11.15%
10,000+ GST
10 % of Loan amount
Established in 1955, the State Bank of India (SBI) is India’s largest public sector bank in terms of assets, deposits, branches, customers, and employees. The bank offers education loans to eligible students who wish to pursue higher education in India or abroad.
The Global Ed-Vantage education loan scheme offers secured education loans to Indian students who want to pursue higher education abroad. Under this scheme, students can borrow up to INR 1.5 Cr to fund their education abroad. To secure an education loan under this scheme, students have to pledge collateral that holds at least 90% value of the total loan amount.
For example - If a student wants to secure a loan amount of INR 50 Lakh, then his collateral value should be atleast INR 45 Lakh.
Please note, under this scheme, collateral security offered by a third party (other than parents) can also be accepted.
| Feature | Description |
|---|---|
| Loan Amount | INR 7.5 Lakh - INR 1.5 Cr |
| Interest Rate | 11.15% (Floating) (0.5% concession for female applicants) |
| Processing fees | INR 10,000 + GST (Non-refundable) |
| Margin money* | INR 7.5 Lakh-INR 20 Lakh - 15% INR 20 Lakh - 10% |
| Property evaluation charges | Approximately INR 7,500 (Note - property evaluation charges are subject to change, they may vary depending on one’s location and property) |
| Moratorium period* | Course duration + 6 months |
| Repayment tenure | 15 years |
*Moratorium period is the time duration during which you are not required to make payments toward your education loan.
*Margin money refers to the amount of money that a borrower is required to contribute towards the loan, while the remaining amount is paid by the lender.
Below are some criteria that you need to ensure so that you can be eligible for taking a loan from SBI Bank
Age: The applicant must be an Indian citizen and at least 18 years of age or older at the time of application.
Education qualification: The applicant should have secured admission to a recognized university or institution for a course/program that leads to the chosen degree/diploma.
Academic performance: The applicant should have a consistently good academic record and must meet the minimum academic criteria set by the lending institution. Also, the student must fulfill any prerequisite tests such as GRE, IELTS, or TOEFL.
Co-applicant: The applicant must have a co-applicant, who could be a parent or a legal guardian, with a regular source of income and good credit history.
Course and country of study: Under this scheme regular graduate degree/post-graduate degree/diploma/certificate/doctorate courses in any discipline offered by foreign Institutes/Universities are covered. Pathway courses leading to the main course are sometimes included under the total expenses, which can be financed as a part of the total expenses. In the case of pilot training courses, the courses need to have the approval of the country-specific aviation regulatory authority.
Country of study: SBI offers financial assistance for the USA, UK, Canada, Australia, Singapore, Japan, Hong Kong, New Zealand, and Europe [Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, United Kingdom].
Collateral: SBI accepts the following assets as collateral:
Rinn Raksha is an insurance scheme offered by the State Bank of India (SBI) for its education loan borrowers. This insurance scheme provides protection to the borrower's family in the unfortunate event of the borrower's untimely demise during the repayment tenure of the loan.
Under the "Rinn Raksha" scheme, SBI offers two types of insurance coverage options to education loan borrowers: Group Credit Life Insurance (GCLI) and Term Life Insurance (TLI). The GCLI provides coverage against the outstanding loan amount in case of the borrower's demise, while the TLI provides coverage against the total sum assured.
Apart from providing unsecured loans, Axis Bank can also provide you with secured loans in case you are ready to pledge some collateral with the bank. In case of collateral as well the co-applicant profile is considered. Different features that are associated with a secured abroad education loan with Axis Bank are -
If you have pledged a residential property as collateral and your co-applicant is salaried then you can get upto 85% of the property value.
If you have pledged a residential property as collateral and your co-applicant is self-employed then you can get upto 75% of the property value.
In case you have pledged a commercial property then you can get upto 50% of the property value.
You can get a rate of interest between 9.99% - 10.50% for secured loans.
The main benefit of a secured education loan is that the course and university list is not considered. That is you can be from any university and course no matter whether it is listed in the Axis Bank university list or not.
Getting your SBI Education Loan through 24x7 Loan Services
24x7 Loan Services is committed to providing you with the most competitive education loan available in the market. We strive to bring you the best possible deal. If you happen to come across a better offer, we will cover the difference in interest rates for the entire duration of your education loan.
For SBI education loans, 24x7 Loan Services provides doorstep pickup service of documents in Delhi, Mumbai, Pune, Hyderabad, Bengaluru, Chennai & Kolkata.
24x7 Loan Services’s services for applicants are absolutely free. We do not charge any kind of processing fees or commissions from the applicants at all.
In case of any missing documents, property issues, or other problems, we approach SBI officials promptly to find solutions. This ensures speedy resolution and significantly increases your odds of approval. In case of any bottlenecks, 24x7 Loan Services will always be by your side!
24x7 Loan Services officials coordinate with various departments within SBI to secure a loan approval in just 15-20 days. This is why 1000s of students trust us with their loan requests every year. If a student applies directly to the bank, the usual SBI loan processing time is around 30-45 days. 24x7 Loan Services officials coordinate with various departments within SBI to secure a loan approval in just 15-20 days. This is why 1000s of students trust us with their loan requests every year. If a student applies directly to the bank, the usual SBI loan processing time is around 30-45 days.
