SBI Education Loan Interest Rate

The number of students opting for higher education abroad has increased exponentially in the past few years. There is also a drastic increase in the number of students opting for education loans both in India and abroad due to the increase in the education expenses.

SBI offers a range of education loan products depending on the country, institute, co-borrower details, collateral security offered and the academic background of the student.

SBI provides education loans to cater to every need of the student, these are

•    Student Global Ed-vantage: loans for overseas education
•    Scholar Loan Scheme: for students who have secured admission in premier institutions
•    Student Loan Scheme: the go-to loan product for all higher education needs

SBI Education Loan Features:

Following are some of the unique features of an education loan from SBI:

•    Tax benefit under Section 80-E of Income Tax Act
•    Long term loans resulting in easy EMIs
•    Flexibility in collateral security requirements
•    Loan against property mortgaged with SBI

If the lender finds you creditworthy and you have a clean credit history, then you might be approved for an education loan without the need for collateral/security.

SBI Education Loan—Benefits for Students

With an education loan from SBI, you stand to gain from certain benefits:

•    Reduce your financial worry: SBI Funds total cost of your education, including living expenses & all other expenses reducing your financial worries (case to case basis)
•    Easy to apply: It doesn't cost anything to apply online and can be done in a couple of minutes

SBI Education Loan—Benefits for Parents

•    Tax Benefits: Education Loan provides income tax rebates under Section 80E of Income Tax Act of India
•    Loan up to 100% of Educational Expenses
•    Flexibility on collateral requirements: depending on the credit history, there are flexible options where even no collateral will be required.
•    Longer tenures & flexible repayment options to reduce the EMI burden.

SBI Education Loan Interest Rate

SBI offers attractive interest rates on its education loans. It depends on a host of eligibility criteria which might include but is not limited to – your credit worthiness, borrowing history and other factors that reflect your financial capability and behavior. It is best to contact SBI directly for the most up to date interest rates.

Apply for Education Loan

You can check your eligibility and apply for an education loan by signing up with CreditMantri. It is quick, simple and above all, free.

CreditMantri pre-screens your application to make sure you are likely to qualify as per the lender's credit criteria. Hence, the chance of your education loan application getting approved is higher.

Click here to sign up and apply for loans and credit cards, the CreditMantri way!