State Bank Of India Education Loan Interest Rate as on 03 Aug 2021

INTEREST RATE10% to 10.75%
LOAN TENUREIn 15 years after the Holiday | Moratorium Period
PROCESSING FEEAs decided by the bank from time to time
GUARANTOR REQUIREDYes
PRE CLOSURE CHARGESAs decided by the bank from time to time

About State Bank Of India

State Bank Of India is a public sector bank in india with total assets 43195 crore. It has headquarter in Mumbai. State Bank Of India was founded on 01-07-1955. It has 16333 branches and total assets 4319554560 ATMs across India.

It provides all the financial services to its customers like saving deposit, fixed deposit, recurring deposit, home loans, personal loan, car loan, education loan, gold loan, PPF account, lockers, netbanking, mobile banking, RTGS, NEFT, IMPS, E-Wallet, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.

Find details about State Bank Of India which includes State Bank Of India Official Website, State Bank Of India ATMs accross the India, State Bank Of India Branches accross the India, State Bank Of India Contact Numbers, State Bank Of India official EmailID, State Bank Of India Headquarter and State Bank Of India Headquarter Address. Find State Bank Of India Education loan purpos, Eligibility, Margin, Repayment of Education Loan ,Security, Documents Required for Education Loan from below.

Other Products of State Bank Of India:

Home Loan Personal Loan
Education Loan Business Loan
Car Loan Two Wheeler Loan
Gold Loan FD Interest Rates
State Bank Of India RD Interest Rates State Bank Of India ATMs Location
PPF Account 

State Bank Of India Education Loan Purpose

To provide Education Loan for pursuing higher education in India and Abroad

State Bank Of India Eligible Courses for Education Loan

For studies in India:
  1. Approved courses leading to graduate|post graduate degree and P G diplomas conducted by recognized colleges|universities recognized by UGC|Govt.| AICTE| AIBMS| ICMR etc.
  2. Courses like I.C.W.A., C.A., C.F.A., etc.
  3. Courses conducted by IIMs, IITs, IISc, XLRI, NIFT, NIDetc.
  4. Approved courses offered in India by reputed foreign universities.
  5. Regular Degree|Diploma courses like Aeronautical, pilot training, shipping, degree|diploma in nursing or any other discipline.approved by Director General of Civil Aviation|Shipping|Indian Nursing Council or any other regulatory body as the case may be, if the course is pursued in India.
  6. Approved by Head Office and included in approved educational institutions list.
For studies abroad:
  1. Graduation: For job-oriented professional|technical courses offered by reputed universities. (Diploma|Certification courses are not permissible)
  2. Post Graduation: Courses like MCA, MBA, MS etc.
  3. Courses conducted by CIMA-London, CPA in USA etc.
  4. Degree | Diploma: Courses like Aeronautical, Pilot training, and Shipping etc. provided these are recognized by competent regulatory bodies in India| abroad for the purpose of employment in India and abroad.

State Bank Of India Education Loan Document Required

For salaried individuals

  • Duly filled up and signed education loan application form along with photographs
  • KYC (Know Your Customer)documents
  • Proof of identity- Passport, Voter ID card, Driving license, PAN card, Aadhar Card, Government department ID card
  • Latest salary slip showing all deductions or Form 16 along with recent salary certificate
  • Proof of residence - Bank account statement, Latest electricity bill, Latest mobile/telephone bill, Latest credit card statement, Existing house lease agreement
  • Bank Statement or Bank Pass Book of having entries of last 6 months
  • Guarantor Form, Copy of admission letter or the Institute along with Fees schedule (Optional)
  • Mark sheets/pass certificates of S.S.C., H.S.C, Degree courses (Optional)
  • Detailed break-up of the costs of the course (Optional)

For all individuals except salaried

  • Duly filled up and signed education loan application form along with photographs
  • KYC (Know Your Customer)documents
  • IT returns of the last 2 years and computation of income of last 2 years certified by a Chartered Accountant
  • Proof of identity- Passport, Voter ID card, Driving license, PAN card, Aadhar Card, Government department ID card
  • Proof of residence - Bank account statement, Latest electricity bill, Latest mobile/telephone bill, Latest credit card statement, Existing house lease agreement
  • Bank Statement or Bank Pass Book of having entries of last 6 months
  • Guarantor Form, Copy of admission letter or the Institute along with Fees schedule (Optional)
  • Mark sheets/pass certificates of S.S.C., H.S.C, Degree courses (Optional)
  • Detailed break-up of the costs of the course (Optional)

State Bank Of India Education Loan Amount

a) For studies in India, maximum Rs. 10 Lakhs.
b) For studies abroad, maximum Rs. 20 Lakhs.

