SBI Education Loan Interest Rate 2022

SBI Education Loan Interest Rate 2022

Education is a necessary investment. With rising inflation, the most convenient way to pursue higher studies in reputed institutes is to get an education loan. This loan is one of the most reliable sources of funding for studies.
SBI Education Loan Interest Rate is relatively low and offers flexible repayment options, tenure including moratorium period, no penalty on prepayment of the loan.

SBI Education Loan Interest Rate 2022

SBI Education Loan for Study Abroad offers a student to pursue higher education in the colleges of their dreams. It has become easy, convenient, and fast to get an education loan through SBI Education Loan Online Application.

If you are thinking of applying for this loan, here is a quick overview of the details of this loan including SBI Loan Interest Rate, Loan Application, Eligibility, Loan Process, SBI Education Loan Repayment, etc.

SBI education loan rate of interest 2022

SBI education loan interest rate is floating in nature. Thus, the interest rate of this loan may change according to the economic changes in the country. Also, the interest rate of this loan may vary with the loan amount and the educational institute.

Girl students get a 0.50% discount on the interest rate. Additionally, students can avail of a further discount of 0.50% on the interest rate if they avail of SBI loan Raksha or any other life policy scheme in favor of SBI.
However, in the case of an SBI skill loan, no such concession is applicable on the rate of interest. The effective interest rate for each scheme is mentioned in the above chart.

SBI education loan eligibility

The eligibility criteria to avail of these loans are as follows.

  1. The person must be an Indian citizen within the age of 35 years (for unemployed students) or 45 years (for employed students).
  2. Must have secured admission in any IIT, IIM, ISB, or any of the institutes mentioned in the SBI education loan college list.
  3. 3. The student has to provide collateral as security.
  4. For an SBI education loan for study abroad, the student has to provide solid collateral as security. Also, there is no restriction for the country to pursue higher education.

SBI education loan documents required

  1. Proof of Identity – Voter ID, Aadhaar, Driving License, or Passport
  2. Admit Card
  3. Details of Education Expenses
  4. PAN Card of the student and co-borrower/parent/guardian
  5. Address Proof – Electricity Bill, Telephone Bill, Passport, Driving License
  6. Bank statement of the student/parent/guardian for the last 6 months
  7. Income Tax Return/Assessment Order of co-borrower/parent/student for last 2 years
  8. Proof of Income of Co-borrower/Parent/Student- Salary slip or Form 16
  9. A brief description of the assets and liabilities of the co-borrower, parent, or guardian.
  10. Passport size photo

How to apply for an Education loan in SBI

Getting an education loan has become easy by applying SBI education loan online application. To apply online, follow these steps.

  1. Visit the official website of SBI. click here.
  2. Click on the “Other Retail Loans” tab.
  3. Select the type of loan scheme.
  4. Fill in the required details and click on the “Submit” tab.

Optionally

  1. Visit https://sbi.co.in/web/personal-banking/loans/education-loans/student-loan-scheme
  2. Click on the “apply now” tab.
  3. Fill out the SBI Education Loan Application Form with correct details and click on the “Submit” tab.
  4. If you are interested to apply offline, then you have to go to the nearest SBI Bank. Ask for SBI Education Loan Form from the bank representative. Submit all required documents.

 

Things to remember before availing of this loan

  1. There is no processing charge for loans up to 20 Lakhs. A processing fee of Rs 10000 + tax is charged for any loan above 20 lakhs.
  2. This loan repayment starts one year after the completion of the course. The loan has to be repaid within 15 years from the start of repayment.
  3. Each loan comes with specific terms and conditions. It is important to read the terms and conditions of an SBI education loan before taking a loan.

SBI education loan status

  1. There is no processing charge for loans up to 20 Lakhs. A processing fee of Rs 10000 + tax is charged for any loan above 20 lakhs.
  2. This loan repayment starts one year after the completion of the course. The loan has to be repaid within 15 years from the start of repayment.
  3. Each loan comes with specific terms and conditions. It is important to read the terms and conditions of an SBI education loan before taking a loan.

SBI education loan customer care

For any query regarding education loans, you can dial SBI education loan contact numbers, i.e. 1800 1234 (Toll-Free), 1800 11 2211 (Toll-Free), 1800 425 3800 (Toll-Free). Alternatively, you can dial 080-26599990 for assistance.

Conclusion

Interest rates act as important criteria for loans, especially for education loans. In this article, we have tried to cover all the topics that you should be aware of while availing of the loan.

The stated interest rate is according to the SBI Education Loan Interest Rate 2022 (SBI Education Loan Interest Rate 2022) announced by the bank

I hope this article provides you with all the information you need to fulfill your education dream with the help of this Sbi loan.

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