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SBI Home Loan Statement: How to Check and Download SBI Loan Statement?

Updated on : Jun 6th, 2024

A loan statement lets you know the important information about your existing loan directly from the lender. You should check your home loan statements every month to stay on top of your transactions, additional fees and charges, EMIs paid, outstanding balance and other details. 

You can check your SBI home loan statement anytime through online channels or physically from branches. Know how to check and download your home loan statement via online and offline modes below. 

What is a Home Loan Statement?

A home loan statement provides all the information related to a home loan. It will help you check your home loan repayment status. The SBI home loan certificate or statement can be downloaded anytime by logging into SBI net banking account or by visiting the bank. This certificate is helpful for income tax purposes. An SBI home loan statement will contain the following details:

• Repaid loan amount
• Total loan amount, interest rate and tenure
• Outstanding loan, term and interest
• Paid and outstanding EMIs
• Date of start of the loan and end date of loan

SBI Home Loan Statement Certificate Online

SBI home loan customers can  download/view their loan account statement certificate by following these steps:

Step 1: Sign in to the  SBI Net Banking portal using your user ID and password.

Step 2: Click on ‘e-Services’, select ‘My Certificates’. 

Step 3: Click the ‘Home Loan Int. Cert.(Prov)’ option.

Step 4: Select your home loan account for which you want to get a statement.

Step 5: Now you can either view your certificate/statement or print it; you can also download the same as a PDF file.

SBI Home Loan Statement Certificate Physically

If you want to get your  SBI home loan statement certificate physically, you have to call SBI customer care at one of the following toll-free numbers:

• 1800 425 3800
• 1800 11 2211

Alternatively, you can call this toll number- 080-26599990 to contact customer care. Then, request the bank representative to send you a physical home loan statement. You can also visit your nearest SBI branch to request a physical statement.

How to Get SBI Bank Home Loan Statement Offline?

To get an offline statement, follow these steps:

Step 1: Visit your nearest SBI branch. Go to the loan section and ask the loan officer to give you the physical loan statement. 

Step 2: Fill out the required details on the form, including your name, address, email ID, date of birth, home loan account number, PAN card and other relevant details, and submit it to the counter. 

Step 3: Attach the required documents, such as PAN card, passport, Aadhaar card, etc., with the form and submit it to the bank.

Keep in mind that only a loan applicant and his/her co-applicant can get this certificate by visiting an SBI branch. No one else can collect the loan account statement on your behalf.

How to Download SBI Bank Housing Loan Statement?

Visit the  SBI Net Banking page and log into your net banking account with your username and password. Go to the ‘e-Services’ tab, click ‘My Certificates’ and click on the ‘Home Loan Int. Cert.(Prov)’. Now select the home loan account for which you want to download the statement. Download the housing loan account statement in PDF form.

Why Is SBI Bank Home Loan Statement Required?

You can keep track of your repayment schedule by checking your home loan account statement. You will be able to find the total amount paid and the total amount outstanding towards your housing loan. These things will help you to plan better for future repayments. You can also use the statement to plan out prepayments to lower your debt burden. 

Loan account statements allow you to  keep track of your loan outstanding and  paid balance regularly. SBI home loan statement is thus an essential document for customers who have taken loans from the bank. You can get your certificate any time around the year or download it online. 

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Frequently Asked Questions

This statement is required to manage and track your home loan account effectively. In addition, you can track your transactions, repayment history, rate of interest, etc. If you see any errors in your account, you can report the problem to the lender.

An interest certificate helps you to get deductions at the time of filing income tax returns. You can use this statement as proof to ask for deductions. Also, you can check some vital information like loan tenure, rate of interest, total outstanding, etc., from this document.

Simply log in to your SBI Net Banking account, and you can download your SBI home loan statement. Click on ‘Home Loan Int. Cert.(Prov)’ under the ‘My Certificates’ option from the ‘e-Services’ tab. Here, you can view/download your certificate.

To get a physical certificate, visit the nearest branch of SBI. Apply with the necessary documents, including identification proof and required forms. After verification, the bank will issue a certificate for you.

A home loan statement helps to get an idea about both the outstanding balance and the total money paid. This document can be used to claim income tax deductions under Section 24(b) and Section 80C.

A provisional interest certificate provides a detailed break-up of the upcoming repayments (principal+interest) for the current financial year.

Interest certificates are very helpful in keeping track of your SBI home loan repayments, interest rates, the total amount paid, etc., regularly. You can use an interest certificate to claim income tax deductions.

Yes, you can download your SBI provisional interest certificate as a PDF file from the bank’s Net Banking portal. You can print the PDF from any printer.

Visit your nearest SBI branch and apply with the required documents to get your Provisional Interest Certificate offline.

A home loan interest certificate gives information about how much interest and principal amount you have paid to the bank in a financial year. This certificate is given at the end of the financial year.

On the other hand, your lender will issue a provisional certificate at the start of the financial year. It provides a detailed break-up of the upcoming repayments (principal+interest) for the current financial year.

Open the SMS app on your mobile and type ‘HLI <space>Account Number<space><4-digit code of account holder's choice to encrypt the PDF>’ and send it to 917208933145 from your registered mobile number.

To download your home loan provisional certificate without a login, you have to visit your nearest branch. Apply with the required forms and documents, and the branch will issue your certificate.

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I am an advocate by profession and have a keen interest in writing. I write articles in various categories, from legal, business, personal finance, and investments to government schemes. I put words in a simplified manner and write easy-to-understand articles. Read more

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How to get SBI Education Loan Certificate in 5 easy steps

May 1, 2024

Call 18001234or 18002100 from your registered mobile number

Image Source: ET Online

Press three for SBI YONO INB and Interest Certificate

Press five for Education Loan certificate through mail.

Enter your last four digits of your "Account Number"

Make sure your e-mail is updated with the bank.

Get interest certificates on your registered e-mail ID.

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SBI Education Loan - Schemes, How to Apply, Documents Required & Repayment Rules

Pallavi Pradeep Purbey ,

Mar 4, 2024

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A detailed article about the different schemes under SBI Education Loans, the documents required to apply for loans, and the eligibility criteria to easily acquire the SBI Education Loans.

The State Bank of India, popularly known as the SBI, is India's biggest publicly held multinational commercial bank with public sector banking and financial services. Its headquarters are in Mumbai and Maharashtra. The bank offers a wide range of services such as loans, advances, asset management, insurance, brokerage services, and investment banking, among many others, globally. The most opted loans are SBI Education Loans and Personal Loans.

Table of Contents

• SBI Education Loans for Domestic and Abroad Studies

SBI Education Loan Interest Rates

Compare sbi education loan schemes for students, sbi education loan scheme for abroad, how to apply for sbi educational loan, documents required to apply for sbi education loans, sbi education loan repayment rules, sbi education loan for domestic and international studies.

The State Bank of India provides a range of banking products within India and overseas and has 16 regional hubs and 57 zonal offices in important cities around India. SBI has the largest employee count of more than 2L, with about 23% female employees and 1.5% of people with disabilities. A remarkable service provided by the bank would undoubtedly be educational loan assistance.

Educational loans offered by SBI banks are as follows.

SBI Student Loan Scheme

• SBI Scholar Scheme
• SBI Global Ed-vantage Scheme

SBI Skill Loan

Sbi takeover of education loan.

• Interest rate: 8.15% to 8.65% 
• Processing Fee: 
• For loans up to 20 Lakhs: Nil
• Processing fee for loans above 20 lakhs: Rs 10,000 plus applicable taxes.
• Collateral 
• For loan amount up to Rs 7.5 lakhs: None
• For loan amount above Rs 7.5 lakhs: Tangible Collateral
• Eligibility: Indian
• Loan Tenure: 15 years after the course ends plus a repayment holiday of 12 months. 

SBI Scholar Loan Scheme

• Interest rate: 6.65% to 8.65%
• Processing fee: Nil
• Collateral: Required for List A & List C colleges
• Eligibility: Indian nationals who have been selected through the selection process/test.
• Loan Tenure: 15 years after the course ends plus a repayment holiday of 12 months.

Note : If the applicant is a married person, the co-obligor may be either the spouse or parent/parent-in-law. A suitable third-party guarantee may be considered as a substitute for parental co-obligation.

S BI Global Ed-vantage Scheme

• Interest rate: 8.15% to 8.65%
• Processing fee: Rs.10,000 per application
• Collateral: Tangible collateral 
• Loan Tenure: 15 years
• Interest rate: 8.15%
• Collateral: None
• Eligibility: Indian Nationals
• Processing fees: Nil
• Collateral: Minimum 100% of the proposed loan amount
• Eligibility: Indian nationals who are majors at the loan switchover time with regular EMIs being paid.

Please note that: 

• Interest concession of 0.50% for students who avail SBI Rinn Raksha or other life policy assigned by SBI.
• 0.50% interest concession for girl students
• Interest rate: 8.65% (floating)
• Processing Fees: Rs.10,000 per application
• Collateral: Tangible collateral security
• Minimum Loan Amount: Rs.7.50 Lakhs
• Maximum Loan Amount: Rs.1 crore

There are several benefits of choosing an SBI education loan. For instance, the takeover Education Loan Scheme covers the students already availing of the loan facility under other banks. The SBI takes the loan under its aegis, and the student becomes the loanee of the SBI. Students may think the procedure to apply for a loan to be a tedious process, and well, it's not!!.

Given below are the steps to apply for an SBI Educational loan through Online and Offline methods.

Online Method

If you intend to apply for the SBI Educational loan online, here is the same procedure.

• Go to the Education Loan Platform of State Bank of India's official website.
• Select the type of education loan you want to apply for, which may categorize understudying within the country or overseas.
• On the new page, click on the 'Apply Now Online' tab.
• Fill up the form with all the required information and submit it.
• Select the type of loan you want and then complete the necessities required for fast processing.

Offline Method

If you intend to apply for the SBI Educational loan offline, here is the procedure for the same.

