State Bank of India is an Indian Multinational Financial Services Company that was founded in 1921.

The Bank has a much diversified portfolio that includes services in personal banking, business banking and international banking services.

Eligibility:

The applicant should be an Indian national and should have secured an admission in a recognized educational institution.

For SBI Scholar scheme, the student should have secured an admission in one of the 93 premier Indian institutions.

For Vocational Education loan, the student should have obtained an admission in a government certified training institute.

Documentation Required:

The following documents are to be submitted to complete the application process.
Letter of admission
Duly filled and signed loan application form
2 recent passport size photographs
Statement of cost of study
PAN Card, AADHAR card of student and parent/guardian
Proof of identity and proof of residence
IT returns or IT assessment order of previous two years of the co-borrower
Statement of assets and liabilities of parent/guardian
Proof of income of parent/guardian

Rate of Interest :


Loan Amount
Rate of Interest

For loans upto Rs.7.5 lacs
2% above MCLR, currently 11.15% p.a

Above Rs.7.50 lacs
1.70% above MCLR, currently 10.85% p.a

Repayment Tenure:

Maximum Loan Amount
Repayment Period

Up to Rs.4 lakhs
Up to 10 years

Above Rs.4 lakhs to up to Rs.7.5 lakhs
Up to 10 years

Above Rs.7.5 lakhs
Up to 12 years