Key takeaways
- Applying for an SBI education loan through Edvoy is easy. The digital application process is fast, and you can track your loan status directly through the Edvoy app.
- SBI generally gives up to INR 1.5 crore to INR 2 crore for secured loans, depending on collateral, profile, and branch.
- SBI generally allows a repayment period of up to 15 years after the course duration and moratorium. However, the exact terms may vary depending on the student’s profile and the type of education loan.
- Once you submit your application and documents, you can expect loan approval within 15 to 20 days.
- With Edvoy's support, the process is even quicker and more efficient.
If you're looking for education loans, check out Funds to get pre-approved loans in just 3 days!
Studying abroad is a dream for many, but it also comes with a hefty price tag. Between tuition, living expenses, and travel costs, it can feel overwhelming. But with the right support, it doesn’t have to be.
That’s where Edvoy and SBI come in. With Edvoy, you get expert guidance on everything you need to make your study-abroad plans a reality, from choosing the right university to navigating visa applications. We’re here to make the process as smooth as possible.
And with SBI, you can secure an education loan that fits your needs. SBI is one of the leading student loan providers and has been helping students fund their international education for years. Plus, they offer flexible loan options tailored to your goals.
Together, Edvoy and SBI take the guesswork out of studying abroad. Whether it’s financial advice or a simple application for an education loan, we’ve got you covered every step of the way. Let’s break it down and make it happen.
Table of Contents
- How Edvoy and SBI help you with education loans
- Features of the SBI education loan
- How to apply for the SBI education loan through Edvoy
- SBI education loan: Eligibility criteria
- SBI education loan: Documents required
- Frequently asked questions
How Edvoy and SBI help you with education loans
Streamlined application
With Edvoy and SBI, your application is seamless and digital. You’ll have guidance on which loan scheme fits you best, checking your eligibility, and tracking your application. Just head to the Edvoy app, select the Funds section, and it’s all a streamlined process that saves you time and energy.
Quick processing and approval
SBI ensures a quick loan processing time. On average, you’ll get your SBI education loan approved within 15 to 20 days, with disbursements happening soon after. Once approved, you’ll have access to flexible repayment terms, making it easier to manage your finances after your studies are complete.
Flexible loan amounts and coverage
SBI offers various loan options, covering STEM, non-STEM & Management courses across all study levels. Generally, SBI education loans’ interest rates range from 9.15% to 11.15%, covering a maximum of up to INR 3 Cr, depending on the loan type and borrower profile. We can help you evaluate these rates and repayment terms to ensure you choose an affordable option.
Source: State Bank of India
Repayment options
With SBI, you get flexible repayment options that suit your needs. SBI offers repayment through EMI up to a maximum of 15 years. While repaying, you can pay the EMI in simple interest during the course period, along with a moratorium period. However, the interest accrued during the moratorium will be added to the principal, and repayment in EMI will be fixed.
Note: Moratorium period is the time duration during which you’re not required to make payments toward your education loan.
Features of the SBI education loan
| Feature | Description |
|---|---|
| Loan amount | Up to INR 3 Cr (depending on the course and study destination) |
| Rate of interest | 9.15% to 11.15% |
| Co-applicant’s minimum income | Subject to SBI underwriting norms |
| Processing fees | The processing fee varies depending on the loan |
| Processing time | 15 days |
| Moratorium period | Course duration + 6 months |
| Repayment tenure | Up to 15 years |
| Monthly instalments during the course | Simple interest |
Learn more about international student loans from the Funds section of our app.
How to apply for the SBI education loan through Edvoy
To apply for an education loan through Edvoy, follow these steps:
- Head to the Edvoy app and select Funds under the Explore page.
- Select the Get Started button and fill in your requirements.
- Add the loan amount (you can include both tuition fees and living expenses), the type of loan required and your details.
- Once you submit your details, they’ll be shared instantly with SBI. You can expect a callback within 24 hours regarding further steps and document submission.
- You can check your application status in the Status tab.
- Get your loan approved within 2-3 working days (subject to document completion).
Also read: What is Edvoy Funds? What are the types of funds provided?
SBI education loan: Eligibility criteria
- You must be aged 18+
- The loan sanction can happen before final admission. Only the disbursement requires confirmation.
- You should be an undergraduate or graduate student within 2 years of graduating or about to begin a 1-year or 2-year programme
- SBI funds only eligible courses and institutions that are approved by them.
- The eligible courses for the loan include STEM, non-STEM & Management courses and post-graduate degrees offered by foreign institutes and universities
Note: Conditions apply. All education loans from SBI are credited at the sole discretion of SBI.
Check out 'Funds' on our app for a pre-approved student loan!
Related articles
SBI education loan: Documents required
From the borrower/student
- 10th and 12th class mark sheets
- Aadhar card, PAN card, and Passport
- Provisional certificate, consolidated mark sheet/transcripts and degree certificate
- Standard exam results (GRE/GMAT/TOEFL/IELTS/SAT/ACT/others)
- University admission letter and university fees structure
- Passport-sized photographs
From the co-applicant/co-signer
- Current & permanent address proof, KYC documents (Aadhar card, PAN card, voter ID, driving licence), passport (if applicable)
- Asset-Liability Statement (Applicable for loans above INR 7.50 lakhs)
Financial documents
If the co-borrower is salaried:
- Last 6 months’ salary slips
- Form 16/IT returns
- Bank statement/passbook (6 months)
If the co-borrower is self-employed:
- Business proof
- TDS certificate (if applicable)
- IT returns (3 years)
- GST documents (if applicable)
- Bank statements (6-12 months, current & savings)
For collateral documents (if applying with property/security)
- Title deed & sale deed
- Registration receipt
- Allotment letter (if applicable)
- Chain documents (13 years)
- Property tax receipt/recent electricity bill
- Government-approved building plan
- Occupancy & completion certificate (if applicable)
Want to get financial support and study abroad? Connect with us and begin your journey. Right from your university selection, till loan application and disbursement, Edvoy helps you achieve your study-abroad dreams.
Additionally, we also offer end-to-end assistance throughout the study-abroad process, including university selection assistance, application guidance, visa application support, and more.
Get started with your journey and talk to one of our counsellors today!
Frequently asked questions
How much of the total study cost does SBI cover?
SBI can cover up to 100% of eligible study costs, including tuition fees, living expenses, travel, insurance, and other academic-related expenses.
Do I need a co-signer to apply for an SBI education loan if I’m an international student?
Yes, SBI education loans need a co-signer and collateral, especially if you’re applying as an international student studying abroad. The co-signer is usually a parent, guardian, or close family member who has a stable financial background and can take responsibility for the loan if needed.
Is there a penalty for early repayment of the SBI education loan?
No. SBI usually doesn’t charge any prepayment penalty, but the prepayment terms depend on the bank's policy.