• Select the type of education loan you want to apply for, which may categorize understudying within the country or overseas
• On the new page, click on the 'Get a Callback' tab.
• Fill out the form and submit it.
• Enter the OTP and click on the confirm tab.
• The student will get a call back from the SBI customer care team specializing in education loans and scholarships provided by the bank. They can discuss with the executive how you want to proceed with the education loan.

Essential documents that are mandatory to apply for SBI education loans are proof of identity and proof of residence or address.

These are the documents required for student applicants.

• Proof of Residence (Anyone): PAN, Passport, Driver’s License, or Voter ID card
• Proof of Residence or Address (Anyone): Recent copy of Telephone Bill, Electricity Bill, Water Bill, Piped Gas Bill or copy of Passport, Driving License, or Aadhaar Card
• Passport to be mandatorily submitted in case of Studies Abroad
• Academic Records which include 10th, 12th, and graduation results of UG (semester wise if possible)
• Entrance Exam Result through which admission is being taken (e.g., CAT, CMAT, JEE, NEET, CET, GMAT, GRE, TOEFL, etc.)
• Proof of admission: Offer Letter or Admission Letter from the Institution. A conditional admission letter may be considered in the case of studies abroad.
• Statement of cost of study or schedule of expenses
• Two passport-size photographs
• If any previous loan from other banks/Lenders, then the Loan A/C statement for the last year

Co-applicant

Following are the documents to be submitted for the co-applicant

• Proof of Identity (Anyone): PAN, Passport, Driver’s License, or Voter ID card
• If any previous loan from other Banks/Lenders, then the Loan A/C statement for the last year

Income proof for salaried Co-applicant/Guarantor

These are the income proofs required for salaried Co-applicant

• Salary Slip or Salary Certificate of last three months
• Copy of Form 16 for the last two years or copy of IT Returns for the last two financial years, acknowledged by IT Dept.
• Bank account statement for the last six months (of Salary Account)

Income proof for self-employed Co-applicant/Guarantor

These are the income proofs required for self-employed Co-applicant

• Business address proof (If applicable)
• IT returns for the last two years (if IT payee)
• TDS Certificate (Form 16A, if applicable)
• Certificate of qualification (for CA/ Doctor and other professionals)
• Bank account statement for the last six months

The State Bank of India provides various education loans to benefit Indian nationality students from studying in reputed universities in India and overseas. The SBI bank, which provides the scholarship loan and scheme, set up a primary payment method for the students to repay the loan amount after completing the course.

SBI Education Loan repayment rules for various educational loans offered by SBI bank are as follows.

SBI Scholar Loan Repayment Rules

Here are the repayment rules for the SBI Scholar loan.

• The repayment period starts 12 months after the completion of the course and lasts up to 15 years.
• If the student takes a second loan for higher education during the above 15 years, they may repay the combined loan amount in 15 years after completing the second course.

SBI Student Loan Repayment Rules

Here are the SBI education loan repayment rules:

• Repayment will commence one year after completion of the course.
• Loan to be repaid in 15 years after the commencement of repayment.
• If the second loan is available for higher studies later, repay the combined loan amount in 15 years after completion of the second course.

SBI Global Ed-vantage Loan Repayment Rules

Following are the repayment rules for SBI Global Ed-vantage.

• The repayment period starts six months after the completion of the course.
• The repayment period lasts up to 15 years.
• The interest accrued in the course and grace period is added to the principal amount, and the EMI is calculated.

SBI Skill Loan Repayment Rules

Here are the repayment rules for the SBI Skill loan.

• Loan amount up to Rs 50,000 can be repaid in 3 years .
• A loan amount between Rs 50,000 to Rs 1 Lakh can be repaid in 5 years.
• The loan amount above Rs 1 Lakh can be repaid in 7 years. 

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Home Loan Provisional Interest Certificate

Home loan borrowers can now view / download Interest Certificate (Provisional) of their home loan account(s) using retail.onlinesbi.sbi/personal . . Just log on to Personal Banking section of the Internet Banking site with your credentials and select the "Home Loan Int.Cert (Prov)" link under "Enquiries" tab. Then select the account for which you require a Home Loan Interest Certificate. The certificate can be viewed online, printed or downloaded in pdf.

Education Loan » SBI Education Loan – All You Need to Know

SBI Education Loan – All You Need to Know

SBI education loan schemes are supporting students across the country with the impending cost of education. SBI has been offering various SBI education loan schemes for students as per their specific requirement. Whether you want to opt for a student loan, skill loan, scholar loan or a loan to study abroad, SBI education loans have got you covered on all fronts. With faster online application process, lighter and attractive interest rates, higher loan amounts, easier EMI options, early approvals, tax benefits and better repayment options, SBI education loans are the preferred choice for innumerable students in India.

The first step for you as a student is to identify the type of SBI education loan you require in order to pursue your academic journey. The bank offers a range of student loan schemes depending upon the requirement of the students such as SBI Student Loan Scheme, SBI Scholar Loan Scheme, SBI Skill Loan Scheme, SBI Global Ed-Vantage Scheme. To compare SBI education loan details as per their specific requirements and offerings, check the comparison table ‘SBI Education Loan – Eligibility, Courses, Rate of Interest, Repayment, Comparison’ given at the end of the article.

SBI Education Loan – Eligibility

SBI education loan eligibility criteria differ for each type of education loan offered by the bank. While being an Indian national and having secured admission at the university are the basic eligibility criteria, there are more conditions specific to the type of education loan you are opting for. Given below are the eligibility criteria for each type of SBI education loan:

1. SBI Student Loan Scheme eligibility

SBI Student Loan Scheme is a term loan given to students of Indian nationality, looking to pursue higher education in India or abroad. The key eligibility criteria to apply for the loan is that the student must have secured admission before applying for the loan.

2. SBI Scholar Loan Scheme eligibility

SBI Scholar Loan Scheme is open to students looking to pursue higher education in select premier institutions in India. You can check the list of approved institutions in the table ‘SBI Scholar Loan Scheme – List of Approved Institutions’ given at the end of the article.

3. SBI Skill Loan Scheme eligibility

As the name suggests SBI Skill Loan Scheme is a term loan given to students with Indian nationality for pursuing skill development courses in India. Schools recognized by the Central or State education boards or colleges affiliated to recognized university leading to a certificate/diploma/degree issued by such organization as per the National Skill Qualification Framework (NSQF) are eligible for this loan.

4. SBI Global Ed-Vantage Scheme eligibility

An overseas education loan, SBI Global Ed-Vantage is open for Indian students looking to pursue full-time regular courses at foreign colleges and universities.

SBI Education Loan – Courses Covered

SBI education loan schemes vary in nature when it comes to the kind of courses covered. But all-in-all, from graduation courses to post-graduation courses, from teacher training to pilot training, and from polytechnic courses to global courses, SBI education loans cover most of the courses. Given below are the courses covered for each type of SBI education loan:

1. SBI Student Loan Scheme courses

For studies in India:

• Graduation, post-graduation courses together with regular technical and professional degree/diploma courses conducted by colleges and universities approved by UGC/ AICTE/IMC/Government, etc.
• Regular degree/diploma courses conducted by self-directed institutions like IIT, IIM, etc.
• Teacher training/nursing courses approved by the Central or the State Government
• Regular degree/diploma courses such as pilot training, aeronautical, etc. approved by the concerned regulatory authority

For studies abroad:

• Professional/technical graduation degree courses/PG degree and diploma courses aligned towards a job offered by reputed universities
• Courses conducted by CIMA (Chartered Institute of Management Accountants) – London, CPA (Certified Public Accountant) in the US, etc.

2. SBI Scholar Loan Scheme courses

Eligible courses for SBI Scholar Loan Scheme:

• Full-time degree/diploma courses (regular) through selection process/entrance test
• Full-time executive management courses like PGPX

Note: Students looking to pursue a certificate or part-time courses are eligible to apply.

3. SBI Skill Loan Scheme courses

Eligible courses for SBI Skill Loan Scheme:

• Courses run by ITIs, polytechnics, training partners affiliated to National Skill Development Corporation (NSDC)/Sector Skill Councils, State Skill Mission, State Skill Corporation

Note: There is no minimum course duration.

4. SBI Global Ed-Vantage Scheme courses

Eligible courses for SBI Global Ed-Vantage Scheme:

• Regular graduate/post graduate/doctorate courses in any discipline offered by foreign institutes/universities in the US, UK, Canada, Australia, Europe, Singapore, Japan, Hong Kong and New Zealand

SBI Education Loan – Expenses Covered

SBI education loans cover the expenses of your course and other related expenditure depending upon the type of loan you have opted for. Given below are the expenses covered for each type of SBI education loan:

1. SBI Student Loan Scheme expenses covered

Find below the list of the type of expenses covered under SBI Student Loan Scheme:

• Fees for college/school/hostel
• Fees for examination/library/laboratory
• Books/equipment/instruments/uniforms
• Computer necessary for completion of the course (maximum 20% of the total tuition fees payable for completion of the course)
• Building fund or caution/refundable deposit (at most 10% of tuition fees for the entire course)
• Travel expenses/passage money for studies abroad
• Cost of a two-wheeler up to INR 50,000
• Any other expenses compulsory to conclude the course

2. SBI Scholar Loan Scheme expenses covered

Find below the list of the type of expenses covered under SBI Scholar Loan Scheme:

• Books/equipment/instruments
• Caution deposit/building fund/refundable deposit supported by institution’s bills/receipts (maximum 10% of tuition fees for the entire course)
• Travel expenses/expenses on exchange programme (No voucher/receipt necessary; purpose (end use) need to be self-certified)
• Purchase of computer/laptop (maximum 20% of the total tuition fees payable for completion of the course – up to a lump sum amount of maximum INR 1 lacs)
• Any other expenses related to education (Expenditure beyond 25% cap allowed provided the student presents the voucher/receipt.)

