SBI Education Loan provides one of the lowest interest rates for abroad studies in the country. The State Bank of India is the country’s leading nationalized lender that runs the SBI Education Loan. It offers 5 different types of education loans: Scholar Loan, Global Ed-vantage Education Loan, Skill Loan, Student Loan and Take-over of an education loan.
The Skill Loan and Scholar Loan are for students who wish to pursue their further education in either a premier institute or a vocational college in India. Whereas the Student Loan and Global Ed-vantage Education Loan are designed for students who wish to study abroad. In the case of overseas education, SBI asks for collateral. However, you can avail unsecured loans i.e loans without collateral for the best of colleges and that too up to ₹ 7.5 lakhs only.
The great part about the SBI Education Loan is that it offers a subsidised rate of interest to female students as well as the holders of the RiNn Raksha credit life insurance policy. Besides this, since SBI is a scheduled commercial bank, it also provides government schemes such as Dr. Ambedkar Interest Subsidy Scheme for Overseas Studies for OBCs (non-creamy layer) and EBCs, CSIS and Padho Pardesh Interest Subsidy Scheme with most SBI education loan offerings.
Loan Margin: 10
Processing Fees: ₹10K
Assuming you’re targeting overseas education, if you need ₹ 20 lakhs or more, Global Ed-vantage is the right scheme for you, otherwise, Student Loan is the scheme for you. This is because ₹ 20 lakhs is the minimum amount you can apply for under the Global Ed-vantage scheme.
Features Of State Bank of India Abroad Education Loan
| Sr. No | Features | Education Loan Details |
|---|---|---|
| 1 | Loan amount | ₹ 20 lakh to ₹1.5 crore |
| 2 | Margin money | 10% |
| 3 | Processing fee | ₹10K |
| 4 | Processing time | Nil |
| 5 | Loan tenure | 15 Years |
| 6 | Prepayment charges | Nil |
| 7 | Repayment holiday | Course period + 6 months |
| 8 | Countries covered | USA, Canada, UK, Ireland, New Zealand, Australia, Germany and others |
Benefits of State Bank of India Abroad Education Loan
Benefits Of Getting Your State Bank of India Abroad Education Loan Through UniCreds
Higher Chance Of Approval
By applying for your education loan through UniCreds, you are increasing your chances of approval. Generally, banks dismiss applications if they find any missing documents, property issues, or any other problem. With UniCreds, we will immediately reach out to SBI officials and find the best solution.
Online Submission Of Documents
With UniCreds, you can submit all the required documents from home! There won’t be any need to visit the branch. Simply head over to our website and submit all the documents there. There won’t be a possibility of not submitting an essential document, as our system is designed to ensure all essential documents are submitted.
No Cost To You
All our education loan services are completely free of cost.
Quicker Sanctions
Our strategic partnerships ensure low turnaround time. Expect to have your education loan processed and sanctioned within 3-4 working days.
Calculate EMI for Education Loan
Loan Amount
Interest (p.a)
Loan Duration
Course Duration
Grace Period
Monthly EMI
Principal Amount
Total Interest
Total Amount
Loan Amortization Schedule
Following table show the year wise payment schedule.
| Month | Opening Balance (₹) | Interest Paid (₹) | Principal Repaid (₹) | Closing Balance (₹) |
|---|---|---|---|---|
Month 1 | Opening Balance (₹) | Interest Paid (₹) | Principal Repaid (₹) | Closing Balance (₹) |
Month 2 | Opening Balance (₹) | Interest Paid (₹) | Principal Repaid (₹) | Closing Balance (₹) |
Month 3 | Opening Balance (₹) | Interest Paid (₹) | Principal Repaid (₹) | Closing Balance (₹) |
Month 4 | Opening Balance (₹) | Interest Paid (₹) | Principal Repaid (₹) | Closing Balance (₹) |
Month 5 | Opening Balance (₹) | Interest Paid (₹) | Principal Repaid (₹) | Closing Balance (₹) |
Eligibility Criteria For State Bank of India Abroad Education Loan
| Sr. No | Type | Requirement |
|---|---|---|
| 1 | Eligibility | Any student with an admit offer to a graduate or higher degree/diploma course offered by any licensed institution in the following countries: USA, UK, Canada, Australia, Singapore, Japan, Hong Kong, New Zealand or any European country. |
Documents Required for State Bank of India Abroad Education Loan
The required documents depend on many factors, like your academic and professional history, your co-applicant’s financial and credit profile, and the nature and location of the property or asset, which you offer as collateral. When you apply to SBI Education Loan with UniCreds, we provide a customized documents list - so that you can submit all your documents at one go. In general, the following documents are needed. Note that self-attested copies of all the below documents need to be submitted.
