SBI Students Personal Loan

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The SBI Education Personal loan is like any other personal loan, easily accessible and widely popular. Since it is a personal loan, the amount is extended against a borrower’s income. Therefore, the loan is applied by the parent or guardian of a student who wishes to pursue further education. Loan amounts as high as 35 lakhs, easy repayment options and long loan tenures are just some of the many attractive features of this loan.

With SBI’s student personal loans, IITs, IIMs, and Ivy League education is a dream and a reality. Keep reading to discover the complete SBI student personal details and make your next big move!

SBI Personal Loan for Students – Highlights

The SBI Education Personal loan offers the following features to its borrowers:

Maximum Loan Amount	₹35 Lakhs
Interest Rate (p.a.)	10.55% onwards
Loan Tenure	Six months – 6 years
Overdraft Facility	Available
Provision of a Second Loan	Available
Online Application	Available

Comparing SBI Education Personal Loan with Other Lenders

Comparison is the key to smart borrowing. Look at some other popular options apart from the SBI student instant loan.

Lender	Interest Rate (per annum)	Maximum Loan Tenure
Poonawala Fincorp	9.99% onwards	Five years
Axis Bank	10.49% onwards	Seven years
HDFC Bank	10.50% onwards	Six years
ICICI Bank	10.50% onwards	Seven years
Bajaj Finserv	11% onwards	Eight years

SBI Personal Loan for Students – Fees and Charges

Apart from the SBI student personal loan interest rate, borrowers are also required to pay;

A processing fee of 1.50% of the loan amount plus GST
A Goods and Services Tax (GST) of 18% on all banking services
Verification, stamp duty and other incidental charges

SBI Personal Loan for Students – Documents Required

Below are the essential documents required to obtain an SBI student personal loan document.

Duly filled loan application form
KYC Documents: ID Proof (Aadhar Card, Voter’s ID) and Address Proof (Utility Bills, Aadhar Card)
Income Statements: Salary slips, income tax returns, Balance Sheet and P&L account, and other documents

SBI Personal Loan for Students – Eligibility Criteria

The SBI student personal loan eligibility depends on the following criteria:

Eligible Candidate: A parent/ guardian
Employment of Borrower: Self-Employed/ Salaried
Minimum Income of Borrower: ₹15,000 per month
Age Limit: 12- 76 years
EMI/NMI ratio: Less than 50%
Must be an Indian citizen.