State Bank of India Education Loan (India)
State Bank of India, a bank headquartered in Mumbai and established in 1955, offers an education loan for study in India at a floating interest rate ranging from 9.4% to 9.9%. The bank does not charge a percentage-based processing fee. There is no prepayment penalty. Loan amounts range from ₹1 lakh to ₹1.5 crore, with tenures from 60 to 180 months.
The lender describes itself as the largest education-loan disburser in India, and states no collateral is required for loans up to ₹20 lakh; the moratorium period is course duration plus 12 months, and an interest subsidy is available for EWS applicants under the Vidyalakshmi scheme. Eligible applicants must be students aged 18 to 35 with a minimum CIBIL score of 650; there is no minimum salary requirement. Documentation includes PAN Card, Aadhaar Card, admission letter, fee structure, co-borrower KYC, and co-borrower income proof.
At 9.4%, State Bank of India has one of the lowest starting rates of the 7 lenders we track for education loans (india).
Documents required
- PAN Card
- Aadhaar Card
- Admission letter
- Fee structure
- Co-borrower KYC
- Co-borrower income proof
As published by State Bank of India. Your branch may ask for more.
Best for: Students confirmed at top-200 QS-ranked overseas universities — Global Ed-Vantage covers up to ₹1.5 Cr with collateral; girl-child concession + Rin Raksha discount can drop effective rate to ~9.65%.
Eligibility
Loan terms
- Largest education loan disburser in India
- No collateral up to ₹20L
- Interest subsidy for EWS under Vidyalakshmi
- Moratorium = course + 12 months
Fees & charges
Tax: interest paid is deductible under Section 80E with no upper cap, for up to 8 years. Confirm with a tax adviser.
FAQ
After the moratorium — course duration plus 6 to 12 months. Interest accrues during study; paying simple interest through the moratorium reduces your later EMI.
Every row is date-stamped with the day we last checked it, and links to the lender’s published material so you can confirm it yourself. A row we confirmed against the source reads “Verified”; one we could only sight reads “as of”, and is not presented as confirmed. Anything we have not re-checked in 60 days is marked “rate under review” rather than left to look current. We do not claim a fixed re-checking cycle — the date on each row is the honest answer.
No. Viewing rates is not a credit enquiry and has no score impact. A hard enquiry happens only when you formally apply to a lender.
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