SBI Student Loan 2024 | Student Loan

SBI Student Loan Scheme 2024: Your Guide to Financing Higher Education

Investing in education is one of the most significant decisions you’ll make, and for many, it requires financial assistance. The SBI Student Loan Scheme offers a comprehensive solution for students pursuing higher studies in India and abroad. This article delves into the scheme’s details, eligibility criteria, interest rates, and other crucial aspects to help you make an informed decision.

SBI Student Loan Scheme Overview:

  • Tailored options: The scheme caters to various educational paths, offering loans for studies in India (undergraduate, postgraduate, professional courses) and abroad.
  • Loan amount: The maximum loan amount varies depending on the course and study destination. In India, it ranges from Rs. 10 lakh to Rs. 50 lakh, while for overseas studies, it can go up to Rs. 1.5 crore under the Global Ed-Vantage Scheme.
  • Flexible repayment: The scheme offers a moratorium period (course duration + 6 months) to defer repayment until you start earning. The maximum repayment tenure is 15 years after the moratorium.
  • Security requirements: Depending on the loan amount, collateral security like property or a third-party guarantee might be required.

Eligibility Criteria:

  • Indian citizen between 16 and 35 years old.
  • Minimum academic qualifications as per the chosen course.
  • Admission confirmation/offer letter from a recognized institution.
  • A co-applicant (parent/guardian) is mandatory for all full-time programs.

SBI Student Loan Interest Rates (as of February 2024):

  • Interest rates start at 9.30% p.a. and vary based on factors like loan amount, course, creditworthiness, and applicable concessions.
  • Female students get a special 0.50% concession on the interest rate throughout the loan tenure.
  • Paying interest consistently during the study period can qualify you for an additional 1% concession.

How to Apply SBI Student Loan

1. Online Application:

  • Vidya Lakshmi Portal:
    • Visit the official Vidya Lakshmi Portal (https://www.vidyalakshmi.co.in/).
    • Register and create your profile.
    • Select “SBI” as the preferred lender.
    • Fill out the online application form and upload the required documents.
    • Submit the application for processing.
  • SBI YONO App:
    • Download the SBI YONO app and log in.
    • Navigate to the “Loans” section and select “Education Loan.”
    • Choose “SBI Student Loan” and proceed with the online application.
    • Upload the required documents and submit the application.

2. Offline Application:

  • Visit any SBI branch:
    • Locate a nearby SBI branch and inquire about the Student Loan scheme.
    • Obtain the application form and fill it out with the required details.
    • Attach the necessary documents and submit the application to the branch representative.
    • The branch representative will guide you through the further process.

Required Documents (may vary depending on specific circumstances):

  • Completed application form
  • Admission offer letter/confirmation from the institute
  • Academic transcripts and mark sheets
  • Fee structure of the course
  • Identity and address proof of the applicant and co-applicant (parent/guardian)
  • Income documents of the co-applicant (latest salary slips/IT returns)
  • Passport-size photographs

SBI vs Bank of Baroda vs Union Bank of India: Decoding the Best Student Loan Fit in 2024

FeatureSBI Student Loan SchemeBank of Baroda Student LoanUnion Bank of India Education Loan
Interest Rates (p.a.)9.30% onwards (concessions available)8.55% onwards (concessions available)8.15% onwards (concessions available)
Maximum Loan Amount (India)Rs. 50 lakhRs. 30 lakhRs. 40 lakh
Maximum Loan Amount (Abroad)Rs. 1.5 crore (Global Ed-Vantage Scheme)Rs. 2 crore (Scholar Loan Scheme)Rs. 1 crore
Moratorium PeriodCourse duration + 6 monthsCourse duration + 1 yearCourse duration + 6 months
Repayment TenureUp to 15 yearsUp to 15 yearsUp to 15 years
Processing FeesUp to Rs. 10,000 (waiver for < Rs. 20 lakh)Up to Rs. 10,000 (waiver for < Rs. 7.5 lakh)Nil
Collateral SecurityRequired for higher loan amountsRequired for higher loan amountsRequired for higher loan amounts
Online ApplicationYesYesYes
Scholarship CombinationYesYesYes
Unique FeaturesFemale student concession, Rinn Raksha insurance discountScholar Loan Scheme for overseas studies, flexible repayment optionsNil

How to Login SBI Student Loan

1. Vidyalakshmi Portal:

  • While you can’t log in specifically to SBI, you can track your application status on the Vidya Lakshmi Portal if you applied through it:
  • However, this portal wouldn’t offer functionalities like managing loan accounts or making payments.

2. SBI YONO App:

  • If you applied through the SBI YONO app, you can view loan details and make payments within the app itself.
    • Download and log in to the SBI YONO app.
    • Navigate to the “Loans” section and select “Education Loan.”
    • Choose “SBI Student Loan” and you should be able to view account details and make payments if your loan is linked to your YONO account.

3. SBI Online Banking:

  • If you have an existing SBI account, you might be able to access limited loan information within the online banking portal.
    • Log in to your SBI online banking account.
    • Navigate to the “Loans” section and check if your student loan is listed.
    • However, functionalities might be limited to viewing basic details, not full account management.

4. SBI Branch:

  • For comprehensive information and actions like changing repayment details or requesting statements, visiting your local SBI branch remains the most reliable option.
    • Carry your loan account details and identity proof for verification.
    • Branch representatives can assist you with managing your loan and clarify any queries.

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