3. SBI Skill Loan Scheme expenses considered

Find below the list of the type of expenses covered under SBI Skill Loan Scheme:

• Fees for tuition/course
• Caution deposit
• Books, equipment and instruments

4. SBI Global Ed-Vantage Scheme expenses covered

Find below the list of the type of expenses covered under SBI Global Ed-Vantage Scheme:

• Books/equipment/instruments/uniforms/computer at a reasonable cost (if required for course completion) and any other expense necessary to complete the course (maximum 20% of the total tuition fees payable for completion of the course)
• The premium of ‘RiNn Rakhsha’

SBI Education Loan – Loan Amount and Security

SBI education loans offer a handsome amount of loan even at the minimum level depending upon the eligibility and requirement. The kind of security, whether collateral security, third-party guarantee or co-borrower, also varies in different kinds of loans. Given below are the loan amounts and security required for each type of SBI education loan:

1. SBI Student Loan Scheme amount and security

SBI Student Loan Scheme offers a maximum of INR 10 lacs for studies in India and a maximum of INR 20 lacs for students opting to study abroad.

Note: Higher loan limit for students opting to study in India are considered on case-to-case basis, while higher loan limit for students opting to study abroad is considered under the SBI Global Ed-Vantage Scheme.

For loan amount up to INR 7.5 lacs does not require any collateral security or third-party guarantee. Only parent/guardian as co-borrower are considered. Tangible collateral security and parent/guardian as co-borrower are required for loan amount above INR 7.5 lacs.

Note: In case of a married person, co-obligator can be either spouse or the parent(s)/parents-in-law.

2. SBI Scholar Loan Scheme amount and security

A minimum loan amount of INR 7.5 lacs and a maximum of INR 40 lacs is offered under SBI Scholar Loan scheme depending upon the type of institution the student is opting for. For minimum loan amounts for all covered institutions, no security is required; only parent/guardian can act as the co-borrower. For a maximum loan amount for List A and List B institutions, tangible collateral of full value and parent/guardian as co-borrower are necessary.

3. SBI Skill Loan Scheme amount and security

SBI Skill Loan Scheme offers a minimum loan amount of INR 5,000 and a maximum loan amount of INR 1,50,000. No collateral or third-party guarantee is required. Only parent/guardian as co-borrower are considered. Spouse will be included as co-applicant wherever applicable, in addition to parent/guardian.

4. SBI Global Ed-Vantage Scheme amount and security

SBI Global Ed-Vantage Scheme offers a minimum loan amount of INR 20 lacs and a maximum loan amount of INR 1.5 Cr. Tangible collateral security is required. Collateral security offered by third-party (other than parents) is also acceptable.

SBI Education Loan – Interest Rate

SBI education loan interest rates are known to be one of the most viable in the market with interest rates as low as 8.65% and special concession for girl students. Given below are the loan amounts and security required for each type of SBI education loan:

1. SBI Student Loan Scheme interest rates

10.45% interest rate is offered for up to INR 7.5 lacs with 0.50% concession for girl students. 10.70% is offered for above INR 7.5 lacs with 0.50% concession for girl students and 0.50% concession for students availing SBI Rinn Raksha or any other existing policy assigned in favour of SBI.

2. SBI Scholar Loan Scheme interest rates

8.65% interest rate is offered for list AA institutions, up to 8.95% for list A institutions, up to 9.45% for list B institutions and up to 9.95% for list C institutions.

3. SBI Skill Loan Scheme interest rate

9.95% interest rate is offered for loan amount up to INR 1.5 lacs.

4. SBI Global Ed-Vantage Scheme interest rates

10.70% interest rate is offered for loan amount above INR 20 lacs and up to INR 1.5 Cr with 0.50% concession for girl students and 0.50% concession for students availing SBI ‘Rinn Raksha’/existing life insurance policy allocated in favour of SBI.

SBI Education Loan – Repayment Rules

SBI education loan repayment rules include repayment commencement a year after course completion and a repayment period as long as 15 years. Given below are the loan repayment terms for each type of SBI education loan:

1. SBI Student Loan Scheme repayment terms

The repayment period begins 1 year after completion of the course and the loan is to be repaid in 15 years after the beginning of the repayment period.

Note: In case a second loan is availed for higher studies in the future, the combined loan amount is to be repaid in 15 years after completion of the second course.

2. SBI Scholar Loan Scheme repayment terms

The repayment period begins after the course completion + 12 months and the loan is to be repaid in 15 years.

3. SBI Skill Loan Scheme repayment terms

Loans up to INR 50,000 can be repaid in up to 3 years, loans between INR 50,000 to INR 1 lacs can be repaid in up to 5 years, and loans above INR 1 lacs can be repaid in up to 7 years.

4. SBI Global Ed-Vantage Scheme repayment terms

The repayment period begins 6 months after the course completion and the loan is to be repaid in 15 years.

SBI Education Loan – Documents Required

The documents required for SBI education loan schemes also vary depending upon the type of loan you opt for. While most of the documents are the same, you must still make a checklist of the documents required for your education loan. To make your work easier, given below is the documents checklist for each type of SBI education loan:

Documents checklist for SBI Student Loan Scheme, SBI Scholar Loan Scheme and SBI Global Ed-vantage Scheme

For student-applicant:

• Duly-filled loan form
• Any one proof of identity: PAN/Passport/Driver’s License/Voter ID card
• Any one proof of residence: Recent copy of Telephone Bill/Electricity Bill/Water Bill/Piped Gas Bill or copy of Passport/Driving License/Aadhaar Card
• Passport (mandatorily in case of studies abroad)
• Academic Records: 10th result, 12th result, graduation result, entrance exam result through which admission is being taken
• Proof of admission: Offer letter/admission letter from the institution
• Statement of cost of study or schedule of expenses
• 2 passport-size photographs
• Loan A/C statement for last 1 year in case of any previous loan from other banks/lenders

For co-applicant:

• Income proof for salaried co-applicant/guarantor include salary slips of last 3 months, copy of Form 16 for last 2 years/copy of IT Returns for last 2 financial years acknowledged by IT department, and bank account statement for last 6 months
• Income proof for self-employed co-applicant/guarantor include business address proof (if applicable), IT returns for last 2 years (if IT payee), TDS Certificate (Form 16A, if applicable), certificate of qualification (Chartered Accountants/Doctors and other professions), and bank account statement for last 6 months
• All documents should be self-attested

SBI Skill Loan Scheme documents

• Mark sheets of last qualifying examination
• Proof of admission scholarship, studentship, etc.
• Schedule of expenses for the specified course
• 2 passport size photographs
• Student’s and the parent/guardian/spouse’s PAN Card
• Student’s and the parent/guardian/spouse’s AADHAAR card
• Borrower’s bank account statement for last six months
• Co-borrower’s ITR/IT assessment order for last 2 years (if applicable)
• Co-borrower’s brief statement of assets and liabilities
• Proof of Income (salary slips/Form 16), if applicable

SBI Education Loan – Eligibility, Courses, Rate of Interest, Repayment, Comparison

SBI education loans come in four different categories and the table below will help you compare your choices and choose the best one.

SBI Scholar Loan Scheme – List of Approved Institutions

SBI Scholar Loan Scheme can only be opted by students who are looking to pursue higher education in select premier institutions in India. Given below are the list of premier institutions covered under this scheme.

1. List AA Institutions

• Indian Institute of Management (IIM), Ahmedabad
• Indian Institute of Management (IIM), Bangalore
• Indian Institute of Management (IIM), Calcutta
• Indian Institute of Management (IIM), Indore
• Indian Institute of Management (IIM), Indore- Mumbai Campus
• Indian Institute of Management (IIM), Kozhikode
• Indian Institute of Management (IIM), Lucknow
• Indian Institute of Management (IIM), Lucknow- Noida Campus
• Indian School of Business (ISB), Hyderabad
• Indian School of Business (ISB), Mohali
• Xavier Labour Relations Institute (XLRI), Jamshedpur

2. List A Institutions

• Birla Institute of Technology & Sciences (BITS), Pilani
• BITS (Pilani) – Goa Campus
• BITS (Pilani) – Hyderabad Campus
• Indian Institute of Foreign Trade (IIFT), Delhi
• Indian Institute of Foreign Trade (IIFT), Kolkata
• Indian Institute of Management (IIM), Amritsar
• Indian Institute of Management (IIM), Bodhgaya
• Indian Institute of Management (IIM), Jammu
• Indian Institute of Management (IIM), Kashipur
• Indian Institute of Management (IIM), Nagpur
• Indian Institute of Management (IIM), Raipur
• Indian Institute of Management (IIM), Ranchi
• Indian Institute of Management (IIM), Rohtak
• Indian Institute of Management (IIM), Sambalpur
• Indian Institute of Management (IIM), Shillong
• Indian Institute of Management (IIM), Sirmaur
• Indian Institute of Management (IIM), Trichy
• Indian Institute of Management (IIM), Udaipur
• Indian Institute of Management (IIM), Visakhapatnam
• Indian Institute of Technology (IIT), Bhilai
• Indian Institute of Technology (IIT), Bhubaneshwar
• Indian Institute of Technology (IIT), Chennai
• Indian Institute of Technology (IIT), Delhi
• Dept of Management Studies, IIT Delhi
• Indian Institute of Technology (IIT), Dharwad
• Indian Institute of Technology (IIT), Gandhinagar
• Indian Institute of Technology (IIT), Goa
• Indian Institute of Technology (IIT), Guwahati
• Indian Institute of Technology (IIT), Hyderabad
• Indian Institute of Technology (IIT), Indore
• Indian Institute of Technology (IIT), Jammu
• Indian Institute of Technology (IIT), Jodhpur
• Indian Institute of Technology (IIT), Kanpur
• Department of Industrial & Management Engineering, IIT Kanpur
• Indian Institute of Technology (IIT), Kharagpur
• Indian Institute of Technology (IIT), Mandi
• Indian Institute of Technology (IIT), Mumbai
• Indian Institute of Technology (IIT), Palakkad
• Indian Institute of Technology (IIT), Patna
• Indian Institute of Technology (IIT), Roorkee
• Indian Institute of Technology (IIT), Rupnagar (Ropar)
• Indian Institute of Technology (IIT), Tirupati
• Indian Institute of Technology (IIT), Varanasi
• Indian School of Mining (ISM), Dhanbad
• Institute of Management Technology (IMT), Ghaziabad
• Kasturba Medical College (KMC), Mangalore
• Management Development Institute (MDI), Gurgaon
• Management Development Institute (MDI), Murshidabad
• National Institute of Industrial Engineering (NITIE), Mumbai
• Nirma Institute of Management, Ahmedabad
• S P Jain Institute of Management and Research (SPJIMR), Mumbai
• Shailesh J. Mehta School of Management (SJSOM), IIT Mumbai
• Symbiosis Centre for Management & HRD (SCMHRD), Pune
• Symbiosis Institute of Business Management (SIBM), Pune
• T. A. Pai Management Institute (TAPMI), Manipal
• Xavier Institute of Management (XIM), XUB-Bhubaneswar
• Xavier School of Human Resource Management (XSHRM), XUB-Bhubaneswar
• Xavier School of Rural Management (XSRM), XUB-Bhubaneswar

