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United Kingdom
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| Interest Rate | Starts at 10.15% |
| Loan Amount (Collateral) | Upto ₹7.5 Lac |
| Loan Amount (Without Collateral) | Upto ₹150 Lac |
| Processing Fees | starts ₹10,000 |
| Processing Time | 10 working days |
| Loan Tenure | up to 15 years |
| Margin | 100% Funding |
| Prepayment Charges | Zero |
| Moratorium Period | Course + 1 year |
| Admit Letter | Required |
| Tax Benefits | Yes |
| Type | Bank |
| Life Insurance | Required |
State Bank of India Education Loan is popular among students intending to Study Abroad due to favourable interest rates and Trust. Since they took a little longer to process, you can assume up to 15-20 days to complete. Their interest rates start at 10.15% for Abroad Education Loan, and you have up to 15 years after Course Completion to repay the SBI Education loan.
The State Bank of India is India's largest and most trusted bank. Hence, every student and their parents aim to get an Education Loan from SBI. Over time, they managed to lower the processing time and design products to cover the Study Abroad aspirants specifically. The SBI has four Education Loan products or schemes to maximize student benefit.
However, it still needs a product for UnSecured Loan, the primary choice for most students.
The SBI Global Ed-Vantage scheme is designed for Indian Students planning to Study Abroad and it covers Education Loans up to ₹1.5 Cr. The student must have obtained an admission letter from an accredited foreign institution, and the course must be full-time in regular mode. The Scheme has a Faster Online Application Process, Higher Loan Amounts, Lower Interest Rates and Easier Repayment methods. To cater for the specific demands, the SBI Education Loan can be sanctioned and disbursed before obtaining an I-20 Letter or Study Visa. It covers tuition fees, living expenses, travel expenses, and other mandatory expenses required to complete the course.
| Interest Rate | 11.15% |
|---|---|
| Maximum Loan Amount | ₹1.5 Crore |
| Minimum Loan Amount | ₹7.5 Lacs |
| Processing Fees | ₹10,000 |
| Security | Tangible Collateral security such as Home, Shop, or Building | Third Party Collateral is acceptable |
| Margin | 100% Funding |
| Total Tenure | 15 years + Course Duration + 6 months |
| Moratorium Period | Course Duration + 6 months |
| Insurance | Student can opt for 'RiNn Rakhsha' policy and premium amount will be covered in Education Loan |
| Eligibile Universities | All Foreign Universities / Colleges / Institutes |
| Eligible Courses | Graduate Degree Post-Graduate Degree/Diploma/Certificate Doctorate |
| Eligible Countries | USA, UK, Canada, Australia, Singapore, Japan, Hong Kong, New Zealand, Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, and Switzerland |
| Concessions | 0.50% concession in Interest Rate for Female applicants 0.50% concession in Interest Rate for choosing Life Insurance |
The SBI Student Loan scheme is a general education loan product that helps students get financial assistance for studying in India or abroad. This is a term loan where Collateral is optional for Loans up to Rs 7.5 Lacs. However, a Co-Borrower would be required. Students who want to pursue higher education abroad are advised to go for the SBI Global Ed-Vantage scheme for better benefits. The student must be an Indian Citizen including NRIs or PIO/OCI holder.