Margin

a) Up to Rs.4 lakhs-Nil.
b) Above Rs. 4 lakhs- Studies in India 5% Studies Abroad 15%

State Bank Of India Education Loan Repayment

Repayment Holiday| Moratorium: Course Period + 1 year or 6 months after getting job, whichever is earlier.The loan to be repaid in 15 years after commencement of the repayment.

Security

Upto Rs.7.50 Lakhs - Only Parent| Guardian as co-borrower. No Collateral Security or third party guarantee.
Above Rs.7.50 Lakhs: Parent|Guardian as co-borrower and tangible collateral security.

Mode of Repayment of Education Loan

Post Dated Cheque (PDC): PDCs are given by the borrower in advance to the bank. They will be for future dates. Bank will deposit the cheque on the date mentioned on the cheque. This mode used to be opted by the borrowers when there were no online repayment options available. This mode is no longer popular and is used by very few borrowers.

Electronic Clearance System (ECS): This mode is very popular and most of the borrowers opted for this mode of repaying the loan. It is an electronic mode for transferring the EMI from borrower's bank to lender's bank.

National Automated Clearing House (NACH): NACH is a facility offered by National Payment Corporation of India (NPCI) for online transfer of funds on due date. This system has come into force recently and is preferred by many people. The benefit of this mode is that it allows transactions to be processed in real time.

Standing Instruction (SI): It is an order or instruction which the account holder gives to his/ her bank to pay a fixed amount to another bank/ account at a regular interval. It is also used by many borrowers to pay EMIs as EMI is a fixed amount. SI is not suitable for variable amounts.

Contact details of State Bank Of India, State Bank Of India SMS balance check number SMS banking, State Bank Of India mobile banking, State Bank Of India toll free number,State Bank Of India toll free number 24*7, State Bank Of India miss call number.

  • MISSED CALL NUMBERS - 9223766666
  • CUSTOMER CARE NUMBERS - 18001801290, 18601801290
  • CONTACT NUMBERS - 1800112211, 18004253800, 080-26599990, 022-27566066

State Bank Of India Contact Details

  • BANK OFFICIAL WEBSITE - www.sbi.co.in
  • CONTACT NUMBERS - 1800112211, 18004253800, 080-26599990, 022-27566066
  • EMAIL ID - customercare@sbi.co.in, gm.customer@sbi.co.in, chairman.customer@sbi.co.in
  • MISSED CALL NO. - 9223766666
  • CUSTOMER CARE NO. - 18001801290, 18601801290
  • TOTAL BRANCHES - 16333
  • TOTAL ATMS - 54560
  • HEADQUARTER - Mumbai
  • BANK ADDRESS - IDBI Tower,WTC Complex, Cuffe Parade,Colaba, Mumbai - 400005.
State Bank Of India EMI Calculator  State Bank Of India Branches  
State Bank Of India Education Loan FAQs Education Loan Document Required

