State Bank of India (SBI) — Education Loans (India)

1. Loan Types & Product Range

SBI offers a variety of student loan programs tailored to different needs:

• Student Loan Scheme (Domestic) For most Indian higher education (UG, PG, professional/technical), loans typically go up to ₹10 lakh, with higher limits considered based on merit or course relevance. For medical programs at premier institutions (e.g., MBBS/MD/MS), loans can go up to ₹30 lakh—or even ₹50 lakh on a case-by-case basis.

• Scholar Loan Scheme Designed for students admitted to "Select Premier Institutions"—IITs, IIMs, NITs, BITS, XLRI, ISB, etc.—this offers collateral-free loans up to ₹40 lakh (even ₹50 lakh for AAA-category schools like BITS Pilani) based on the institution's tier.

• Skill Loan Scheme For vocational and skill-based certification courses under NSQF, with loans ranging from ₹5,000 to ₹1.5 lakh. No collateral required.

• Global Ed-Vantage For studies abroad, offering loans up to ₹3 crore. Comes with collateral and interest concessions available.

• Takeover Loans Allows transferring existing loans from other banks into SBI for better rates and consolidated repayment.

2. Interest Rates & Concessions (Current as of April–June 2025)

• Student Loan (Domestic)

  • Up to ₹7.5 lakh (no collateral): ~10.65% (EBR-based)
  • Above ₹7.5 lakh (secured): ~9.65%
  • 0.50% concession for girl students

• Scholar Loan

  • AA tier (top schools): ~8.10% starting rate
  • Other tiers: between ~8.15% and 9.15%

• Skill Loan

  • ~10.65% for loans up to ₹1.5 lakh

• Global Ed-Vantage & Takeover

  • ~11.15% (floating) with possible concessions (girl students, insurance opt-in)

3. Eligibility & Security Requirements

Margin rules: Nil up to ₹4 lakh; 5% margin for domestic loans over ₹4 lakh; 15% for abroad loans.

4. Covered Expenses

All schemes generally cover:

• Tuition, hostel, library/lab fees
• Books, equipment (up to certain limits)
• Caution deposit/building fund (max 10% of course fee)
• Travel/exchange/internship expenses
• Computer purchase, and even two-wheeler costs in some cases

5. Repayment Terms & Disbursement

• Moratorium: Course duration + 12 months grace
• Repayment Tenure: Up to 15 years post-moratorium
• EMI Calculation: Interest accrues during moratorium, added to principal unless interest-served early

Processing fees:

• Loans up to ₹20 lakh: Nil
• Above ₹20 lakh: ₹10,000 + taxes

6. Summary Table