| Interest Rate | 11.15% |
|---|---|
| Maximum Loan Amount | Study in India - ₹50 Lacs Study Abroad - ₹7.5 Lacs |
| Processing Fees | Loans up to ₹20 Lacs - Nil Loans above ₹20 Lacs - ₹10,000 (plus Taxes) |
| Security | Up to ₹7.5 Lacs - No Collateral required Above ₹7.5 Lacs - Tangible Collateral Mandatory Tangible Collateral security such as Home, Shop, or Building | Third Party Collateral is acceptable | Securities, Bonds, Policies or Bank FDs are acceptable |
| Margin | Up to ₹4 Lacs - Nil Above ₹4 Lacs - 5% for Study in India and 15% for Study Abroad |
| Total Tenure | 15 years + Course Duration + 12 months |
| Moratorium Period | Course Duration + 12 months |
| Insurance | Student can opt for 'RiNn Rakhsha' policy and premium amount will be covered in Education Loan |
| Eligibile Universities | All Foreign Universities / Colleges / Institutes in India & Abroad |
| Eligible Courses | Graduate Degree Post-Graduate Degree/Diploma/Certificate Doctorate |
| Eligible Countries | India, USA, UK, Canada, Australia, Singapore, Japan, Hong Kong, New Zealand, Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, and Switzerland |
| Concessions | 0.50% concession in Interest Rate for Female applicants 0.50% concession in Interest Rate for choosing Life Insurance |
This SBI Shaurya, Education Loan scheme, is designed to extend financial assistance to deserving and meritorious students of Indian Coast Guard Personnel or Defense. It applies to students who want to pursue higher education in India or Abroad. This scheme is quite similar to other SBI schemes but provides more relaxation on Security, Margin, Processing Fees, and Collateral Mortgage. The Co-borrower gets 6 month grace period to create a security mortgage, so the process gets completed on time, and the co-borrower does not need to take leave. The Security or Collateral is not required for Loans up to Rs 40 Lacs.
| Interest Rate | 11.15% - 11.75% |
|---|---|
| Maximum Loan Amount | Study in India - ₹40 Lacs Study Abroad - ₹1.5 Crore |
| Processing Fees | Up to ₹20 Lacs - NIL Above ₹20 Lacs - 5% |
| Security | Up to ₹7.5 Lacs - No CoBorrower Required Up to ₹40 Lacs - Only CoBorrower Required, Collateral is optional Above ₹40 Lacs - CoBorrower and Collateral Required Tangible Collateral security such as Home, Shop, or Building | Third Party Collateral is acceptable |
| Margin | Loan up to ₹4 Lacs - NIL Loan above ₹4 Lacs - 5% |
| Total Tenure | 15 years + Course Duration + 12 months |
| Moratorium Period | Course Duration + 12 months |
| Eligible Co-Borrowers | Father, Mother, or Spouse |
| Concessions | 0.50% concession in Interest Rate for Female applicants 0.50% concession in Interest Rate for choosing Life Insurance |
The SBI Scholar Loan scheme is curated for students who secured admission to Premier Institutions of India such as IITs, IIMs, NITs, etc. This is the best scheme among all banks because of its features and interest rate. The maximum secured and unsecured amount varies based on the Institution Category.
| Interest Rate | 8.05% - 9.65% |
|---|---|
| Maximum Loan Amount | No Upper Limit |
| Minimum Loan Amount | ₹7.5 Lacs |
| Processing Fees | Zero Processing Fees |
| Security | Tangible Collateral security such as Home, Shop, or Building | Third Party Collateral is acceptable |
| Margin | 100% Funding |
| Total Tenure | 15 years + Course Duration + 12 months |
| Moratorium Period | Course Duration + 12 months |
| Eligible Co-Borrowers | Father, Mother, Spouse, Father-in-Law or Mother-in-Law |
| Eligibile Universities | IITs, IIMs, NITs etc |
| Concessions | No Concession available in this product |
Here is the list of institutional categories under the SBI Scholar Loan Scheme, maximum funding limits, and interest rates.
| Category | UnSecured | Secured | Interest Rate |
|---|---|---|---|
| List AA | Rs 50 Lacs | No Limit | 8.05% - 8.10% |
| List A | Rs 40 Lacs | No Limit | 8.15% - 8.65% |
| List B | Rs 30 Lacs | No Limit | 8.65% - 9.15% |
| List C | Rs 7.5 Lacs | Rs 30 Lacs | 8.65% - 9.65% |
The SBI Education Loan covers most expenses a student can expect. Here is the list of such costs.
Here is the basic Eligiblity Criteria for Study Abroad Education Loan by State Bank of India.
Here is the list of basic charges involved in State Bank of India Study Abroad Education Loan
| Description | Charges & Fees |
|---|---|
| Processing Fees | Rs 0 - Rs 10,000 + Taxes |
| Life Insurance | Varies |
| Collateral Valuation (if applicable) | Varies |
A savings bank account will be opened in the State Bank of India if not opened earlier to disburse the loan amount and make it easy to make a repayment.