| Sr. No | Type | Documents Required |
|---|---|---|
| 1 | Documents For Applicants - | 1. Identity Proof: PAN/ Passport/ Driver’s License/ Voter ID card. 2. Completely filled-in Loan Application Form 3. Address: Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card. 4. Passport (in case of study abroad). 5. Past Academic Record - a. 10th Marksheet b. 12th Marksheet c. Under Graduate Result Semester Wise (If required) d. Entrance Exam Result - Abroad institutes (e.g GMAT, GRE, TOEFL, etc.) e. Entrance Exam Result- Domestic institutes (e.g. CAT, CMAT, JEE, NEET, CET, GMAT, GRE, etc.) 6. Proof of Admission: Admission Letter (Conditional admission letter is also accepted). 7. Statement of expenditure. 8. 2 passport-size photographs. 9. Loan A/C statement of one year, if there is any previous loan from other Banks/ Lenders. 10. Bank account statement of the Student (in Takeover of Education loan case) |
| 2 | Documents For Co-Applicants - | 1. Identity Proof: PAN/ Passport/ Driver’s License/ Voter ID card. 2. Address: Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card. 3. 2 passport-size photographs. 4. If any previous loan from other Banks/ Lenders, then Loan A/C statement of 1 year. 5. Legal documents of the collateral/ Property documents. 6. Bank account statement of the Co-borrower/Guarantor, for the last 6 months (in Takeover of Education loan case) |
| 3 | Income Proof for Salaried Co-Applicant/Guarantor- | 1. Salary slips of the last 3 months. 2. Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept. 3. Bank account statement for the last 6 months (Salary Account). 4. Brief statement of assets & liabilities of Parent/ Guardian/ other co-borrower |
| 4 | Income Proof for Self-employed Co-Applicant/ Guarantor- | 1. Business address proof (If applicable). 2. Last 2 years IT returns ( If IT Payee). 3. TDS Certificate (Form 16A, if applicable). 4. Certificate of qualification (for C.A./ Doctor and other professionals). 5. Brief statement of assets & liabilities of Parent/ Guardian/ other co-borrower 6. Bank Account statement for the last 6 months. |
| 5 | Documentation For Collateral- | 1. Registered sale deed 2. If the property is a built one, then approved plan/map 3. Link or chain documents that show evidence of the ownership history of the property for the last 30 years 4. Latest property tax receipt 5. Occupancy proof |
Loan Repayment For State Bank of India
How To Apply For State Bank of India Abroad Education Loan?
1. Apply Online
You start with a pre-assessment that’s available on the UniCreds website. Our education loan counsellor interacts with you to understand your financing need in detail. You fill a detailed SBI loan application form
We transfer your details to SBI, and you receive an email from SBI acknowledging your application.
2. Processing and Approval:
Once you have submitted your documents, we will follow up with SBI officials to ensure your application is processed in a timely manner. Our team will follow your application at every stage to ensure a smooth passage. Key stages that your application goes through are:
3. Document verification
Property’s legal and technical assessment. This is done by SBI’s valuators. Final decision: Approving authority examines all documents, along with the property assessment, to make a final decision on your education loan application
4. Disbursal:
Once your loan is approved, the next step will be to sign the loan agreement and get the required disbursal.
Frequently Asked Questions
For education loans of up to 20 lakhs, there is no extra payment or processing fee. A payment fee of 10,000 + GST is payable for loans over 20 lakhs.
Regardless of the loan size, there is no extra payment or processing cost for Scholar loans.
Legal/valuation/mortgage payments may be applied in the case of land/property given as collateral.
Copyright © 2023 UniCreds Pvt. Ltd. All rights reserved. Privacy Policy Terms & Conditions Annual Returns
Copyright © 2023 UniCreds Pvt. Ltd. All rights reserved.