3. List B Institutions

• Army College of Dental Sciences (ACDS), Secunderabad
• Army College of Medical Sciences (ACMS), Delhi
• Army Institute of Law (AIL), Mohali
• Army Institute of Management (AIM), Kolkata
• Army Institute of Technology (AIT), Pune
• Bharathidasan Institute of Management (BIM), Tiruchirapalli
• Birla Institute of Technology (BIT), Mesra, Ranchi
• College of Engineering, Pune
• Delhi College of Engineering (DCE), Delhi
• Dhirubhai Ambani Institute of Information & Communication Technology (DAIICT), Gandhinagar
• Faculty of Engineering & Technology, Jadavpur University, Kolkata
• Faculty of Management Studies (FMS), Delhi
• Goa Institute of Management (GIM), Goa
• Indian Institute of Science (IISc), Bangalore
• Indraprastha Institute of Information Technology (IIIT), Delhi
• International Management Institute (IMI), Kolkata
• International Management Institute (IMI), New Delhi
• Jamnalal Bajaj Institute of Management Studies (JBIMS), Mumbai
• Kasturba Medical College (KMC), Manipal
• Kirloskar Institute of Advanced Management Studies (KIAMS), Bangalore
• Manipal Institute of Technology (MIT), Manipal
• Marine Engineering & Research Institute, Kolkata
• Mudra Institute of Communication (MICA), Ahmedabad
• Narsee Monjee Institute of Management Studies (NMIMS), Mumbai
• National Institute of Technology (NIT), Surathkal
• National Institute of Technology (NIT), Tiruchirapalli
• National Law School of India University (NLSIU), Bangalore
• National Law University (NLU), Jodhpur
• Prin. L. N. Welingkar Institute of Management, Development & Research (WeSchool), Mumbai
• Visvesvaraya National Institute of Technology (VNIT), Nagpur

4. List C Institutions

• Centre for Environmental Planning & Technology (CEPT), Ahmedabad
• Chandragupt Institute of Management, Patna
• Dr. B R Ambedkar National Institute of Technology (NIT), Jalandhar
• Indian Institute of Forest Management (IIFM), Bhopal
• Indian Institute of Petroleum and Energy (IIPE), Vishakhapatnam
• International Institute of Information Technology (IIIT), Hyderabad
• Kalinga Institute of Industrial Technology (KIIT) University School of Management (SOM)
• Kalinga Institute of Industrial Technology (KIIT) University School of Technology (SOT)
• L N Mittal Institute of Information & Technology (LNMIIT), Jaipur
• Loyola Institute of Business Administration (LIBA), Chennai
• Maharishi Markandeshwar University (MMU) Medical College, Haryana
• Malaviya National Institute of Technology (NIT), Jaipur
• Maulana Azad National Institute of Technology (NIT), Bhopal
• Motilal Nehru National Institute of Technology (NIT), Allahabad
• National Institute of Construction Management & Research (NICMAR), Pune
• National Institute of Food Technology Entrepreneurship and Management (NIFTEM), Sonepat
• National Institute of Technology (NIT), Agartala
• National Institute of Technology (NIT), Arunachal Pradesh
• National Institute of Technology (NIT), Calicut
• National Institute of Technology (NIT), Delhi
• National Institute of Technology (NIT), Durgapur
• National Institute of Technology (NIT), Goa
• National Institute of Technology (NIT), Hamirpur
• National Institute of Technology (NIT), Jamshedpur
• National Institute of Technology (NIT), Kurukshetra
• National Institute of Technology (NIT), Manipur
• National Institute of Technology (NIT), Meghalaya
• National Institute of Technology (NIT), Mizoram
• National Institute of Technology (NIT), Nagaland
• National Institute of Technology (NIT), Patna
• National Institute of Technology (NIT), Puducherry
• National Institute of Technology (NIT), Raipur
• National Institute of Technology (NIT), Rourkela
• National Institute of Technology (NIT), Sikkim
• National Institute of Technology (NIT), Silchar
• National Institute of Technology (NIT), Srinagar
• National Institute of Technology (NIT), Tadepalligudem
• National Institute of Technology (NIT), Uttarakhand
• National Institute of Technology (NIT), Warangal
• National University of Juridical Sciences (NUJS), Kolkata
• Netaji Subash Institute of Technology (NSIT), Delhi
• Sardar Vallabh Bhai National Institute of Technology (NIT), Surat
• School of Planning & Architecture, New Delhi
• Thapar University, Patiala
• University College of Engineering (UCE), Odisha
• Xavier Center For Urban Management and Governance (XUMG) [Post Graduate Programme in Urban Management and Governance (MBAUMG)]
• Xavier School of Commerce (XSC) [Master of Business Finance (MBF)]
• Xavier School of Sustainability (XSOS) [Post Graduate Programme in Sustainability Management (MBA-SM)]

SBI Education Loan – FAQs

Who is eligible for an sbi education loan.

Indian nationals who have secured admission to recognized colleges/institutions in India or abroad for various courses are eligible.

What courses are eligible for an SBI Education Loan?

Undergraduate, postgraduate, professional, and vocational courses in India and abroad are generally eligible for SBI Education Loan Scheme.

What expenses are covered under the SBI Education Loan?

Tuition fees, examination fees, hostel charges, cost of books, equipment, and other necessary expenses for the course are covered.

Is collateral required for the SBI Education Loan?

For loans up to a certain amount, no collateral may be required. However, for higher loan amounts, collateral or a third-party guarantee might be necessary.

What is the repayment period for the loan?

The repayment period for SBI Education Loan typically starts after the course is completed, and it can extend up to 15 years, depending on the loan amount. Refer to the above article for detailed information.

Can onr apply for an SBI Education Loan online?

Yes, SBI offers online application facilities for education loans through their official website.

• Source of Information: Buddy4Study app compiles details on scholarships/fellowships from government websites and private scholarship sources. Links to the official sources accompany each listing detail pages.
• Non-affiliation : The Buddy4Study app is not associated with any government entity in India or elsewhere. When featuring government scholarships, we rely on publicly accessible information from central and state government websites in India.

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How to Download SBI Education Loan Interest Certificate Online?

State Bank of India offers a wide range of loan options. There is a loan available for everything like a car loan, home loan, personal loan, and education loan, etc. Today we will learn how you can download SBI Education Loan Interest Certificate online.

When I say online I am talking about SBI Online which is the internet banking portal of the bank. So to proceed further you should have your internet banking account details with you. I mean the username and the password to log in.

In case if you have not registered or activated the internet banking service for your account. Then you can do that within 5 minutes time. To do it you need to again visit the official website and use the “New User” option to register.

Steps to Download SBI Education Loan Interest Certificate

Time needed:  5 minutes

If you have taken an education loan from the State Bank of India and now need to download the education loan interest certificate. Then you can easily download it for free of cost with the help of the Internet Banking portal of the bank. (SBI Online)

You can download your certificate only using the official website of the bank. So always make sure that you don’t enter your account details on any of the third-party websites. For more details call the customer care of the bank on 1800 425 3800.

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How to Get an SBI Education Loan

Last Updated: September 16, 2021

This article was co-authored by wikiHow staff writer, Danielle Blinka, MA, MPA . Danielle Blinka is a Writer, Editor, Podcaster, Improv Performer, and Artist currently living in Houston, TX. She also has experience teaching English and writing to others. Danielle holds a Bachelor of Arts in English, Bachelor of Arts in Political Science, Master of Arts in English with a concentration in writing, and Master of Public Administration from Lamar University. This article has been viewed 8,341 times.

Applying for an education loan can be a stressful process, but securing your funds can put you on the path to your dreams. The State Bank of India (SBI) issues education loans for students attending schools in both India and abroad. Since it’s owned by the state, SBI is highly trusted among borrowers. If you’re interested in getting an SBI education loan, you’ll need to determine your eligibility and prepare your application.

Determining Your Eligibility

• You will prove your citizenship using your PAN card and an ID that proves who you are, such as your driving license, passport, voter ID card, or Aadhar card.

• United States of America.
• United Kingdom.
• New Zealand.

• Graduation and post-graduation technical or professional degree courses.
• Regular degree and diploma courses.
• Teacher training approved by the Central or State Government.
• Nursing training approved by the Central or State Government.
• Regular or degree courses in aeronautical, pilot training, or shipping.

• Professional degree or diploma courses that are job centered.
• Technical degree courses for job skills.
• Certified Public Accountant (CPA) courses in the USA.
• Chartered Institute of Management Accountants (CIMA) courses in London.

Preparing Your Application

• Computer or laptop
• Student fees
• Meals/Meal plan
• Transportation costs

• In addition to using savings or getting a job, you can use teaching assistantships, scholarships, or grants to pay the portion you owe.
• You may pay more than 10%, depending on the cost of your institution. If your institution costs more than your approved loan amount, you will need to cover the difference.