To provide maximum flexibility, the SBI has a provision to issue a Sanction Letter before obtaining an I-20 Letter or Visa, as most authorities ask for a sanction letter before issuing an I-20 Letter or Visa. If required, the remittance of Tuition Fees and living expenses can be made before obtaining a Letter of Acceptance (LOA) or relevant Visa. This benefits the students going to Study in Canada, Australia, or Germany. The SBI disburses the loan amount in stages as required directly to the university/institution or concerned receiver. This means the tuition fees will be directly transferred to the University/College and Living Expenses to a foreign bank account, GIC, Blocked Account, or Forex Card.
The SBI Education Loan Interest Rates are best if you have to Study in Premier Institutes of India. Otherwise, they are quite similar and competitive to other lenders in the market. On top of these Interest Rates, the SBI provides concessions based on Insurance Opt-in and Gender.
| Scheme | Interest Rate | Applicable For |
|---|---|---|
| SBI Global Ed-Vantage | 11.15% | Study Abroad |
| SBI Student Loan | 11.15% | India & Study Abroad |
| SBI Shaurya Loan | 11.15% - 11.75% | India & Study Abroad |
| SBI Scholar Loan | 8.05% - 9.65% | India |
Connect with our Education Loan Expert and get your application processed within 3-4 working days*
Check Eligibility For FreeWhen applying for an education loan through Abroad Cube, you can expect higher chances of approval as our expert will verify the documents before submission and suggest better alternatives for higher approval.
Using the latest technology and years of experience, we expedite the application process by 65%, reducing overall processing time. Applying using the exact required documents with the eligible lender is the key to getting an application processed in record processing time.
Our Education Loan Expert will send you a Personalized Document Checklist, removing all unnecessary documents, easing the process and giving you peace of mind.
We will help you get Comparable, Negotiated and best-suited Education Loan deals, saving you up to Rs 3 Lakhs. The major negotiable components are Interest Rate and Processing Fees.
We are not charging any service fees for helping with the Study Abroad Education Loan. Also, there are no hidden fees involved, which is guaranteed. For each approval, we get paid a referral fee by State Bank of India without any additional charge to students.
Here is the standard document checklist for getting an education loan from State Bank of India or other lenders. The bank or NBFC might ask for additional documents or information based on the application to ease the process.
The Education Loan documents may vary based on individual applications. If you are missing any required documents, please contact our Loan Expert for help!
Start by checking your eligibility on Abroad Cube's website or reach out to us via WhatsApp or phone. The Eligibility criteria include Country acceptance, University and course ranking, Academics, Credit Score and history, co-applicant and Collateral requirements, etc.
Once you pass the basic Eligibility Criteria, the next step will be Documentation. Our Education Loan Expert will send you a personalized Document Checklist of State Bank of India and help you arrange, sort and suggest alternatives, if any. Before sending documents to the State Bank of India, we ensure that all documents are in order according to the required Checklist to expedite the application login process.
Our Education Loan Expert will choose the best lenders from the pool of 12+ options to get you the best-suited deal. They will follow up with concerned Lender Relationship Managers for Application Login and further processing. The lender process will include getting consent, address verification, and a small telephonic interview with the Credit Manager before the final decision.
The sanction letter will be released within 24 hours once you pay the processing fee to the Bank via acceptable payment methods. Afterwards, you may proceed with the Study Visa process or request Pre-Visa disbursement. You can also ask for reimbursement if you have already paid the Tuition Fees or Living Expenses via other means. Once you complete the banking formalities, the loan amount will be disbursed into the Bank Account
You may apply for State Bank of India Education Loan by visiting their local bank branch or contacting their customer support team. But Abroad Cube will help you get a hassle-free Education Loan from your comfort at the best Interest Rate and record processing time at Zero Service Charges.
Abroad Cube is an Online Study Abroad Marketplace that has onboarded 12+ Banks and NBFCs to ease the process of getting the best deal for an Education Loan in minimal processing time. To get started, Check your Eligibility and share your Documents by Email or WhatsApp to expedite your application process.
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Sorting, Verifying and Submitting Documents as per Checklist
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