The State Bank of India is one of the top government banks in India, offering student loans. The best thing about SBI education loans is that there are multiple categories of study loans that applicants can choose from depending on their needs. For example, the SBI Scholar Loan is specifically for those students who are pursuing higher education in premier colleges such as IITs, NITs, IIITs, etc. On the other hand, students can opt for the SBI Skill Loan, which is offered to applicants who are pursuing skill-based education, such as ITI courses, training colleges affiliated with the National Skill Development Corporation (NSDC), etc.
Different SBI education loans have different eligibility criteria that you need to meet. Thus, if you are planning to apply for a study loan from SBI, you need to know which loan is applicable to you. In the article below, we have discussed SBI education loan eligibility, such as age, course, institution, etc.
SBI Education Loans & Eligibility Criteria
Are you looking for an SBI study abroad loan? Or do you need the SBI educational loan for your skill training course? No matter which type of State Bank of India education loan you are looking for, we have provided its detailed eligibility criteria below.
SBI Student Loan Scheme
The most basic education loan offered by this bank is the SBI Student Loan Scheme, under which students can get education loans to study abroad and for courses offered by domestic colleges. Under this scheme, you can get a study loan for up to ₹75 lakhs for medical courses and up to ₹50 lakhs for other courses if you are studying in one of the top 100 NIRF-ranked colleges in India. One advantage of this loan scheme is that you can get a higher loan amount of up to ₹1 crore for medical courses based on the requirement of students studying in premier institutions. Students who have got admission to a college outside India can apply for a loan of ₹7.5 lakhs only. For higher loan amounts, they need to apply under the SBI Global Ed-Vantage scheme.
SBI Student Loan Eligibility Criteria
- For studies in India, one must be an Indian National or OCI/PIO/NRI. For studies abroad, the student must be an Indian National or OCI residing in India.
- Must have secured admission to a recognized university/institution.
Courses Eligible For SBI Study Loan – Study in India:
- Courses for Diplomas, Graduate degrees, and Post-Graduate degrees by recognized colleges/universities after Class 12.
- Professional courses like ICWA, CA, CFA, etc.
- Programs at IIM, IIT, IISc, XLRI, NIFT, NID, ISB, etc.
- Courses by reputed foreign universities approved in India.
- Regular Degree/Diploma programs in Aeronautical, Pilot Training, Shipping, Nursing, etc., approved by relevant regulatory bodies.
Courses Eligible for SBI Student Loan Scheme – Study Abroad:
- Full-time Degree/Diploma programs post Class 12.
- Graduation: Job-oriented professional/technical courses by reputed institutions.
- Post-Graduation: MCA, MBA, MS, etc., and job-oriented professional/technical courses.
- Doctorate Programs (PhD)
- Courses by CIMA (UK), CPA (USA), etc.
- Aeronautical, Pilot Training, and Shipping courses recognized by regulatory bodies for employment.
SBI Scholar Loans
You must have heard from career counselors that if you get admission to premier institutions like IITs, NITs, IIITs, etc, then you will easily get an education loan. This is said because banks like SBI have a special study loan scheme for students who get admission to premier institutions in India. The condition is that the institution must be recognised by the SBI, and the applicant must be pursuing a full-time or part-time course. The major benefit of this loan is that you can get 100% financing, and for a selected few institutes that are put on the List AA, there is no limit to the maximum loan amount, and it will be decided on the basis of need.
SBI Scholar Loan Eligibility Criteria
- The borrower should be an Indian citizen or OCI/PIO/NRI.
- Students must have an admission letter from one of the approved institutions.
- The applicant must be enrolled in one of the full-time diploma or degree programs.
- Full-time Executive Management Courses like PGPX and part-time graduate or post-graduate courses at select institutes.
- Students will need suitable collateral & a co-signer to become eligible for a loan of ₹50 lakhs or more for List AA colleges, ₹40 lakhs or more for List A colleges, ₹30 lakhs or more for List B colleges, and ₹7.5 lakhs to ₹1 crore for List C colleges.
SBI has approved 162 institutes in India for the Scholars Loan scheme. Interested students can click here to get the complete list of premier institutions approved by the State Bank of India.
SBI Skill Loan
Skill is one of the most important factors that can help you land a job. To help meritorious students in upskilling, SBI is offering a Skill Loan scheme under which you can get an education loan from ₹50 thousand to ₹1.5 lakhs. The best part of this loan is that you do not need to have any collateral and a third-party guarantee. If you are interested in the SBI Skill Loan scheme, then check its detailed eligibility criteria below.
SBI Skill Loan Eligibility Criteria:
- There is no specific course duration for eligibility for a skill loan.
- To be eligible for a Skill Loan, the applicant should be enrolled in programs offered by Industrial Training Institutes (ITIs), Polytechnics, or training partners affiliated with the National Skill Development Corporation (NSDC), Sector Skill Councils, State Skill Missions, or State Skill Corporations. Ideally, these programs should lead to a certificate, diploma, or degree issued by the respective organization in accordance with the National Skill Qualification Framework (NSQF).
- Students need to have a co-signer to avail of this loan.