• Collateral can include property or liquid assets.
• If you’re married, your spouse can be your co-borrower in place of your parent or guardian.
• Your co-borrower’s annual income must total at least 3 times the loan amount. [5] X Research source

• If you’d like, you can go to an SBI bank branch to complete the application.
• You can apply online here: http://www.sbieducationloan.co.in/
• In total, you can expect to make 2-3 visits to the bank if you apply online. [6] X Research source
• You can also apply through other loan brokers, but they may charge you added fees that you can avoid by going directly through SBI.

• A letter of admission from a recognized school
• Completed Loan Application Form
• 2 passport-sized photos
• A statement of your cost of study
• Your PAN card
• Your parent or guardian’s PAN card
• Your AADHAAR card
• Your parent or guardian’s AADHAAR card
• Proof of your identity, such as your driving license, passport, or other photo ID
• Proof of residence, such as a driving license, passport, electric bill, telephone bill, or related item
• Bank account statements for the last 6 months for both the student and co-borrower
• Statement of assets for you and your parent or guardian
• Proof of income for you and your parent or guardian

• Currently, the processing fee is set at 10,000 rupee.

• You can check the status of your loan application using the 16-digit reference number given to you when you completed your application, if you applied online. [8] X Research source

Expert Q&A

• The SBI issues loans totalling up to a maximum of Rs. 10 lacs for studies in India, and a maximum of Rs. 20 lacs for studies abroad. SBI does approve higher loans on a case-by-case basis. [9] X Research source Thanks Helpful 0 Not Helpful 0

You Might Also Like

• ↑ https://www.sbi.co.in/portal/web/student-platform/student-loan
• ↑ https://www.paisabazaar.com/sbi-bank/education-loan/
• ↑ https://www.wemakescholars.com/blog/sbi-education-loan-abroad-studies-application-form-details/

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6 Ways To View/Download SBI Account Statement Online

If you are an SBI customer then here we will tell you five instant ways to get your SBI account statement online. You can download the account statement in PDF format or view it directly on your mobile phone. You don’t need to visit the home branch with a passbook to check your account transaction history.

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State Bank of India offers Internet Banking, Mobile Banking, SMS Banking free online banking services to all customers. You can access many banking services without visiting your branch.

• Also Read: Check SBI account mini-statement by SMS, Missed call & Online

Let’s see how to download or view SBI account statement online by following these methods:

1. Download SBI PDF Account Statement using Mobile Banking

SBI Mobile Banking app (SBI YONO Lite) is the best online banking app to manage your SBI account. You can view and download your 1-year account statement using this app.

Login to SBI Mobile Banking Application SBI YONO Lite.

After login, switch to My Accounts tab & select View/Download Statement option.

Next screen, select your account number and select options for the statement period. (only 150 transactions for the selected account shall be displayed). Now tap on view or Download button. If you want to download SBI statement in PDF format, just tap on the Download button.

The account statement PDF file will be saved on your mobile storage. To open the statement PDF file, use any PDF reader app and you need to enter your account number as a password.

2. Get SBI Account PDF statement using Internet Banking

You can easily view or download your SBI account statement (12 months or 6 months) using net banking.

Login to SBI Internet Banking.

After successful login, click on My Accounts & Profile tab and then click on Account Statement .

Now select your account number, select options for the statement period (by date, by month). If you want to download SBI last 6-month statement then select the last 6 months. In download option select Download in PDF format or you can click on view without downloading statement.

Please note, the Date range for Account Statement cannot exceed 12 months.

3. Download SBI Account statement through SBI YONO

Login to SBI YONO app using MPIN or user ID and password.

After login, tap on Accounts where you can see your accounts. Tap on the account number to view/download statement.

And the next screen you can view the full account statement. To download this statement in PDF format, just tap on the Passbook icon or tap on email icon to send this statement on your registered email address.

4. Get SBI Account statement on Email ID by SMS

With SBI Quick Banking service now SBI customers can get the last 6-month account statement on registered email address by SMS. You just need to send an SMS from your bank registered mobile number and you will receive an account statement on your registered email address.

First, you need to register your bank account for SBI Quick service.

• Type “ REG<space>account number ” and send to 092234 88888 (Example: REG 30103838389)

After registering your account for SBI Quick, now you can send an SMS and request the last 6-month SBI account statement.

• Type “ ESTMT<space>Account number<space>4-digit PIN Password ” & send to 092235 88888
• For example: ESTMT 301029283883 1965

You will receive your last 6 months statement on your registered email ID. You need to enter this 4-digits PIN password to open PDF account statement file.

5. Register for SBI e-Statement

SBI customers can also register for e-statement service and receive a monthly account statement on the registered email address. You can activate the e-statement facility through net banking and mobile banking. This service is free of charge.

6. Check SBI account statement using m_passbook

SBI mPassbook is a digital passbook which you can view on your mobile phone. You can activate M-Passbook from SBI YONO Lite Mobile app and view your account statement.

(1) How to download SBI account last 6 (six) months statement?

Ans: You can view or download SBI account last six-month statement through net banking. You can also use SBI Quick banking service to get the last 6 months statement on registered email ID by sending an SMS.

(2) How to check SBI account statement online?

Ans: You don’t need to visit the bank to check your account statement. Just use SBI net banking or mobile banking app and view or download your account statement instantly.

(3) How to open SBI account statement PDF file?

Ans: SBI account statement PDF file can be opened using any PDF reader application on your mobile phone. This PDF statement file is password protected, please enter the password (your account number) to open the file.

(4) How to receive SBI account statement on email ID?

Ans: You can register your email ID with your bank account and subscribe for an email statement to get an account statement on email ID.

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SBI Education Loan

State Bank of India is one of the most sought-after banks to offer education loans for studies in India and abroad

Student Loan Scheme

Education Loan offered for studies in both India and Abroads

Scholar Loan Scheme

Education Loan for students securing admission in top institutes.

Global Ed-Vantage Loan Scheme

Education Loan for studies in Abroad

Vocational Education and Training Loan Scheme

Term loan for students pursuing vocational education or training in India.

SBI Education Loan Rate of Interest

SBI offers distinctive education loan variants for studies in India and Abroad.

• Maximum loan amount offered is INR 10 and 20 Lacs for India and abroad respectively.
• The loan is extended with no margin on loan amount upto INR 4 Lacs
• The repayment period for a SBI Student Loan Scheme is 15 years

The interest rate is charged on base rate fixed by SBI as per RBI guidelines.

• Base rate fixed by SBI is 9.05%
• The bank charges 10.55% interest for loan amount upto INR 7.50 lacs
• 10.80% for the loan amounting above INR 7.50 Lacs

CALCULATE YOUR EDUCATION LOAN EMI

1,000 per month

Looking for admission for India and Abroad?

Sbi education loan eligibility.

• Indian National. Student must be a citizen of India or a holder of Indian passport.
• 10+2 qualified. One must have cleared 10+2 from a recognized board of institutions
• Premier Universities. Admission must be in the top global institutes through Entrance test/Selection process.
• Co-Signer. Applicant must have a credit worthy co-signer/ co-borrower to increase chances of getting a loan.

Compare  Your Bank

Select a bank to compare.

How to apply for SBI Education Loan ?

SBI Education loan application form can be available online or offline at Bank branches.

Visit the official website and Click on SBI Education Loan

Select the particular loan scheme and click on Apply Online

Fill up the form with all the necessary details

Upload the signature, photograph other documents required

Submit the Form and take the print out

After that visit the nearby SBI Bank for the further proceedings

For offline procedure, student can visit the bank and ask for application form for education loan. The bank representative will then be able to guide you with all necessary details and information about margin money, interest rates, and eligibility criteria about the suitable loan for you.

SBI Education Loan Details

Don’t miss any update from us.

Expenses covered under SBI Student Loan Scheme

• College Fee
• Examination Fee
• Purchase of Books, Equipment, Uniform or Computer
• Travel Expenses for abroad studies
• Cost of Two wheeler (Maximum of Rs.50000)
• Cost of other activities like study tours, project work, etc.

Courses Covered Under SBI Student Loan Scheme

Almost every undergraduate and post graduate course has been included in this scheme. Technical or Professional Courses approved by AICTE/UGC. Degree and diploma courses approved by the Govt. Teacher Training, Nursery courses, pilot training, aeronautical, shipping courses which are approved by respective authorized departments.

Job Oriented, Technical/Professional, and UG/PG/Diploma courses

Courses approved by CIMA in London and CPA in USA

Education Loan Documents Required ?

Admission letter with all essential details

Attested copies of age proof, residence proof and birth date

Self-attested passport size photograph

Copies of qualifying courses

Income proof and/or copy of income tax return file

Details of collateral security along with government approved valuation certificate (if any)

Bank account statement of the applicant.

Copy of passport and visa for abroad courses

Interest Subsidy Schemes

Sbi skill loan scheme.

The bank offers Skill Loan Scheme for students who aspire to gain knowledge and specialized training in one specific field.

CSIS (Central Scheme to provide Interest Subsidy)

Central Government of India offered the scheme for economically weaker section for subsidy on education loan interest.

Frequently Asked Questions

What is Margin Money?

Margin money is the amount which you have to pay from your own and the rest amount is paid by the bank.

In case of Student loan scheme the margin money will be considered when you loan amount is above Rs.4 lakhs. Below table shows the details:

What are the documents Required while applying for the loan?

Hi, below are the listed documents which you have to produce while applying for the Eduction loans at SBI

• Letter of Admission
• Completely filled Loan Application Form
• 2 passport size photographs
• Statement of cost of study
• PAN card of the parent, student or legal guardian
• Aadhar Card of the student and parent or guardian
• Identity proof which may be a copy of Driving License or Passport or Aadhar Card
• Residence Proof which may be copy of Driving License or Passport or Electricity Bill or Telephone bill
• Student/co-borrower’s/Guarantor’s bank account statement of the last 6 months
• IT Returns or IT Assessment Order of the last 2 years of parent or guardian or another co-borrower
• Brief Assets and Liabilities Statement of parent or guardian or another co-borrower
• Income proof which can be the salary slip or Form 16 of the parent or guardian
• And other educational documents listed by the bank for SBI Student scheme.

