The State Bank of India (SBI) provides the maximum education loan in India to students opting for higher studies in India and abroad. This nationalised bank offers a maximum of INR 1.5 crore under its various SBI student loan schemes and Global Ed-vantage Scheme. To apply for the loan, students can go to the Vidya Lakshmi Portal or the Education Loan Portal of the SBI. The bank also offers subsidies on education loans under several interest subsidy schemes. Additionally, the bank provides subsidies on loan interest for female students under its loan schemes.
| Maximum Education Loan in India | Study in India- INR 50 lakh Study Abroad– INR 1.5 crSkill Development Courses- INR 1.5 lakh |
| Provided by | State Bank of India |
| Mode of Application | Online |
| Application Portals | Vidya Lakshmi Portal and Education Loan Portal of SBI |
| Education Loan Schemes by SBI | SBI Student Loan SchemeSBI Scholar Loan SchemeSBI Global Ed-Vantage SchemeShaurya Education LoanSkill Loan Scheme |
Continue reading to find out more about the maximum education loan you can get in India.
Table of contents
- Maximum Education Loan in India for Higher Studies in India and Abroad
- Maximum Education Loan in India for Skill Development Courses
- Maximum Education Loan in India for Wards of Defence Salary Package (DSP)/Indian Coast Guard Salary Package (ICGSP) Officers
- Countries Covered under Study Abroad Loans
- FAQs
Maximum Education Loan in India for Higher Studies in India and Abroad
The SBI provides maximum education loans to students pursuing higher studies in India and abroad under its SBI Student Loan Scheme and SBI Scholar Loan Scheme. The bank has also designed the SBI Global Ed-Vantage Scheme for students pursuing higher education in universities abroad. All these schemes differ in terms of the loan amount, eligibility criteria, and educational programs. Students must have secured admission in approved courses at recognised universities/colleges/academic institutions before applying for any of the education loans. Following are the details of the aforementioned maximum education loan in India for the benefit of students.
Also Read: Check out our blog to know about the Documents required for an Education Loan. Keep these ready to ensure a smoother and seamless loan sanction and disbursement process.
SBI Student Loan Scheme
SBI Student Loan is provided to students seeking financial assistance for pursuing higher studies in India and abroad. Indian nationals i.e.; citizens of India or Non-Resident Indians (NRIs) are eligible for loans in Indian academic institutes as well as universities around the world. Whereas, Persons of Indian Origin (PIOs) and Overseas Citizens of India (OCIs) can only apply for loans extending to higher education in India. This scheme offers maximum education loans in India to students seeking admission to medical colleges of India and extends loan limits for special cases.
| Particulars | Details |
| Loan Amount | For Colleges/Universities in India: Medical Courses: Upto INR 30 lakh Other Courses: Upto INR 10 lakh (Maximum loan in India is INR 50 lakh; depending on the case). For Colleges/Universities Abroad: Maximum Loan: INR 7.50 lakh |
| Effective Interest Rate | Loan up to INR 7.5 lakh: 10.9% Loan above INR 7.5 lakh: 10.9% |
| Concession on Interest Rate | Upto INR 7.5 lakh: 0.5% for female students Above INR 7.5 lakh: 0.5% for female students and students availing SBI Rinn Raksha scheme. |
| Security | Upto INR 7.5 lakh: No security Above INR 7.5 lakh: Co-obligation of a parent or a guardian along with tangible collateral is required. |
| Processing Charge | Upto INR 7.5 lakh: Not required Above INR 20 lakh: INR 10,000 plus taxes |
| Moratorium Period | Course Tenure plus 6 months after getting the job or course duration plus 12 months, whichever is earlier. |
| Repayment Period | 15 years after the completion of the moratorium period and the course. In case of delay, the bank gives extra 2 years to repay the loan. |
| Eligible Courses | Study in India: Diploma courses by certain regulatory bodies. Courses by The Institute of Chartered Accountants of India (ICAI). Undergraduate, Postgraduate, and Postgraduate Diploma courses by recognised universities. Study Abroad: Undergraduate, Postgraduate, and Doctorate programs by recognised universities. Diploma courses in aviation and shipping. Courses by Certified Public Accountant (CPA), Chartered Institute of Management Accountants (CIMA), etc. |
| Expenses Considered for Loan | Tuition examination/Lab/Library essentials for course completion like uniforms, books, laptops, instruments, and equipment. Travel expenses for study abroad students. The cost of two wheelchairs (up to INR 50,000) can be included in cases where the loan is secured by a third-party guarantee or collateral. Premium of Rinn Raksha. |
SBI Scholar Loan Scheme
Under this scheme, students who have secured admission to List AA, List A, List B, and List C premium colleges of India get the maximum education loan in India available for courses in these institutions. Applicant must be a citizen of India, including NRIs, and should have taken admission through the respective entrance examination or selection process to become eligible for this loan.