SBI Shaurya Education Loan
This loan scheme is specifically for the spouses and children of officers serving in various ranks in the Defense Services Personnel (DSP), Indian Coast Guard Service Personnel (ICGSP), and Central Armed Police Service Personnel (CAPSP). Applicants can apply for study in India and study abroad loans. For studies in India, students can get up to ₹40 lakhs, and for study abroad, students can get up to ₹1.50 crores under the SBI Shaurya Education Loan scheme. Also, for loans up to ₹7.5 lakhs, no collateral is needed from the borrower’s end. Interested students can check the points below to ascertain that they meet the eligibility criteria.
SBI Shaurya Education Loan Eligibility Criteria
- Only the children and spouses of DSP, CAPSP, and ICGSP can apply for this loan.
- The co-borrower must be a DSP/ICGSP/CAPSP account holder in SBI. The co-signer’s salary/pension account should be with SBI throughout the loan tenure.
Courses Eligible for SBI Shaurya Education Scheme – Study in India:
- Courses eligible for loans include diplomas, integrated courses, undergraduate degrees, and post-graduate degrees or diplomas from colleges/universities recognized by UGC, Govt., AICTE, AIBMS, ICMR, etc., after completing Class 12.
- Courses like ICWA, CA, CFA, etc.
- Courses conducted by IIM, IIT, IISc, XLRI, NIFT, NID, ISB, etc.
- Courses offered in India by approved reputed foreign universities.
- Regular degree or diploma courses in fields like aeronautics, commercial pilot training, shipping, nursing, or any discipline approved by relevant regulatory bodies, if pursued in India.
Courses Eligible for SBI Shaurya Education Scheme – Study Abroad:
- Graduation: Job-oriented professional and technical courses from reputed institutions (including Foundation/Pathway/Integrated Courses).
- Post-Graduation: Programs like MCA, MBA, MS, and job-oriented professional/technical diplomas/certificates.
- Doctorate (PhD): Courses offered by recognized institutions.
- Professional Certifications: Programs like CIMA (UK) and CPA (USA).
- Specialized Degrees/Diplomas: Courses in aeronautics, pilot training, shipping, etc., recognized by relevant regulatory bodies for employment in India or abroad.
SBI Global Ed-Vantage
This is one of the best SBI education loans for students who want financial assistance to pursue higher education outside India. The SBI Global Ed-Vantage offers education loans up to ₹3 crore and up to ₹50 lakhs for those with no collateral to offer.
- The applicant should be an Indian National or Overseas Citizenship of India (OCI) residing in India.
- The borrower can get loans for regular graduate, diploma, post-graduate, certificate, and doctorate courses in any field from foreign institutions or universities located in countries such as the USA, UK, Canada, Australia, Singapore, Japan, Hong Kong, New Zealand, and various European countries (Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, United Kingdom).
- For collateral-free loans up to ₹50 lakhs, students must be enrolled in a top institution.
- For courses in countries other than those mentioned above, the loan proposals may be considered on a case-by-case basis, depending on their merits.
Students can click here to check the complete list of approved institutions by the State Bank of India for the Global Ed-Vantage loan scheme.
Also Read: SBI Education Loan Interest Rates – Schemes, MCLR Rates and Repayment Terms
SBI Education Loan Takeover Scheme Eligibility
Besides offering education loans, SBI also offers loan takeover schemes that can help you reduce the loan EMI of your existing loans. You can use the SBI Education Loan Takeover Scheme for taking over loans worth up to ₹3 crores, while the minimum loan amount can be ₹10 lakhs. Check the eligibility criteria for this scheme below.
Eligibility Criteria:
- The loan must not have been previously transferred to another bank.
- The loan can be taken over at any point during the course, moratorium, or repayment period.
- The originating bank or financial institution must classify the loan as standard.
Also Read: SBI Education Loan EMI Calculator – Benefits, Usage & Features
FAQs
What is the eligibility for SBI education loan for skill development courses?
The SBI Skill Loan eligibility criteria requires the applicant to study at Industrial Training Institutes (ITIs) and a National Skill Development Corporation (NSDC) affiliated college.
Can I get a study abroad loan from SBI?
Yes, there are three loan schemes available under which study abroad loans are offered to candidates. However, each of these loan schemes by SBI has its own eligibility criteria that you must meet. These loans are SBI Global Ed-Vantage (loan up to ₹3 crore), SBI Shaurya Education Loan (loan up to ₹1.5 crore), and SBI Student Loan Scheme (loan up to ₹7.5 lakhs).
How can I check my SBI study loan eligibility?
You can check your SBI education loan eligibility by reading the eligibility criteria of different education loans here on our page and by visiting the official website or physical branch of SBI.
Can I get a ₹20 lakhs education loan without collateral from SBI?
Yes, you can get a ₹20 lakh education loan from SBI without collateral only if you apply for the SBI Global Ed-Vantage loan, which offers up to ₹50 lakh collateral-free loans for selected institutes.
Who is eligible for a loan from SBI?
Students who are currently pursuing a valid course from a recognized university or college whose age is less than 35 and more than 18 are eligible for an SBI education loan. Also, the applicant must be an Indian citizen.