What is holiday Period?

A holiday period is the maximum time which is provided to a student before the repayment of the principal loan in EMIs.

In case a student starts working immediately after completion of course then he will not enjoy the holiday period.

What is Moratorium Period?

A moratorium period is the time duration when the borrower is required to pay the EMIs.

I want SBI Education loan for Studying in IIM? For which loan I should apply?

Hi, if you want to study in IIMs then you can apply for the SBI Scholar loans. The bank will give you loan depending upon which IIM you are studying in. They have categorized IIMs into two categories AA and A.

• If you are taking admission in any of the IIM in AA category then you can get loan upto Rs.35 lakhs with any other security required.
• If you are taking admission in any of the IIM falling in A category then you can get loan of maximum Rs. 20 lakhs and it can be extend up to Rs.30 Lakhs if co-borrower also show any tangible security of the loan value.

If I want to study in NIT. For this which loan I can apply?

Hi, if you want to apply for education loan for studying into NIT then you also can apply for SBI Scholar loan. Under this scheme all the NITs fall under B and C Category colleges.

• For B Category, you can get the loan of Rs.20 lakhs.
• For C Category, you can get loan of Rs. 7.5Lakhs and can be extended upto 30 Lakhs if any tangible security equivalent of loan amount is submitted to the bank.

What is security does one needs to provide while securing loan?

• In most of the cases there is no need of security required for availing loan. But once the amount of loan is above the described amount then the person has to provide the tangible collateral security for the above loan amount.
• The security can a property papers, gold, vehicle, bonds, National saving certificates etc.

Cases when Security Required in various loan:

• In Student Loan - For loan amount above Rs.7.5 lakhs, a tangible security as well as the parents guarantee is required.

Is there any concession for girl students in interest?

Yes, SBI provides a concession for the girl students in various loan schemes. In Student loan scheme and Global Ed-Vantage Scheme, girl students can avail 0.50% concession in interest.

Contact Details?

Contact Number: 1800 425 3800, 1800 11 2211,  080-26599990

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SBI education loan: Full checklist of documents needed with loan application

Under the sbi education loan scheme, state bank of india charges a rate of interest between 8.55 per cent and 10.80 per cent with 0.50 per cent concession for girl students..

New Delhi: To avail the State Bank of India’s education loan facility, students are required to submit a set of required documents along with the loan application. The documents required along with the application of SBI education loan include self-attested documents from the student applicant and the co-applicant/guarantor. State Bank of India (SBI), India’s largest bank by the number of customers, grants a term loan to Indian students for pursuing higher education in India or abroad where admission has been secured without levying any processing fee or upfront charges. 

SBI extends a maximum of education loan up to Rs 10 lakh for higher studies in India and a maximum loan of up to Rs 20 lakh for higher studies outside India which is subject to the confirmation of admission from the concerned university, college, department.

Under the SBI education loan scheme, State Bank of India charges a rate of interest between 8.55 per cent and 10.80 per cent with 0.50 per cent concession for girl students and students availing SBI Rinn Raksha or any other existing policy assigned in favour of the bank. The rate of interest may vary from depending upon the credit score of the applicant, guarantor, nature of the course, other specific things mandated by the State Bank of India.

The repayment of the loan amount commences one year after the completion of the course. According to SBI, the loan amount should be repaid within 15 years after the beginning of the repayment period. In case a second loan is availed for higher studies, the applicant has to repay the combined loan amount in 15 years after completion of the second course, SBI said.

SBI education loan: Full checklist of documents needed with the loan application

Student applicant:

• ID proof: PAN/ Passport/ Driver’s License/ Voter ID card (any one).
• Address proof: Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card (any one). The submission of passport is mandatory for education loan application for higher studies outside India.
• Academic proofs: 10th result, 12th result, graduation result - semester-wise (if applicable), entrance exam result through which admission is being taken (e.g. CAT, CMAT, JEE, NEET, CET, GMAT, GRE, TOEFL, etc.).
• Admission proof: Offer letter or admission letter from the institution. Conditional admission letter may be considered in case of studies abroad.
• Statement of cost of study/schedule of expenses.
• 2 passport-size photographs
• Loan account statement for last 1 year, if the applicant has taken any previous loan from other banks/lenders.

Co-applicant:

• Address proof: Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card (any one).

Income proof for salaried co-applicant/guarantor:

• Salary slip or salary certificate for last 3 months.
• Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.
• Bank account statement for last 6 months (salary account).

Income proof for self-employed co-applicant/guarantor:

• Business address proof (If applicable).
• IT returns for last 2 years (if IT payee).
• TDS Certificate (Form 16A, if applicable).
• Certificate of qualification (for CA/Doctor and other professionals).
• Bank account statement for last 6 months.  

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• Student Loans

White House Fast-Tracks Its Latest Student Loan Forgiveness Plan—Here’s How To Qualify

Updated: Jan 18, 2024, 2:56pm

Student loan borrowers enrolled in the Biden Administration’s new repayment plan can now get on a faster path to student loan forgiveness.

The program called SAVE —which stands for Saving on a Valuable Education and was originally scheduled to offer forgiveness starting in July 2024—will begin canceling debts in February, the Education Department has announced. An outreach and email program will encourage borrowers to sign up and take advantage of the accelerated relief.

The SAVE plan was launched last summer after the Supreme Court struck down President Joe Biden’s $400 billion plan to rub out student loan debt for tens of millions of Americans. As of early January, 6.9 million people were enrolled in SAVE, which allows borrowers to make smaller payments and receive forgiveness more quickly than with other repayment plans.

Who Qualifies for Faster Forgiveness?

The SAVE plan reduces the monthly federal student loan payment bill from 10% of a borrower’s discretionary income to 5%. Discretionary income is what’s left after taxes and necessary expenses, like rent and food.

And while other repayment programs have offered forgiveness to borrowers after 20 to 25 years of monthly payments, SAVE shortens the requirement to a minimum of 10 years of repayment.

The Education Department says some borrowers who’ve been making payments will have their debts wiped clean immediately, starting next month. Borrowers must have taken out no more than $12,000 in student loans to qualify. For every $1,000 borrowed above the $12,000 limit, borrowers can receive forgiveness after an extra year of repayment. So, if you took out $14,000 in loans, for example, you’d see forgiveness in two years.

“Giving borrowers with smaller loans a faster path to being debt free will help many borrowers avoid financial distress and have peace of mind,” said Education Undersecretary James Kvaal, in a statement .

How To Sign Up for SAVE

The Education Department urges borrowers not yet enrolled in the SAVE program to register and get on track toward speeded-up forgiveness.

If you were previously enrolled in a student loan repayment plan called REPAYE (Revised Pay as You Earn), you’re automatically enrolled in SAVE. Your monthly payments will be adjusted to the SAVE minimum before your next payment date.

New applicants can sign up on the Education Department website. You’ll need to provide your federal student ID number and other financial information. Borrowers with the following loan types qualify:

• Direct subsidized loans
• Direct unsubsidized loans
• Direct PLUS loans taken out by graduate or professional students

Although SAVE accepts only holders of federal direct student loans, you can consolidate some other federal loan types and qualify. Borrowers in default status can use the Fresh Start Initiative to get their loans back in good standing before applying for the SAVE program.

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Kennedy Edgerton is a personal finance editor, leveraging his passion for writing and personal finance to produce stimulating content that empowers readers to enhance their lives through advised decision-making. He has written for several publications, including college newspapers, websites, and blogs on topics relating to politics, music, sports and film. Kennedy is a graduate of Morehouse College with a degree in Cinema, Television and Emerging Media Studies.

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SBI EL TAKEOVER LOAN

Product features.

• Simple Interest during Moratorium Period
• Second Education Loan is available for higher studies
• Flexible Repayment Period (up to 15 years)
• Income Tax rebate under Section 80(E) in respect of interest paid
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Privacy Statement

1. definitions.

In these Terms of Service (Terms & Conditions), unless the context indicates otherwise, the following words and phrases shall have the meanings indicated against them:

'The Bank' refers to State Bank of India, a body corporate established by means of an Act of Parliament and having its Corporate Office at "State Bank Bhavan", Madame Cama Road, Nariman Point, Mumbai - 400 021 (which expression shall, unless it is repugnant to the subject or context thereof, include its successors and assigns).

'The Site' means https://onlineapply.sbi.co.in

Apply Online Services are the Bank's services which provide the facility of applying for retail loan product through the Apply Online website of the Bank https://onlineapply.sbi.co.in

'User' refers to an online applicant and/or authorized sales partners of the Bank.

'Applicant' refers to an applicant named in the Application Form and shall, where the context requires, include Co-applicant(s) with the Applicant.

'Application' refers to an Applicant's Home Loan and/or Auto Loan and/or Education Loan and/or Personal Loan application to the Bank through SBI Apply Online.

'Information' refers to any information obtained by an applicant from the Bank for availing various services through SBI Apply Online.

'Personal Information' refers to any information about the applicant obtained by the Bank in connection with the SBI Apply Online services.

'Third party product' refers to any product and/or service of third party which is offered by or through the intermediary of the Bank.

'One Time Password (OTP)' refers to one time 6 digit pass code sent to the mobile number provided by an applicant during a session, for verification of his/her mobile number.

'Quote' / 'Eligibility' refers to an applicant's eligibility under the particular loan scheme. The quote shown to an applicant depends upon inputs provided by the online applicant.

'Approval in Principle' letter refers to the letter sent to the email ID provided by an applicant, conveying an in-principle approval for the loan applied for.

'Scheduling an appointment' means any request or instruction that is received from an applicant by the Bank through SBI Apply Online for scheduling an appointment with the Bank's official for document collection and/or KYC verification.