| Particulars | Details |
| Loan Amount | List AA: INR 40 lakh List A: INR 20 lakh to INR 30 lakh List B: INR 20 lakh List C: INR 7.5 lakh to INR 30 lakh |
| Effective Interest Rate | List AA: 8.30% for IITs and 8.35% for othersList A: 8.30% for IITs and 8.80% for othersList B: 8.80% for NITs and 9.30% for othersList C: 8.80% for NITs and 9.80% for others |
| Security | Co-borrower and tangible collateral are required for loans above INR 20 lakh in List A institutes and loans above INR 7.5 lakh in all other categories. Third-party guarantee accepted. |
| Processing Charge | Not charged |
| Moratorium Period | Course tenure plus one year. |
| Repayment Period | Up to 15 years after the completion of the degree program and moratorium. The bank offers an additional 2 years to students who fail to repay their loan in the designated time. |
| Eligible Courses | Regular Diploma and full-time degree programs select students through entrance tests or any other selection process. Full-time executive management courses.Part-time undergraduate and postgraduate courses at certain institutes. |
| Expenses Considered for Loan | Hostel fees Exam/Lab/Library fees Cost of essentials: Laptop/books/instruments/equipment. Travel fees for exchange programs. Caution money |
SBI Global Ed-Vantage Scheme
Under the Global Ed-Vantage scheme, SBI offers the maximum education loan in India for students planning to study abroad. SBI grants this loan to students who are Indian Nationals, including NRIs and have secured admission to universities and academic institutions abroad.
| Particulars | Details |
| Loan Amount | Minimum loan: INR 7.5 lakh Maximum loan: INR 1.5 cr |
| Effective Interest Rate | 10.40% |
| Concession on Interest Rate | 0.50% to female students and students availing SBI Rinn Raksha scheme. |
| Security | Co-obligation of parents or a guardian, tangible collateral, and assignment of prospective income of the applicant for payment of loan instalments. A third-party guarantee is also accepted. |
| Processing Charge | INR 10,000 plus taxes |
| Moratorium Period | Course duration plus 6 months. |
| Repayment Period | Up to 15 years after the completion of the moratorium period and course. An extension of 2 years can be given to students if they fail to repay the loan in the scheduled time. |
| Eligible Courses | Undergraduate, Postgraduate, Diploma, Certificate, and Doctorate courses in universities abroad. |
| Expenses Considered for Loan | Tuition fee Hostel fee Lab/Library/Exam fee Travel expenses Cost of essentials: Books, laptops, uniforms, instruments.Caution money Remium of Rinn Raksha scheme Contingency expenses |
Maximum Education Loan in India for Skill Development Courses
SBI aims to provide education loans to Indian Nationals intending to enrol in skill development courses under its SBI Skill Loan Scheme. This loan is approved for any skill development courses recognised by the National Skill Qualification Framework (NSQF). This loan is the maximum education loan in India for skill development courses from recognised institutions in India.
| Particulars | Details |
| Loan Amount | Minimum Loan: INR 5000 Maximum Loan: INR 1,50,000 |
| Effective Interest Rate | 10.40% |
| Security | Only the co-obligation of parents or guardians is required. |
| Processing Charge | Not charged |
| Moratorium Period | Course tenure up to 1 year: 6 months from course completion. Course tenure above 1 year: 1 year from course completion. |
| Repayment Period | Upto INR 50,000: Upto 3 years INR 50,000 to INR 1 lakh: Upto 5 years Above INR 1 lakh: Upto 7 years |
| Eligible Courses | NSQF recognised Certificate/Diploma/Degree courses at recognised institutions. |
| Expenses Considered for Loan | Tuition fee Library/Laboratory/Exam fee Caution money Cost of essentials: Books and instruments. |
Maximum Education Loan in India for Wards of Defence Salary Package (DSP)/Indian Coast Guard Salary Package (ICGSP) Officers
Shaurya Education Loan is the maximum education loan in India for wards/children of ICGSP/DSP officers in all ranks for higher education in India and abroad. This scheme is only designed for kids/wards of DSP/ICGSP officers who have secured admission to universities/colleges in foreign lands. The co-borrower of this maximum educational loan in India for wards of defence and Coast Guard personnel must be a Platinum or Diamond category DSP/ICGSP account holder in SBI. Additionally, the salary or pension account of the co-borrower should be with this nationalised bank throughout the loan tenure.
