SBI Scholar Loan Scheme

The State Bank of India (SBI) Scholar loan scheme is another great Offering by the bank. You can avail this loan for pursuing higher education in selected premier institutions in the country. It offers a low interest rate and a flexible loan repayment tenure.

SBI Scholar loan list of institutions include the IITs, IIMs, National Institute of Technology (NITs), Army College of Medical Sciences, Manipal Institute of Technology, Delhi College of Engineering and BITS Pilani, etc. The loan amount can be used to cover the majority of the educational expenses.

SBI Scholar Loan Interest Rate 2024

SBI Scholar Loan scheme interest rate differs for varied premier institutes.

Here's the list of top institutions in India along with their interest rates-

Part-time Courses

It is available only at mapped branches for 15 selected Institutions. The interest rates are mentioned below:

Concession: 0.50% concession in interest for girl students|

Features of SBI Scholar Loan

1. Financing

You can avail 100% financing with SBI scholar loan. There is no processing fees attached to it.

Check the maximum loan limit below:

2. Repayment Period

You can pay the loan within 15 years after the course period is over. There will be 12 months of repayment holiday. If you have availed a second loan for higher studies later, you can repay the combined loan amount 15 years after the completion of the second course.

3. Courses

You can apply for regular full-time degree or diploma courses, full-time executive management courses, part-time graduation, post-graduation courses from select institutes, etc.

4. Expenses covered

The expenses covered in the loan financing is the examination, library, laboratory fees, purchase of books, equipment, instruments, purchase of computer, laptop, travel expenses or expenses on the exchange program.

Eligibility Criteria for SBI Scholar Loan

1. Nationality

You have to be an Indian to apply for and avail the loan.

2. Secured Admission

You should have secured admission to professional or technical courses in select premier institutions through entrance test or selection process.

Documents Required Under SBI Student Loan Scheme

Salaried Individuals

• Marksheet of SSC and HSC
• Graduation Marksheet (if pursuing Post-graduation)
• Entrance Exam Result
• Proof of Course Admission (Offer Letter/ Admission Letter/ ID Card)
• Course expenses schedule
• Copies of the letters giving the scholarship, free-ship, etc
• Gap certificate if applicable (this should be a self-declaration from the student with the reason for the gap in studies)
• Passport size photographs (Student/ Parent/ Co-borrower/ Guarantor)
• Asset-liability statement of Co-applicant ( This is applicable for loans above Rs. 7.5 lakhs)
• Latest Salary Slip
• Form 16 OR latest IT Return

Non-Salaried Individuals

• Bank Account Statement for the last 6 months of parent/ guardian/ guarantor
• Business address proof (if applicable)
• Latest IT Returns (if applicable)
• Copy of Sale Deed and other documents of title to the property in respect of immovable property offered as collateral security / Photocopy of Liquid Security offered as collateral
• PAN Card number of the student/ parent/ co-borrower/ guarantor
• aadhaar card number is mandatory if you are eligible under various interest subsidy scheme of the government of India
• Submission of Officially Valid Documents (OVD) like Passport, Driving License, Copy of Aadhar card, Voters ID, Job card from NRGEA signed by an officer from the state government, a letter issued by the National Population Register containing details of name and address

Please note that if you don’t have the updated address while submitting the OVD, the following documents can be provided as proof for address

• Utility Bill not more than 2 months old like electricity bill, piped gas, water bill, telephone, post-paid phone bill)
• Property of Municipal tax Receipt
• Pension or family pension payment orders (PPOs) issued to retired employees by Government Departments or Public-Sector Undertakings, if they contain the address;
• Letter of allotment of accommodation from employer issued by State Government or Central Government Departments, statutory or regulatory bodies, public sector undertakings, scheduled commercial banks, financial institutions, listed companies and Lease and licence agreements with such employers allotting official accommodation.

SBI Scholar Loan List of Institutions 2020

Mentioned below is SBI scholar loan college list of AA institutions-

Check the link below for the list of AA, A, B and C institutions-

SBI Scholar Loan List of Institutions

SBI Education Loan Customer Care

You can Call on the following numbers to address any issue or queries-.

• Toll-free number: 1800 11 2211
• Toll-free number: 1800 425 3800
• Toll number: 080-26599990

Conclusion

SBI Scholar scheme is one of the best loans to apply if you are looking to pursue higher education from premier institutes. Read all loan-related documents carefully before applying for the loan.