The first step is to check your loan eligibility with 24x7 Loan Services which will require you to fill out some details like personal details, target university, loan amount, and more.
After checking your loan eligibility, an education loan counselor (ELC) from 24x7 Loan Services will contact you and provide a personalized document checklist. You'll need to arrange the documents while the ELC pushes your details to Axis Bank.
Once you arrange all documents, an Axis Bank relationship officer (RO) will collect and verify them. Missing documents will be notified by 24x7 Loan Services's ELC and Axis Bank's RO within 1 day.
After all the verification is done, a loan approval mail (with loan amount and other details) is sent to the applicant that needs to be signed so that the same can be sanctioned.
| Feature | With 24x7 Loan Services | Without 24x7 Loan Services |
|---|---|---|
| Document pickup service from home | Yes (7 RO cities) | No |
| Personalized document checklist according to profile & area | Yes | No |
| Branch visits | 1-2 | 7-8 |
| Pre-visa disbursements | Easy | Difficult |
Below, we describe typical bottlenecks that you should watch out for, along with ways in which we work around such bottlenecks to fast-track your education loan application.
All the documents are to be submitted before the starting of the sanctioning process. Additional documents may be required. Some SBI branches may not be very education loan friendly! From our experience of processing 1000s of education loans at SBI, we help identify the most experienced and friendly branch for you. We then liaise with the branch officials to present and discuss your case on your behalf. We present a customized checklist at the start so that you have to submit documents only once.
The legal papers of your property and the property itself get verified by SBI empanelled advocates. The Turnaround Time (TAT) of the bank and the advocates is high and unpredictable. Also, many a time they don’t try hard enough to look for alternative documents and approaches if they find an issue with the documents or the property. 24x7 Loan Services has helped 1000s of students through such tough situations, and we can surely help you!
Civil Engineers, empanelled by the SBI, evaluate the property by first visiting it, then measuring it, checking its location and age, and evaluating its Distress Sale Price, Fair Price, and Market Price. The Turnaround Time (TAT) of the Civil Engineer can be quite high and unpredictable. Through systematic follow-up, we get this step completed within 3 working days.
Removing obstacles to secure your education loan
A student with an admit offer from The University of Sydney required a with-collateral education loan of Rs. 40 lakhs. Initially, the student approached the State Bank of India directly but got a negative response from the Branch as his property’s sale deed was not in order. He then applied with us. At 24x7 Loan Services, we pre-screen education loan applications to identify key issues and find out the best possible solution available. Post an in-depth discussion with our legal consultant, we found a solution: a correction/conveyance deed. 24x7 Loan Services’s on-ground team got that deed executed and also got it registered with the sub- Registrar – that too in only 5 days, with minimal effort from the student. Post this, we formally applied with SBI and got approval for Rs. 40.56 lakhs in only 3 days.
In another case, another applicant got an admit from San Diego State University and was looking for a with-collateral education loan of Rs. 20 lakhs. The issue with this case was that the property (Collateral) was in the name of the applicant’s father who had passed away recently and was not transferred to the applicant’s mother. Also, the student had a deadline for submitting financial documents. The student’s case was rejected on the property ownership grounds. He then contacted 24x7 Loan Services after reading one of our blogs on education loans which he came across while searching for solutions online. After pre-screening the case thoroughly, our representatives approached the Local Head Office of the bank to speak with the Assistant General Manager and helped in getting the ownership of the property transferred. Our team assisted the student throughout the process, helped his family with the hassle of bureaucracy, got the property transferred, and got the loan sanctioned on time, that too meeting the deadline.
In this case, the student was already in her 2nd year of bachelor program at the University of Queensland. Her parents’ savings were utilized to fund her 1st year of the program. The student wanted to apply for loan to finance her remaining course. The student and her parents both were residing in Australia. She applied for around Rs. 50L loan with collateral. The property was in Kerala, India. But the loan application was rejected on the ground that property owners were residing in Australia. After the initial rejection, she approached 24x7 Loan Services for solutions. She came to know about 24x7 Loan Services through her friend in India who attended a seminar conducted by 24x7 Loan Services in Chennai. Our representatives approached the concerned authorities of SBI. We took out the rule book and provided the solution. The parents were called. They flew over to India. We helped them in completing the sanction process and disbursement as well on the same day in SBI. The bank approved a loan of Rs. 50L with Rs. 11L amount disbursed on the same day to the applicant.
You can check the status of your SBI education loan application on your 24x7 Loan Services account dashboard.
The SBI education loan EMI can be checked using the 24x7 Loan Services EMI calculator. All you need to do is to enter a few details like loan amount, loan tenure, and interest rate.
Students who avail of the SBI Rinn Raksha policy, or any other existing life policy receive a 0.5% interest rate concession. There is a further 0.5% concession for girl students.
There is no penalty on prepayment of an education loan after 6 months of loan disbursal.
Yes. The SBI education loan amount covers living and accommodation expenses.
There are two interest rate subsidy schemes launched by the government - Dr. Ambedkar Central Sector Scheme, and Central Scheme of Interest Subsidy for education loans. You can read about them here.