2. APPLICABILITY OF TERMS

By accessing the SBI Apply Online service the User acknowledges and accepts these Terms of Service (Terms & Conditions). Any terms and conditions relating to the loan schemes of the Bank other than these Terms will continue to apply.

3. SOFTWARE COMPATIBILITY

The Bank may advise from time to time the internet software such as Browser, which are required for using SBI Apply Online Services. There will be no obligation on the part of the Bank to support all the versions of such Internet software.

4. CYBER CRIME

The Internet per se is susceptible to cyber-crimes like phishing, vishing (Voice phishing), SMSing (phishing through SMS), compromising of User's system security, etc., that could affect instructions to the Bank. While the Bank shall endeavor to protect the interests of customers, there cannot be any guarantee against such cyber-crimes and other actions that might affect security of information. The User shall separately evaluate all such risks and the Bank shall not be held responsible for any losses arising out of such cyber-crimes. The User also understands that doing a transaction at a Cyber-cafe/shared computer terminal is risky, and shall avoid using the services of a Cybercafe/shared com-puter terminal to use the Bank's SBI Apply Online service.

5. TECHNOLOGY RISKS

The Site may require maintenance and during such periods it may not be possible to process the requests of customers. This could result in delays and/or failure in processing instructions. The User understands that the Bank disclaims any and all liability, whether direct or indirect, whether arising out of loss or otherwise arising out of any failure or inability by the Bank to honor any customer instruction for whatsoever reason.

6. DOCUMENTS REQUIRED FOR TRANSACTION PROCESSING

The User shall be responsible for submitting necessary documents and information as the Bank may require along with any request for any service under SBI Apply Online. If any request for a service is such that it cannot be given effect to unless it is followed up by requisite documentation, the Bank shall not be required to act upon the request until it receives such documentation from the User.

7. AUTHORITY TO THE BANK

By giving an authority to the Bank agreeing to be contacted by the Bank or their representative, the applicant understands that he/ she has permitted the Bank or their representative to contact him/her over phone / email in connection with his/her loan application/ partial application/enquiry and the Bank shall not be liable for breach of the applicant's mandate for "Do not Disturb", if any.

8. ACCURACY OF INFORMATION

A customer shall provide such information as the Bank may from time to time reasonably request for the purposes of providing the SBI Apply Online services. The User is responsible for correctness of information supplied to the Bank through the use of SBI Apply Online services. The Bank accepts no liability for consequences arising out of erroneous/incomplete/incorrect information provided by the User. If the User suspects that there is an error in the information supplied to the Bank by him/her, he/she shall advise the Bank at the earliest. The Bank will endeavor to correct such errors wherever possible on a 'best efforts' basis. If the User notices an error in the loan application provided to him/her through the SBI Apply Online service, he shall advise the Bank at the earliest.

9. LIABILITY OF THE USER

The User shall be liable for

• Non-compliance of Terms of Service (Terms & Conditions) mentioned herein.
• If he/she has breached the Terms of Service (Terms & Conditions) or contributed or caused any loss by his/her negligent actions.

10. NON-TRANSFERABILITY

The grant of facility of Apply Online Services to an Applicant is non-transferable under any circumstances and application shall be used by the Applicant only.

11. DISCLAIMER

• The Bank shall not be liable for any unauthorized email sent to a User's email ID through SBI Apply Online service, which can be attributed to fraudulent or negligent conduct of the User.
• The Bank shall not be liable to the applicant(s) for any damages whatsoever whether such damages are direct, indirect, incidental, consequential and irrespective of whether any claim is based on investment or any other loss of any character or nature whatsoever and whether sustained by the user(s) or any other person, if SBI Apply Online access is not available in the desired manner for reasons including but not limited to natural calamity, fire and other natural disasters, legal restraints,faults in the telecommunication network or Internet or network failure, software or hardware error or any other reasons beyond the control of the Bank.
• The Bank shall endeavor to take all possible steps to maintain secrecy and confidentiality of information provided by Users, but shall not be liable to the Users for any damages whatsoever caused on account of breach of secrecy/confidentiality due to reasons beyond the control of the Bank.
• The Bank, for valid reasons, may refuse to execute any application/instruction submitted by the User.
• The quote/ in principle approval is tentative, and the Bank assumes no liability for such quote, which is based on the inputs provided by the User. Further, loan eligibility may vary depending upon changes in interest rate, margin, processing fee and/or terms and conditions of the respec-tive loan scheme.
• The validity period of such "Approval in Principle" would be 45 days from the issuance of the letter. Final sanction of the loan application will depend on satisfactory KYC, Income, credit worthiness and documents verification. The applicant will also have to provide Collateral Security and Third Party Guarantee for sufficient value, wherever applicable.
• Appointments scheduled by an online User through the system would be tentative only; the Bank is not liable to follow such appointments meticulously.
• "Upload Document" functionality is provided for expediting the loan process. The Bank may ask for original and/or photo copy of such document for verification and/or at the time of processing of loan application. Bank will not use such document for any other purpose like updating KYC details, etc.
• The Bank will in no way be held responsible for or liable for delay, failure and/or untimely delivery of SMS password and/or SMS Alerts due to but not limited to network congestions, network failure, systems failure or any others reasons beyond the reasonable control of the Bank or its service provider(s).

12. INDEMNITY

The User agrees to indemnify, hold harmless and defend the Bank and its affiliates against any loss and damages that may be caused from or relating to

• Breach of Terms of Service (Terms & Conditions) mentioned herein.
• Improper use of the SBI Apply Online service by a User/applicant.
• The use of products/ SBI Apply Online service in any manner which violates the Terms of Service (Terms & Conditions) or otherwise violates any law, rule, conditions or regulation.
• Any claims made by third parties arising from issues related to any failure, delay or interruptions of the product and/or services as provided by Bank through https://onlineapply.sbi.co.in

13. DISCLOSURE OF PERSONAL INFORMATION

The User agrees that the Bank or its service providers may hold and process his/her Personal/Technical Information on Computer or otherwise in connection with SBI Apply Online services as well as for statistical analysis.

The User agrees that the Bank may collect User system related information. The User also agrees that the Bank may disclose, in strict confidence, to other institutions, such Personal Information as may be reasonably necessary for reasons inclusive of, but not limited to, the following:

• In compliance with legal, regulatory and/or Reserve Bank of India's directives.
• For fraud prevention purposes.

14. AMENDMENTS

The Bank has the absolute discretion to amend or supplement any of the Terms of Service (Terms & Conditions) at any time, without prior notice. However the Bank will endeavor to notify any such change by posting it on the website or through advertisement or any other means as the Bank may deem fit which shall be binding on the User. The existence and availability of the new functionali-ties/facilities/features will be notified to the User as and when they are made available. By using these new services, the User agrees to be bound by the Terms of Service (Terms & Conditions) applicable therefore.

15. PROPRIETARY RIGHTS

The User acknowledges that the software underlying the SBI Apply Online service as well as other Internet related software which are required for accessing SBI Apply Online service is the legal proper-ty of the Bank/the respective service providers. The permission given by the Bank to access SBI Apply Online service will not convey any proprietary or ownership rights in the above software. The User shall not attempt to modify, translate, disassemble, decompile or reverse engineer the software underlying the SBI Apply Online services nor create any derivative product based on the software.

16. PROPRIETARY AND INTELLECTUAL PROPERTY RIGHTS

The copyright, trademarks, logos, slogans and service marks displayed on the website(s) are regis-tered and unregistered intellectual property rights of the Bank or of the respective intellectual property right owners. Nothing contained on the website(s) should be construed as granting, by implication, estoppels, or otherwise, any license or right to use any intellectual property displayed on the website(s) without the written permission of the Bank or such third party that may own the intellectual property displayed on the website(s).

The Bank grants the right to access the website(s) to the User and to use the SBI Apply Online servic-es in accordance with the Terms of Service (Terms & Conditions) mentioned herein. The User ac-knowledges that the Services including, but not limited to, text, content, photographs, video, audio and/or graphics, are either the property of, or used with permission by, the Bank and/or by the content providers and may be protected by applicable copyrights, trademarks, service marks, international treaties and/or other proprietary rights and laws of India and other countries, and the applicable Terms of Service (Terms & Conditions).

The User should assume that everything he/she views or reads on the website (collectively referred to as "content") is copyrighted/ protected by intellectual property laws unless otherwise provided and may not be used, except as provided in these Terms of Service (Terms & Conditions), without the prior written permission of the Bank or the relevant copyright owner.

Any breach of the restrictions on use provided in these terms is expressly prohibited by law, and may result in severe civil and criminal penalties. The Bank shall be entitled to obtain equitable relief (includ-ing all damage, direct, indirect, consequential and exemplary) over and above all other remedies available to it, to protect its interests therein.

17. TERMINATION OF INTERNET BANKING SERVICES

The Bank may at its sole discretion, at any time without giving notice or reasons suspend or terminate all or any of the Apply Online Services offered by the Bank or their use by the applicant including for reasons such as

• Breach of these Terms of Service (Terms & Conditions) by the User
• Knowledge or information about the death, bankruptcy or legal incapacity of the User.

18. THIRD PARTY LINKS

19. notices.

Notice under these Terms of Service (Terms & Conditions) to the user may be given through any medium of communication as may be deemed appropriate by the Bank i.e. Bank's website ( https://bank.sbi or https://onlineapply.sbi.co.in ) or email, sms, public notification at Branches, or through newspapers, radio, TV, etc. Such notices will have the same effect as a notice served individually to each user.

20. FORCE MAJEURE

The Bank shall not be liable for delay in performing or failure to perform any of its obligations under these Terms of Service (Terms & Conditions) which is caused by circumstances beyond its reasonable control, including, but not limited to, the failure, malfunction or unavailability of telecommunications, data communications and/or computer systems and services, natural calamities, war, civil unrest, government action, strikes, lock-outs and/or other industrial action or trade disputes (whether involving the Bank's employees or those of a third party). Any delay or failure of this kind will not be deemed to be a breach of the Terms of Service (Terms & Conditions) and the time for performance of the af-fected obligation will be extended by a period which is reasonable in the circumstances.

