SBI Education Loan – Apply Online for Study in India & Abroad

Founded in 1955, the State Bank of India (SBI) stands as India’s largest public sector bank, distinguished by its extensive assets, deposits, branch network, customer base, and employee strength. SBI offers a variety of education loan schemes to support students aspiring to pursue higher studies in India or overseas. Whether you are evaluating SBI’s education loan options or seeking a suitable student loan, gaining a clear understanding of the available schemes is key to securing the right financial support for your academic goals.

KINDS OF EDUCATIONAL LOAN IN SBI:

1.SBI Student Loan Scheme (General Education Loan)

The most common loan for students studying within India or abroad.

Suitable for:

• Undergraduate courses
• Postgraduate courses
• Professional and technical courses

Key Features:

• Loan up to ₹10–15 lakh without collateral (depending on student profile).
• Above this amount, collateral is required.
• 0.50% concession for girl students
• Repayment starts after course completion + 1-year moratorium

2.SBI Scholar Loan Scheme (Premier Institution Loan)

This is a special loan scheme for students admitted to top institutions in India.

Suitable for:

• Students joining IITs, IIMs, NITs, AIIMS, IIFT, ISB, IISc, and other listed premier institutes.

Key Features:

• Lower interest rates (among the cheapest in India).
• Higher loan amounts without collateral, depending on institution category..
• Faster approval due to trusted institutions.

3.SBI Global Ed-Vantage Scheme (Study Abroad Loan)

This is a full-fledged loan for students going abroad for higher studies.

Suitable for:

• UG and PG courses abroad
• MBA, MS, MBBS abroad
• Professional and vocational programs

Key Features:

• Loan amount up to ₹1.5–3 crore (depending on collateral).
• Collateral mandatory.
• Covers tuition, travel, living expenses, laptop, insurance, books, etc.
• Repayment starts after course completion; long repayment tenure.

4.SBI Skill Loan Scheme

This loan supports students taking skill-development or vocational courses.

Suitable for:

• NSDC-approved training courses
• Skill development programs (3 months to 1 year)

Key Features:

• Loan from ₹5,000 to ₹1.5 lakh.
• No collateral required.
• Course fees + essential expenses covered.

5.SBI Takeover of Education Loan (Transfer Loan)

This is for students who already have a loan in another bank but want to shift to SBI for lower interest or better terms.

Suitable for:

• Students who feel their existing loan rates are high
• Students who need longer repayment time or flexible terms

Key Features:

• SBI pays off your old loan and creates a new one.
• Better interest rates compared to many private banks.

Collateral-free education loan option from State Bank of India (SBI)

A collateral-free education loan means that you don’t have to pledge property or other security as a condition of borrowing. For the SBI scheme, under certain thresholds and for certain courses/institutions, the bank permits education loans without requiring tangible collateral.

Key Features of SBI’s Collateral-Free Education Loan

Here are the main features for the collateral-free portion of the SBI education loans:

• For the standard Student Loan Scheme (studies in India or abroad) of SBI: up to ₹7.50 lakh loan amount requires only the parent/guardian as co-borrower, with no collateral security or third-party guarantee.
• For the overseas study scheme (Global Ed-Vantage), SBI offers collateral-free loans up to ₹50 lakh for select premier institutions.
• Interest rate for the “without collateral (up to ₹7.50 lakh)” category is approximately 10.15% p.a. (floating) as per SBI’s published rate list.
• Collateral-free loans also require simpler documentation compared to secured loans (fewer property valuation/legal processes).
• The loan covers education in India and abroad (depending on the scheme) including tuition fees, hostel/living expenses, equipment/books, travel (for abroad), etc.
• Moratorium period typically includes the course duration + 1 year (or as per scheme) for studies in India.

Eligibility Criteria for SBI Education Loan

• The applicant must be an Indian citizen.
• Admission must be secured in a recognised institution (India or abroad) through merit or entrance exam.
• The course must be a job-oriented professional, technical, vocational, or higher education program.
• The applicant must have completed the required previous qualification (10th/12th/UG).
• A co-applicant/co-borrower (parent/guardian) is mandatory.
• The co-applicant should have a stable and regular income (for repayment assurance).
• Valid proof of admission, fee structure, and course details must be provided.
• The loan must be used only for genuine education-related expenses (fees, hostel, books, travel, etc.).
• Applicant and co-applicant must meet the bank’s creditworthiness and financial norms.

SBI Global Ed-Vantage?

This is a specialised education-loan scheme from SBI tailored for students who wish to pursue full-time regular courses abroad (in recognised foreign institutions).

Under the scheme:

• Loan amount: Up to ₹ 3.00 crore in some cases.
• Collateral-free option: Up to ₹ 50 lakh for select premier institutions.
• Repayment by EMI, up to 15 years.
• Covers many major study-abroad destinations (USA, UK, Canada, Australia, Europe, etc).

Key Features

• Loan amount: Up to about ₹ 3 crore depending on collateral & institution.
• Collateral rules: Collateral is required for large loans, but for “select premier institutions” collateral-free up to ₹ 50 lakh may be available.
• Margin requirement: The student/family may need to bring a margin (example: up to 10–20% of cost) depending on course and institutional category.
• Repayment terms: Moratorium (course period + 6 months) then repayment via EMI over up to 15 years.
• Expenses covered: Tuition fee, hostel/living expenses, travelling, books, equipment, etc.
• Interest rate: As of June-2025, for Global Ed-Vantage with collateral (above ₹7.50 lakh to ₹3 crore) ~ 9.15% p.a. (floating) per SBI’s published list.
• Concessions: A 0.50% interest rate concession is offered for girl students in many SBI education loans.
• Processing Fee: A fixed charge (for overseas study scheme) about ₹10,000.

Expenses Covered

Under Global Ed-Vantage, the following education-related costs abroad are typically eligible for financing:

• Tuition fees for the foreign institutions
• Hostel / living accommodation / visa / travel expenses
• Library / laboratory fees
• Books / equipment / instruments / computer (within certain limits)
• Caution deposit / building fund / refundable deposits (subject to institution rules)

How to Apply for an Education Loan from SBI via PayStudy

1. Visit the official PayStudy website.
2. Create an account or log in using your mobile number/email.
3. Select SBI from the list of partnered banks.
4. Fill in the basic details such as name, course, and institution.
5. Upload required documents (student + co-applicant).
6. Choose the loan type (with or without collateral).
7. Submit the application for initial verification.
8. PayStudy forwards your application to SBI for processing.
9. SBI reviews your documents and may request additional information.
10. SBI schedules a branch visit if collateral verification or in-person confirmation is needed.
11. Loan is sanctioned once eligibility and documents are approved.
12. You receive the sanction letter and loan account details.
13. Funds are disbursed directly to the educational institution (as per the fee schedule).

Why Use PayStudy for an SBI Education Loan

• Faster Processing – PayStudy streamlines the entire loan application, reducing follow-ups and speeding up approval.
• Single Application Portal – Apply to SBI without visiting multiple branches or filling multiple forms.
• Guidance at Every Step – Expert support for documents, eligibility check, and flawless submission.
• No Extra Charges for Students – 100% free platform with no hidden fees.
• Higher Approval Chances – Ensures documents meet SBI standards, reducing chances of rejection.
• Loan Comparison – Option to compare other lenders before finalizing.
• Track Your Application – Real-time status updates.
• Special Support for Collateral Loans – Dedicated team for valuation and SBI coordination.
• Convenient & Student-Friendly – Faster, simpler, and stress-free loan process.