SBI Education Loans: What Options Do You Have?
India’s largest bank, SBI or State Bank of India offers five education loans.
- SBI Student Loan
- SBI Scholar Loan
- SBI Global Ed-vantage Loan
- SBI Takeover of Education Loans
- SBI Skill Loan
As you can see one of them, i.e. SBI Takeover of Education Loans, is not prima facie an education loan but since it covers takeover of education loans specifically, we have included it in our list.
Let’s look at each of these loans in brief. In addition, we have given the link to more detailed information on these loans. You may use the links to get more details.
State Bank of India Student Loan Scheme
The SBI Student Loan Scheme helps students who want to pursue higher studies in India or abroad to pay the course fees and other related expenses. This loan is based on the Indian Banks Association IBA Model Education Loan schemes. Here you may get an unsecured loan for up to Rs 7.50 lakh. SBI does not mention the maximum loan amount.
SBI Education Loan for Premier Institutes
Also called the SBI Scholar Loan, this loan is meant for students pursuing graduate, postgraduate or professional studies from premier institutions in the country such as the IIMs, IITs, NITs, IISc, ISBs, etc. The maximum loan amount is capped based on the bank’s categorisation of the institute.
Like with all education loans, students can avail of the quick sanction facility offered by State Bank by visiting the designated campus branches or select branches in the country. You can also avail a top-up loan for further studies.
SBI Global Ed-vantage Loan
This loan helps students pursue full-time courses at foreign colleges or universities. The minimum loan amount for this loan is Rs 20 lakh and the maximum loan amount is capped at Rs 1.5crore.
The loan will work for you if you have gained admission into a full-time course in a foreign college or university. SBI disburses the Global Ed-vantage Education Loan for Studies Abroad as a series of payments over the required number of terms or years to pay the fees or other approved charges.
Maximum loan cap is Rs 1.5 crore which is higher than the maximum loan amount most other Indian banks offer through their foreign education loans.
SBI Takeover of Education Loan
The takeover loan is not strictly an education loan but it helps students struggling to pay their education loans EMIs to reduce their debt burden. Here the student and parents having an education loan with other banks or FIs and transfer it to SBI to lower their EMI burden. Minimum loan amount for the takeover education loan is Rs. 10 lakh and the maximum loan amount is Rs. 1.5 crore.
Students can also apply for a top-up loan from SBI for further study after availing the SBI Takeover of Education Loan.
State Bank of India Skill Loan
This loan helps students who have gained admission into technical courses offered by Industrial Training Institutes (ITIs), polytechnics and other recognised institutions to pay for their course fees. The loan amount starts from Rs. 5,000 and can go up to Rs. 1.5 lakh depending on the duration of the course.
To wind up, a small message:
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