.5 Lacs, the parent or guardian can still be co-borrowers but tangible collateral security will also be required. This means that in addition to having a parent or guardian as a co-borrower, borrowers will need to provide some form of tangible asset as security against the loan.

Is it possible to obtain a student loan of 10 lakh?

The Reserve Bank of India (RBI) has set the maximum amount for an education loan at Rs. 10 lakh for programs within India and Rs. 20 lakh for programs abroad. These limits ensure that students have access to sufficient funds to pursue their higher education goals, whether in India or overseas.

State Bank of India (SBI), being one of the leading public sector banks in India, offers attractive education loan schemes with flexible repayment options and competitive interest rates. SBI understands the importance of providing financial support to deserving students who wish to pursue higher studies but may face financial constraints.

Is SBI suitable for international students?

Moreover, SBI prioritizes promptness in approving these educational loans through its expedited approval system. Recognizing the urgency associated with funding academic pursuits timely and efficiently disbursing funds accordingly helps ensure that students do not face unnecessary delays or obstacles in pursuing their chosen courses.