21. DISCLAIMER ON THE INFORMATION TECHNOLOGY ACT 2000

The Bank has adopted the mode of authentication of the User by means of verification of the User ID and or through verification of password or through any other mode of verification as may be stipulated at the discretion of the Bank. The User hereby agrees/consents for the mode of verification adopted by the Bank. The User agrees that the transactions carried out or put through by the aforesaid mode shall be valid, binding and enforceable against the User and the User shall not be entitled to raise any dispute questioning such transactions.

22. DISCLAIMER ON ANTI VIRUS UPDATE

The User needs to get his PCs/laptops/tablets/mobiles scanned on a regular basis and have these updated with the latest antivirus software available. The Bank shall not be responsible in case of any data loss or theft due to any virus transmitted in the system through the usage of SBI Apply Online.

23. GOVERNING LAWS

These Terms of Service (Terms & Conditions) and/or the use of services provided through SBI Apply Online services are construed to be governed in accordance with the laws in India. The Bank accepts no liability whatsoever, direct or implied, for non-compliance with the laws of any country other than that of India. The mere fact that SBI Apply Online service can be accessed through Internet by a User from a country other than India shall not be interpreted to imply that the laws of the said countries go-vern these Terms of Service (Terms & Conditions) and/or the operations in the accounts of the User through Internet and/or the Use of Apply Online Services. The User agrees to abide by prevailing laws in respect of SBI Apply Online services applicable in India. It is the responsibility of the User to comply with any regulations prevailing in the country from where he/she is accessing the Internet.

All disputes shall be subject to the jurisdiction of courts in Mumbai (India). The Bank however, may, in its absolute discretion commence any legal action or proceedings arising out of these terms in any other court, tribunal or other appropriate forum, and the User hereby consents to that jurisdiction.

State Bank of India with its over 200 years of service to the nation embodies safety, trust and integrity. We have always woven these values into our relationship with customers. Apply Online is one more effort to add value to the relationship. Apply Online facility offers the convenience of applying for a banking product from SBI anywhere, anytime. In terms of the Code of Fair Banking Practices, we notify you on the characteristics of SBI Apply Online.

What is the Disclosure about?

The debate about how secure the Internet is, has not settled down. We would therefore say that Apply Online comes with the risks inherent to the Internet arena.

Smart users the world over have found ways to manage these risks. Banks worldwide have moved their customers to the Internet with enormous gains in efficiency and service quality. It is the customer who gains. This is exactly what we want for our customers. To come back to the question of risks, good practice suggests that the users should evaluate risks, appreciate and balance the criticalities and the convenience which Apply Online offers. SBI has put in place secure and effective systems to mitigate the risks from the Bank's end. We seek a little effort from your side, in maintaining this as a safe and secure channel. We want our customers to appreciate the risks realistically and mitigate them at their end. This includes proper handling of Username and passwords and the overall safety of the system at the user end.

Security aspects

The SBI Apply Online channel is protected by advanced security features, both physical and logical. SBI has considered various risks inherent in transacting over a public network such as the Internet, and has deployed appropriate security measures to protect customers. Firewalls allow only valid web traffic to reach our server. Proven 256 bit Secure Socket Layer (SSL) encryption technology is deployed to ensure that the information exchanged between your computer and https://onlineapply.sbi.co.in over the Internet is secure and cannot be intruded upon. 'VeriSign' certifies that information exchanged during a valid session is protected during its transmission over the Internet. Additionally, the Bank has installed mechanisms such as Intrusion Detection Systems.

Availability of SBI Apply Online service

• The SBI Apply Online service functions on a 24x7 basis.
• Some of the services in Apply Online are extended in conjunction with Other Source Systems (OSS) within or outside the Bank, which may or may not function on a 24x7 basis. Such services will be available only when the OSS are functional. Availability of Apply Online is also dependent upon availability of the network. In addition, Apply Online will not be available during downtime.

Services offered

SBI Apply Online is an alternate channel for our customers, and provides the facility of applying for most of the retail loan products available at our branches. Retail loan products such as Home Loan, Auto Loan, Education Loan and Personal Loan can be applied for through this service. Other post application services such as viewing the current status of application, downloading a pre-filled loan application form, scheduling an appointment with the Bank's official and uploading documents, and pre-application services like Get back a call from an Expert, viewing the details of a product, terms and conditions, FAQs and the like are enabled through this channel.

Control measures

We have set up the following operational and control measures for Apply Online customers:

• Applicants can track the status of their application by using only the application reference ID and mobile number.
• Customer logins and activities are tracked and archived for future reference.

For viewing the quote and submission of application, an authorization, such as a One Time Password, is required.

Precautions

To enhance security in carrying out banking and other transactions, we recommend that customers adopt the following practices. These are not unique to the SBI site. Banks the world over expect their customers to do this much in mutual interest.

• Do not leave your computer unattended while you are connected to https://onlineapply.sbi.co.in
• Please close the browser window after you have finished your session.
• Do not access Apply Online if your computer device is not free of malware.

Terms of Service (Terms & Conditions)

Millions of student-loan borrowers should be on the lookout for an email update on Biden's broader debt cancellation plan. They might need to take action.

• The Education Department is emailing student-loan borrowers with updates on its broad debt relief plan.
• The emails will state that borrowers who wish to opt out of the relief must contact their servicers by August 30.
• The department plans to finalize the relief by October and will update eligible borrowers at that point.

Millions of student-loan borrowers are getting closer to a broader version of debt cancellation .

On Wednesday, the Education Department announced it was taking another step toward implementing its plan to cancel student debt using the Higher Education Act of 1965 . This process began after the Supreme Court struck down President Joe Biden's first attempt at relief last summer.

The plan, expected to benefit over 30 million borrowers, is required to undergo negotiated rulemaking. During this process, the department negotiates with stakeholders and holds a period of public comment before finalizing the rule.

The department's latest announcement brings borrowers closer to final implementation. All borrowers with at least one federal outstanding student loan will receive an email from the Education Department to provide updates on the relief, including the notification of an August 30 deadline for borrowers to contact their servicer if they wish to opt out of the relief .

Borrowers might choose to opt-out for a number of reasons, including concerns about state tax liabilities should they receive loan forgiveness. The department said that borrowers who opt-out will not be able to opt back in at a later date.

A copy of the email reviewed by Business Insider told borrowers that "if you WANT to be included in potential student debt relief, you don't need to take any action."

Related stories

Additionally, since the rules are not yet finalized, borrowers who receive an email are not automatically guaranteed relief — the department will provide additional details to eligible borrowers upon finalization.

"Today, my Administration took another major step to cancel student debt for approximately 30 million Americans," Biden said in a statement.

"By providing more information to borrowers on how they can take advantage of our upcoming debt relief programs, borrowers will be prepared to benefit swiftly once the rules are final," he continued. "Despite attempts led by Republican elected officials to block our efforts, we won't stop fighting to provide relief to student loan borrowers, fix the broken student loan system, and help borrowers get out from under the burden of student debt."

The Education Department released its draft rules for debt relief in April. They included full or partial debt relief for borrowers who have been in repayment for at least 20 years, borrowers who owe more than they did when they entered repayment, borrowers who are eligible for loan forgiveness but have not yet applied for the relevant program, and borrowers who enrolled in schools that left them with too much debt compared to post-graduation earnings.

"The Department expects that all four of these proposed forms of relief would be provided to eligible borrowers without requiring any action from borrowers; no application would be needed," the press release said.

The department plans to finalize the rules by October , meaning relief could reach borrowers before the election. However, the plan is likely to face lawsuits similar to the ones that struck down Biden's first plan, meaning there could be delays to the relief depending on court rulings.

"The Biden-Harris Administration made a commitment to deliver student debt relief to as many borrowers as possible as quickly as possible, and today, as we near the end of a lengthy rulemaking process, we're one step closer to keeping that promise," Education Sec. Miguel Cardona said in a statement.

Watch: Why student loans aren't canceled, and what Biden's going to do about it

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Repayment -Know how to Repay Education Loan Online in India | SBI - Personal Banking

Ways to Reduce Student Loan Costs

Plan to repay.

• In case of SBI Student loans, repayment will start after the completion of course period and moratorium period (Repayment commences one year after the course completion or 6 months after securing a job, whichever is earlier).
• The Loans are sanctioned as Term Loans and to be repaid in EMIs over a maximum repayment term of 15 years (180 EMIs) for Student, Scholar and Global Ed-vantage Education Loans. The repayment of EMI starts 12 months after the completion of the course or 6 months after getting the employment, whichever is earlier for Student and Scholar Loan Schemes. In case of Global Ed-Vantage Loans, repayment of EMI starts 6 months after the completion of the course.
• The accrued interest during the moratorium period and course period is added to the principle and repayment is fixed in Equated Monthly Installments (EMI).
• If full interest is serviced before the commencement of repayment; EMI is fixed based on principle amount only.
• There are NO penalty charges for prepayment. You can prepay your education loan anytime.

Service full interest during the course period and moratorium period (Optional):

• Interest applied to loan account during course period and moratorium period will not be added to your EMIs. Thus, lower EMIs.
• Interest serviced on Education Loans is eligible for deduction under Section 80(E) of Income Tax

Please contact your Loan Sanctioning Branch for further details

Timely Payment of EMIs

• Repaying EMIs on time will help in keeping your account in good condition and will save avoidable additional interest costs
• Central Scheme for Interest Subsidy on Education Loans (subject to eligibility) :
• This Scheme provides interest subsidy on Education Loans for students from Economically Weaker Sections (EWS) with annual gross parental/family income upto Rs. 4.50 lacs.
• Click here to know more
• Eligible students may contact the SBI Branch concerned for any further details along with Income Certificate from the Certifying authority.

Last Updated On : Thursday, 03-11-2022

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