SBI Education Loan 2024: Updated Schemes, Interest Rate

June 10, 2024  By: Dalip Singh

SBI provides financial assistance with competitive interest rates starting at 8.15% per annum. Here's a detailed breakdown of what you need to know:

SBI offers several loan schemes tailored to different educational needs:

Loan Schemes Available

SBI Student Loan Scheme SBI Scholar Loan Scheme SBI Skill Loan Scheme SBI Global Ed-Vantage SBI Takeover of Education Loan Scheme SBI Shaurya Education Loan

Loan Schemes Available

Varied loan limits cater to different educational pursuits

Loan Limits

Maximum loan amount up to Rs. 50 lakh for studies in India Up to Rs. 1.50 crore under the Global Ed-Vantage scheme for studies abroad.

Interest rates range from 8.15% to 11.75% depending on the specific loan scheme and the category of institution (IITs, NITs, etc.).

Interest Rates

No penalty for prepayment at any point during the loan term.

Prepayment Options

Some loan schemes offer interest rate reductions for female students.

Interest Rate Concessions

Nil for loans up to Rs. 20 lakh; Rs. 10,000 plus tax for loans above Rs. 20 lakh.

Processing Charges

Up to 15 years post course period, including a repayment holiday of up to 12 months.

Repayment Period

Varies with loan amount; may include co-borrower (parent or guardian) and tangible collateral security for higher loan amounts.

Security Requirements

No margin required for loans up to Rs. 4 lakh; 5% margin for studies in India and 15% for studies abroad on amounts exceeding Rs. 4 lakh.

Margin Requirements

Covers a wide range of courses approved by UGC/AICTE/IMC/Government, including specialized programs at institutions like IITs, IIMs, etc., both in India and abroad.

Eligible Courses