India's Largest Bank | Most Trusted Lender
Interest Rate
10.55%
Max Loan
₹1.5 Crore
Max Tenure
15 years
Processing Fee
NIL
State Bank of India (SBI) is India's largest public sector bank and the most preferred lender for education loans. SBI offers the Scholar Loan Scheme for premier institutions (IITs, IIMs, NITs) and the Student Loan Scheme for all other recognized institutions. The bank is known for its competitive interest rates, nil processing charges, and wide branch network.
| Parameter | Details |
|---|---|
| Bank Name | State Bank of India |
| Bank Type | Govt Banks |
| Interest Rate | 10.55% – 10.80% |
| Maximum Loan Amount | ₹1.5 Crore |
| Maximum Tenure | 15 years |
| Processing Fee | NIL |
| Moratorium Period | Course period + 12 months |
| Eligible Schemes | Padho Pardesh, CSIS, Skill Loan |
| Loan Category | Interest Rate (p.a.) |
|---|---|
| Up to ₹7.5 Lacs | 10.55% p.a. |
| Above ₹7.5 Lacs | 10.80% p.a. |
| Premier Institutes (IIT/IIM) | 9.55% p.a. |
| Female students (0.5% concession) | 10.05% p.a. |
Rates are indicative. Final interest rate depends on applicant profile, course, institute, and collateral provided.
Loans for Indian and foreign institutions
Coverage: tuition, hostel, books, travel
Moratorium: course + 1 year
Simple interest during moratorium
0.5% concession for female students
Tax benefit under Section 80E
Advantages
Disadvantages
Indian national, minimum 18 years
Secured admission in recognized institution
Co-applicant (parent/guardian) mandatory
Satisfactory academic record (min 50%)
Co-applicant CIBIL score 650+
Apply online via Vidyalakshmi portal or SBI YONO app
Fill form with personal, academic, and financial details
Upload scanned documents
Branch visit for verification (if required)
Loan sanctioned within 7–15 days
Pro Tip: Apply at least 4–6 weeks before your course fee payment deadline to avoid last-minute delays.
India's Largest Bank | Most Trusted Lender
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Eligible Government Schemes
Padho Pardesh, CSIS, Skill Loan
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