Other Banks Education Loan Interest Rates

Abhyudaya Cooperative Bank LimitedAhmedabad Mercantile Cooperative Bank
Akola Urban Coop Bank Allahabad Bank
Allahabad Up Gramin BankAmanath Cooperative Bank Ltd. Bangalore
Andhra BankAndhra Pradesh Grameena Vikas Bank
Andhra Pragathi Grameena BankApna Sahakari Bank Limited
Arunachal Pradesh Rural BankAssam Gramin Vikash Bank
Au Small Finance Bank LimitedAxis Bank
Bandhan Bank LimitedBangiya Gramin Vikash Bank
Bank Of BarodaBank Of India
Bank Of MaharashtraBaroda Gujarat Gramin Bank
Baroda Rajasthan Kshetriya Gramin BankBaroda Up Gramin Bank
Bassein Catholic Cooperative Bank LimitedBharat Cooperative Bank (mumbai) Ltd., Mumbai
Bharati Sahakari BankBharatiya Mahila Bank Limited
Bihar Gramin BankBombay Mercantile Co Op Bank Ltd
Canara BankCapital Small Finance Bank Limited
Catholic Syrian Bank LimitedCentral Bank Of India
Central Madhya Pradesh Gramin BankChaitanya Godavari Grameena Bank
Chhattisgarh Rajya Gramin BankCitizen Credit Cooperative Bank Limited
City Union Bank LimitedCorporation Bank
Dcb Bank LimitedDena Bank
Dena Gujarat Gramin BankDhanalakshmi Bank
Dombivli Nagari Sahakari Bank LimitedEllaquai Dehati Bank
Equitas Small Finance Bank LimitedEsaf Small Finance Bank Limited
Export Import Bank Of IndiaFederal Bank
Fincare Small Finance Bank LtdG P Parsik Bank
Gramin Bank Of AryavartHdfc Bank
Himachal Pradesh Gramin BankIcici Bank Limited
Idbi BankIdfc Bank Limited
Indian BankIndian Mercantile Cooperative Bank Ltd.
Indian Overseas BankIndusind Bank
Jalgaon Janata Sahakari Bank LimitedJammu And Kashmir Bank Limited
Jammu And Kashmir Grameen BankJanakalyan Sahakari Bank Limited
Janalaxmi Coop Bank Janata Sahakari Bank Ltd
Jharkhand Gramin BankKallappanna Awade Ichalkaranji Janata Sahakari Bank Limited
Kalupur Commercial Cooperative BankKalyan Janata Sahakari Bank
Kapol Cooperative Bank LimitedKarnataka Bank Limited
Karnataka Vikas Grameena BankKarur Vysya Bank
Kashi Gomti Samyut Gramin BankKaveri Grameena Bank
Kerala Gramin BankKhamgaon Urban Co Op Bank Ltd
Kotak Mahindra Bank LimitedLangpi Dehangi Rural Bank
Laxmi Vilas BankMadhya Bihar Gramin Bank
Madhyanchal Gramin BankMahanagar Cooperative Bank
Maharashtra Gramin BankMalwa Gramin Bank
Manipur Rural BankMeghalaya Rural Bank
Mizoram Rural BankNagaland Rural Bank
Nagar Urban Co Operative BankNagpur Nagarik Sahakari Bank Limited
Narmada Jhabua Gramin BankNasik Merchants Cooperative Bank Ltd.
New India Cooperative Bank LimitedNkgsb Cooperative Bank Limited
North East Small Finance Bank LimitedNutan Sahakari Bank Ltd
Odisha Gramya BankOriental Bank Of Commerce
Pallavan Grama BankPandyan Grama Bank
Paschim Banga Gramin BankPragathi Krishna Gramin Bank
Prathama BankPravara Sahakari Bank Ltd
Puduvai Bharathiar Grama BankPunjab And Maharshtra Cooperative Bank
Punjab And Sind BankPunjab Gramin Bank
Punjab National BankPurvanchal Gramin Bank
Rajarambapu Sahakari Bank LtdRajasthan Marudhara Gramin Bank
Rajkot Nagrik Sahakari Bank LimitedRbl Bank Limited
Rupee Cooperative Bank Ltd.Sangli Urban Co Op Bank Ltd Sangli
Saptagiri Grameena BankSaraswat Cooperative Bank Limited
Sardar Bhiladwala Pardi Pepls Co BkSarva Haryana Gramin Bank
Sarva Up Gramin BankSaurashtra Gramin Bank
Shikshak Sahakari Bank LimitedSolapur Janata Sahakari Bank Limited
South Indian BankState Bank Of Bikaner And Jaipur
State Bank Of HyderabadState Bank Of India
State Bank Of MysoreState Bank Of Patiala
State Bank Of TravancoreSuryoday Small Finance Bank
Sutlej Kshetriya Gramin BankSyndicate Bank
Tamilnad Mercantile Bank LimitedTelangana Grameena Bank
The A.p. Mahesh Cooperative Urban Bank LimitedThe Akola Janata Commercial Cooperative Bank Ltd., Akola.
The Cosmos Co Operative Bank LimitedThe Goa Urban Co Op Bank Ltd
The Greater Bombay Cooperative Bank LimitedThe Jalgaon Peopels Cooperative Bank Limited
The Kapol Cooperative Bank LimitedThe Karad Urban Cooperative Bank Limited
The Mapusa Urban Coop Bank Of Goa LtdThe Mehsana Urban Cooperative Bank
The Nainital Bank LimitedThe Shamrao Vithal Cooperative Bank
The Surath Peoples Cooperative Bank LimitedThe Thane Bharat Sahakari Bank Limited
The Zoroastrian Cooperative Bank LimitedTjsb Sahakari Bank Ltd
Tripura Gramin BankUco Bank
Ujjivan Small Finance Bank LimitedUnion Bank Of India
United Bank Of IndiaUtkal Grameen Bank
Utkarsh Small Finance BankUttar Banga Kshetriya Gramin Bank
Uttar Bihar Gramin BankUttarakhand Gramin Bank
Vananchal Gramin BankVidharbha Konkan Gramin Bank
Vijaya BankYes Bank
Zila Sahakari Bank Ltd