| Particulars | Details |
| Loan Amount | Colleges/Universities in India: upto INR 40 lakh Colleges/Universities Abroad: upto INR 1.5 cr |
| Effective Interest Rate | Upto INR 7.5 lakh: 0.90% Above INR 7.5 lakh to INR 1.5 cr: 10.9% for Secured Loan and 11.5% for Unsecured Loan |
| Concession on Interest Rate | Upto INR 7.5lakh: 0.5% for female students. Above INR 7.5 lakh to INR 1.5 cr: 0.50% to female students and students availing SBI Rinn Raksha scheme. |
| Security | Indian Colleges/Universities: No security up to INR 7.5 lakh. Above INR 7.5 lakh up to INR 40 lakh (Secured Loan): Co-borrower with liquid collateral of 100% of the loan amount or tangible property as collateral worth 110% of the loan amount. Foreign Colleges/Universities: No security up to INR 7.5 lakh. Above INR 7.5 lakh to INR 40 lakh: optional with borrower or co-borrower. A loan above INR 40 lakh up to INR 1.5 cr (Secured Loan): Liquid collateral of 100% of the loan amount or tangible property as collateral worth 110% of the loan. |
| Processing Charge | Up to 15 years after course completion and moratorium period. An extension of 2 years is available to students unable to repay loans in due time. |
| Moratorium Period | Course duration plus 12 months or 6 months after securing employment, whichever is earlier. |
| Repayment Period | Upto 15 years after course completion and moratorium period. An extension of 2 years is available to students unable to repay loans in due time. |
| Eligible Courses | Study in India: Diploma courses by certain regulatory bodies. Courses by ICAI. Graduate, Postgraduate, and Postgraduate Diploma courses by recognised universities. Study Abroad: Graduation, Postgraduation, and Doctorate programs by recognised universities. Diploma courses in aviation and shipping. Courses by CPA, CIMA, etc. |
| Expenses Considered for Loan | Tuition Fee Examination/Lab/Library Fee Essentials for course completion like uniforms, books, laptops, instruments, and equipment. Caution money Travel expenses for study abroad students. The cost of two wheelchairs (up to INR 50,000) can be included in cases where the loan is secured by a third-party guarantee or collateral. A premium of Rinn Raksha |
Also Read: Check out the FAQs on the Restructuring 2.0 Scheme of RBI that provides benefits to the borrowers affected by the COVID-19 pandemic.
Countries Covered under Study Abroad Loans
SBI provides the maximum education loan in India for students pursuing higher education in foreign universities under its Shaurya Education Loan, SBI Scholar, and SBI Education Loan schemes. Students get loans for approved courses at recognised institutions in the following countries:
- UK
- USA
- Canada
- Australia
- Japan
- Singapore
- Hong Kong
- New Zealand
- Denmark
- Czech Republic
- Poland
- France
- Estonia
- Belgium
- Austria
- Portugal
- Norway
- Itlay
- Ireland
- Netherlands
- Greece
- Germany
- Russia
- Sweden
- Spain
- Switzerland
- Finland
Study abroad students and students seeking admission to academic institutions in India can secure the maximum education loan in India from the SBI. This central bank grants maximum education loans in India for various undergraduate, postgraduate, diploma, certificate, and doctorate courses from several types of institutions in the native land as well as a foreign land.
FAQs
State Bank of India (SBI) provides the maximum educational loan in India.
A student going for higher education abroad can avail of the maximum education loan in India under SBI Global Ed-Vantage Scheme and Shaurya Education Loan scheme.
Students who have secured admission to academic organisations in India can avail of a maximum of INR 50 lakh and students going for higher studies abroad can apply for education loans up to INR 1.5 cr.
Yes, applicants can take a second loan, which is also called Top Up Education Loan. This can be taken within the overall limit that is permitted to pursue a professional course in India or abroad. The condition is that the projected income of the student, after placement should be sufficient to cover full loan repayment.
As per the RBI guidelines on education loans, banks are allowed to offer education loans up to INR 4 lakhs without collateral, up to INR 7.5 lakhs can be obtained with collateral in the form of suitable third-party guarantee, while education loans above ₹7.5 lakh require tangible collateral.
This was all about the maximum education loan you can get in India. To know about education loans, the loan application process, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
