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SBI Student Loan Scheme

Updated on July 14, 2024 , 12587 views

The State Bank of India (SBI) student loan scheme is one of the popular education loans in the country. It is for Indians pursuing higher education in India or abroad.

SBI Student Loan Scheme

SBI provides the student loan scheme at an affordable rate of interest with a flexible loan repayment option and a long-term tenure.

SBI Student Loan Interest Rate 2024

The interest rate starts at 9.30% p.a., with the SBI student loan. Concession for Indian female students is available.

Mentioned below are the loan limit and Interest rate-

Loan Limit 3 Year MCLR Spread Effective Interest Rate Rate Type
Up to Rs 7.5 lakhs 7.30% 2.00% 9.30% Fixed
Above Rs. 7.5 lakhs 7.30% 2.00% 9.30% Fixed

Note: 0.50% concession in interest for girl students and 0.50% concession for students availing SBI Rinn Raksha or any other existing policy assigned in the favour of the bank.

Features of SBI Student Loan Scheme

SBI Student loan can be applied after the admission in the concerned university has been secured. The interest rate for SBI education loan for abroad is one of their best features.

1. Security

The SBI student loan scheme provides maximum security. For a loan up to Rs. 7.5 lakhs, a parent or a guardian is required as co-borrower. There is no need for any Collateral security or a third party guarantee.

For a loan above Rs. 7.5 lakhs, a parent or a guardian is required along with tangible collateral security.

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2. Loan Repayment

The SBI Education Loan repayment period is up to 15 years after the completion of the course period. The repayment period will start after one year of the completion of the course. If you have also applied for a second loan later, the combined loan amount can be repaid in 15 years after completing the second course.

3. Margin

There is no margin for a loan up to Rs. 4 lakhs. A 5% margin is applies to loans above Rs. 4 lakhs for studies in India and 15% is applied for students applying to study abroad.

4. EMI Payment

The EMI for the loan will be based on the accrued interest during the moratorium period and course period which will be added to the principal amount.

5. Loan Amount

If you are looking to pursue studies in India, you can avail loan up to Rs. 30 lakhs for medical courses and Rs. 10 lakhs for other courses. The higher loan limit will be considered based on case to case Basis. The maximum loan available will be Rs. 50 lakhs.

If you are looking to pursue further education abroad, you can avail loan from Rs. 7.5 lakhs to Rs. 1.50 crores. The higher loan limit for studying overseas will be considered under Global Ed-vantage Scheme.

Eligibility Criteria Under SBI Student Loan Scheme

The SBI Student loan is available to those who are Indian nationals and are pursuing higher education within India or abroad.

Courses Covered for Studies in India

  • Graduation, Post-graduation including regular technical and professional Degree/Diploma courses conducted by colleges/universities approved by UGC/ AICTE/IMC/Govt. etc Regular Degree/ Diploma Courses conducted by autonomous institutions like IIT, IIM etc.
  • Teacher training/ Nursing courses approved by the Central Government or the State Government.
  • Regular Degree/Diploma Courses like Aeronautical, pilot training, shipping etc. approved by Director General of Civil Aviation/Shipping/ concerned regulatory authority b. Studies abroad.
  • Job oriented professional/ technical Graduation Degree courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc offered by reputed universities Courses conducted by CIMA (Chartered Institute of Management Accountants) - London, CPA (Certified Public Accountant) in the USA etc.

Courses Covered to Study Abroad

  • Job oriented professional/ technical Graduation Degree courses/ Post Graduation Degree and Diploma courses like MCA, MBA, MS, etc offered by reputed universities.
  • Courses conducted by CIMA (Chartered Institute of Management Accountants) - London, CPA (Certified Public Accountant) in the USA etc.

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 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


SBI Education loan is a great loan to opt for. Read all the loan related documents carefully before applying for the loan. Make sure to have all the necessary documents in hand while applying for the loan.

All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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