How to Apply For Education Loan of SBI in 2022

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How to Apply For Education Loan of SBI: State Bank of India (SBI) offers a wide range of education loans to support students across the country with interest rates starting from 7.25% p.a. State Bank of India offers different loan schemes such as student loan, skill loan, scholar loan or a loan to study abroad, etc. You can get loans to study for vocational courses as well as professional courses.

As a student, first you need to identify the type of education loan SBI you require in order to pursue your academic journey. There are various education loan of sbi for which you can apply. There are also takeover loans that help you close the existing high-interest loans with low interest SBI loans.

SBI Education Loan Interest Rates

Schemes Loan Amount Interest Rates
SBI Student Loan Up to Rs.7.5 lakh and above 9.05%
SBI Scholar Loan 7.25% to 8.55%
SBI Global ED-Vantage Rs.1.5 crore 9.05%
SBI Skill Loan Rs.1.5 lakh 8.55%
SBI Take Over of Education Loan Rs.1.5 crore 9.05%
Shaurya Education Loan Rs.15 crore 9.05% to 9.65%

SBI Education Loan – Eligibility

State Bank of India (SBI) loan eligibility differ for each type of education loan offered by the bank. SBI Student Loan Scheme is a term loan offered to students of Indian nationality, who are seeking higher education in India or abroad. The main eligibility criteria to apply for the loan is that the student must secure admission before applying for the loan.

Types of Education Loan of SBI

There are different types of loans offered by banks. Following are some loans from State Bank of India (SBI): –

  • SBI Student Loan Scheme
  • SBI Scholar Loan Scheme 
  • SBI Skill Loan Scheme
  • SBI Global Ed-Vantage Scheme 

Documents Required and Application Form

The documents required to apply for the education loan of SBI are as given below (all documents should be self-attested): –

1. For Students/Applicants:

  • Identity proof (voter’s ID card, passport, PAN card)
  • Address Proof  (Aadhaar card/driver’s license/passport)
  • Passport
  • Passport size photographs
  • Academic Records (10th, 12th, Graduation (if applicable), entrance exam result through which admission is obtained)
  • Admission Proof: Admission letter or offer letter from the educational institution
  • Loan account statement of the previous one year, if loan has been taken from another lender
  • Latest salary slips (For salaried people)

2. For Co-Applicant:

    • Identity proof (voter’s ID card, passport, PAN card)
    • Address Proof  (Aadhaar card/driver’s license/passport)
    • Two Passport size photographs
    • Loan account statement of the previous one year, if loan has been taken from another lender

How to Apply for SBI Education Loan Online/Offline?

  • First, visit the official website of SBI i.e. https://sbi.co.in/.
  •  On the homepage you will see the link for  Education Loan.
  • Now click on the link and choose your preferred loan option.
  • Click on “Apply Now” button.
  • You will be redirected to the Vidya Lakshmi website.
  • Registered yourself on the portal and apply for loan. 
  • Finally, A bank representative will get in touch with you.

Offline Process:-

  • First, visit the nearest SBI branch.
  • Collect the loan application form.
  • Fill in the application form and attache documents.
  • Finally submit the application form to the bank.
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