Abroad education has become a dream for many Indian students due to the opportunities it provides. But the cost of education is the primary challenge that students face in studying abroad.

Education loans provide the necessary financial support, enabling students to achieve their academic goals. With multiple financial institutions offering education loans at different interest rates, SBI tops the list as one of the most trusted loan providers. 

However, comparing with the other loan providers can help students make a smart decision. In this blog, we will compare the education loan rates between SBI and other banks for a better understanding of the students.

Key Education Loan Schemes

The SBI offers various education loans under different schemes. The following are the most common education loans that the SBI offers.

  • SBI PM Vidyalaxmi

  • SBI Student Loan 

  • SBI Scholar Loan

  • SBI Study Abroad Loan

  • SBI Skill Loan

  • SBI Takeover of Education Loan

  • SBI Shaurya Education Loan

SBI Education Loans Interest Rates

Loan Scheme

Max Loan Amount

Interest Rate

SBI PM Vidyalaxmi

Max. 7.5 Lakhs

Starts from 8.65%

SBI Student Loan Scheme

Max 3cr(Secured)

Starts from 9.15%

SBI Scholar Loans

Need-Based -Max 1cr

7.15% to 7.90%

SBI Study Abroad Loans

Max 3 Cr(Secured)

Starts from 9.15%

SBI Skill Loans

Max 7.5 Lakhs

Start from 9.15%

SBI Takeover of Education Loan

Max 3 Cr(Secured)

Start from 9.15%

SBI Shaurya Education Loan

Max 1.5 cr

9.15% to 10.15%

Other Banks: Education Loan Rate

  • Many financial institutions offer education loans other than SBI, public banks such as BOB, Union Bank, Canara Bank, Bank of India, and the Central Bank of India, Punjab National Bank, etc.

  • Private Banks such as ICICI, IDFC, Federal Bank, South Indian Bank, Karur Vysya Bank, etc., also offer education loans.

  • NBFCs such as Auxilo, Avanse, Incred, and Credila are the top education loan providers.

The education loan rates of other banks are given below.

Banks

Max Loan Amount

Interest rate

Moratorium Period

Bank of Baroda(BOB)

1.5 Cr (Secured)

Starts from 8.70%

Course duration plus 1 year

Bank of India(BOI)

1.5 Cr (Secured)

Starts from 9%

Course duration plus 1 year

Central Bank of India

2 Cr (Secured)

Starts from 9.45%

Course duration plus 1 year

Punjab National Bank Need-Based

ed Financing

Starts from 9.5%

Course duration plus 1 year

Canara Bank

1 Cr (Secured)

Starts from 8.75%

Course duration plus 1 year

Union Bank of India

1.5 Cr (Secured)

Starts from 9.25%

Course duration plus 1 year

ICICI Bank

2 Cr(Secured)

Starts from 9.5%

Course duration plus 1 year

IDFC Bank

1.5 Cr (Secured)

Starts from 9.5%

Course duration plus 1 year

Karur Vysya Bank

1.5 Cr (Secured)

Starts from 9.99%

Course duration plus 1 year

Axis Bank

1.5 Cr (Secured)

Starts from 10.5%

Course duration plus 1 year

Auxilo

60 Lakhs(Unsecured)

Starts from 11.5%

Course duration plus 1 year

Avanse

85 Lakhs(Unsecured)

Starts from 10.5%

Course duration plus 1 year

Incred

80 Lakhs(Unsecured)

Starts from 11%

Course duration plus 1 year

Credila

1 Cr(Unsecured)

Starts from 9.75%

Course duration plus 1 year

SBI vs Other Banks Education Loan Comparison

Below is the Education loan comparison between SBI and other banks

Features

SBI

Others

Loan Amount

Max 3 Cr ( Secured)

Max 2 Cr

Rate of Interest

Starts from 8.65%

Starts from 8.75%

Loan Tenure

Up to 15 years

Up to 15 years

Consessions and Subsidies

Special interest concession for women applicants and interest subsidies for government schemes

Only interest subsidies for government schemes

Pros

  • Lower interest rates.

  • No prepayment penalties

  • Long repayment tenure

  • Special interest concession for women applicants

  • No hidden charges

  • Low processing fee

  • Competitive interest rate.

  • Lower EMIs for women under special promotional schemes.

  • Long repayment tenure

  • Fast processing

Cons

Strict eligibility rules and repayment terms

Flexible eligibility rules and repayment terms

What Students Say

I had a great experience with WeMakeScholars for my education loan. The process was smooth and transparent, thanks to their professional and supportive team. They were quick to respond to my queries and made the journey stress-free. I highly recommend WeMakeScholars for reliable education loan support. -  says Sunil Kumar

How to apply for an SBI Education Loan

You can apply for SBI Education loans in many ways 

  • Visit your nearest State Bank of India branch and ask about the education Loan products to the branch manager.

  • Check your eligibility and confirm that you meet the eligibility requirements mentioned by the bank.

  • Know the document checklist.

  • Arrange all the required documents and visit the branch again to apply for a student loan.

To ease the loan application process and save time, students can also apply online through WeMakeScholars.

How to Apply through WeMakeScholars

  • Visit the WeMakeScholars website and request a callback.
  • Within 1-2 days, you will receive a call from our financial officer assigned to you.
  • The financial officer, based on the details you provide, analyses your profile and suggests a loan type, documents required, etc.
  • A secure document upload link will be shared with you to upload the necessary documents.
  • From here onwards, your financial officer takes charge and keeps you updated with the status of the loan and ensures a smooth and hassle-free education loan process.
  • Wherever possible, our financial officer negotiates better terms and shorter processing fees with the SBI.
Apply for Your Student Loan Today
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Applying for Education loans through WeMakeScholars can ensure fast loan approvals. We have a team of dedicated financial officers who lend support throughout the loan process. Our financial officers will provide end-to-end support, making your education loan process stress-free.

Conclusion

Choosing the right education loan is the game-changer and can make all the difference in turning your higher education dream into a reality. In this blog, we have covered the difference in education loan rates between the top lender, SBI, and other banks. This can help students make smart decisions and pick the right education loan.