SBI's Education Loan: Rate Of Interest, Security, Repayment And Other Details
State Bank Of India (SBI) offers various kinds of education loans. Education loan is a term loan granted to Indian nationals for pursuing higher education in India or abroad where admission has been secured, according to country largest lender's offcial website - sbi.co.in. SBI's education loan is divided into five categories: scholar loan, global ed-vantage, student loan, skill Loan and take-over of education loans. One can repay the loan one year after completion of course. The loan is to be repaid in 15 years after the commencement of repayment.Â
Here are the different kinds of SBI education loans in detail:Â
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.Â
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).Â
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
Â
| 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 | Â | Â | Â |
| 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 | Â | Â | Â |
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