Is getting into the premium Indian institutions one of your biggest dreams? But worried about finances. We have got you covered. Education loans step in to rescue and provide finance for all your educational needs.

The State Bank of India(SBI) offers education loans to students under various schemes. SBI Scholar Loans Schemes is one such initiative that offers education loans to students who have been admitted to Indian Premium Institutions.

In this blog, we will cover all about the SBI Scholar loans that help students who seek admission in indian premium institutions such as IITs, IIMs, and NITs.

SBI Scholar Loans

SBI Scholar Loan is one of the flagship schemes of the bank. It is specially designed to help meritorious students admitted to the premium institutions such as IITs, IIMs, NITs, and other reputed institutions. This initiative is to provide more affordable interest rates, higher loan limits, flexible repayment terms, etc., making higher education more affordable.

Key Features

  • 100% Financing

  • No processing Fee

  • Fast approvals at the designated branch

  • Repayment tenure 15 years

  • Moratorium period

  • No processing fee

  • Rate of Interest 7.15% to 7.90%

  • Regular full-time degree/diploma courses through an entrance test/selection process

  • Part-time graduate/post-graduate courses are offered by the selected universities

What are the Expenses Covered Under the SBI Scholars Scheme?

Education expenses are the main reasons why many talented students take a step back from pursuing higher education. The SBI scholar loan scheme aims to help students cover all the costs related to education.. The following are the expenses covered under the SBI Scholar Scheme.

  • Tuition Fee

  • Examination, library, and laboratory fee

  • Accommodation expenses

  • Books, laptop, study materials

  • Travel expenses

  • Caution deposit

  • Miscellaneous expenses

  • Any other expenses related to education

What is the Maximum Loan amount of the SBI Scholar Loan

The maximum unsecured loan amount that a student can get under the SBI scholar loan is 50 lakhs, with a parent or guardian as a co-applicant. However, this maximum amount offered in this scheme is based on the category and ranking of the institution. Students can secure a higher loan amount than this by pledging collateral.

The lender has classified the institutions into different categories( AA, A, B, C) based on their ranking.

Category

Max. Unsecured Loan Amount (parent or Guardian as co-applicant)

Max. Secured Loan Amount

List AA

Rs. 50 lacs

Need-based loan

List A

Rs. 40 lacs

Need-based loan

List B

Rs. 30 lacs

Need-based loan

List C

Rs. 7.5 lacs

Rs.1 crore

Interest rates of the SBI Scholar Loan

When applying for an education loan, the most common factor that one should consider is the interest rate. SBI is known for its lower interest rates. This makes education affordable to many Indian students. 

The following table provides you with the interest rates of the SBI Scholar loan.

SBI Scholar Loan Institute List

Interest Rates

AA Category

For selected Institutions, 7.15% to 7.90%

A Category

For selected Institutions, 7.15% to 7.90%

B Category

For selected Institutions, 7.15% to 7.90%

C Category

For selected Institutions, 7.15% to 7.90%

Approved List of Institutes Under SBI Scholar Loan

SBI Scholar Loan has a list of approved institutes, which is divided into different categories based on academic excellence and placement opportunities. A few of the top-listed institutes in each category are given below for a brief understanding.

SBI Scholar Loan List of Colleges Under the Category AA

Name of the Institution

Designated Branch

Indian Institute of Management (IIM), Ahmedabad

INDI INST OF MGMT (AHMEDABAD)

Indian Institute of Management (IIM), Bangalore

IIM CAMPUS BANGALORE 

Indian Institute of Management (IIM), Calcutta

I I M JOKA 

Indian Institute of Management (IIM), Indore

IIM CAMPUS INDORE

Indian Institute of Management (IIM), Indore- Mumbai Campus

CBD BELAPUR 

Indian Institute of Management (IIM), Kozhikode

IIM KOZHIKODE

Indian Institute of Management (IIM), Lucknow

IIM LUCKNOW 

Indian School of Business (ISB), Hyderabad

HYDERABAD UNIVERSITY CAMPUS

Indian School of Business (ISB), Mohali

MOHALI

Xavier Labour Relations Institute (XLRI), Jamshedpur

XLRI JAMSHEDPUR

Indian Institute of Management (IIM), Lucknow- Noida Campus

SECTOR 62 NOIDA

SBI Scholar Loan List of Colleges Under the Category A

Name of the Institution

Designated Branch

1 Birla Institute of Technology & Sciences (BITS), Pilani

PILANI

BITS (Pilani) - Goa Campus 

BITS PILANI GOA CENTRE

BITS (Pilani) - Hyderabad Campus

JAWAHAR NAGAR HYDERABAD

Indian Institute of Corporate Affairs (IICA), Manesar

IMT Manesar

Indian Institute of Foreign Trade (IIFT), Delhi

NCERT 

Indian Institute of Foreign Trade (IIFT), Kolkata

SALT LAKE ELECT COMP(KOLKATA)

Indian Institute of Management (IIM), Amritsar

AMRITSAR CANTONMENT

Indian Institute of Management (IIM), Bodhgaya

BODH GAYA

Indian Institute of Management (IIM), Jammu 

JAMMU CANTT JAMMU AND KASHMIR

Indian Institute of Management (IIM), Kashipur

I I M KASHIPUR 

SBI Scholar Loan List of Colleges Under the Category B

Name of the Institution

Designated Branch

Army College of Dental Sciences (ACDS), Secunderabad

P AND SB VIKRAMPURI 

Army College of Medical Sciences (ACMS), Delhi Cantt

DELHI CANTT

Army Institute of Law (AIL), Mohali

MOHALI

Army Institute of Management (AIM), Kolkata

ALIPORE KOLKATA

Army Institute of Technology (AIT), Pune

R AND D EIGHI PUNE

Birla Institute of Technology (BIT), Mesra, Ranchi

B I T MESRA

College of Engineering, Pune

COLLEGE OF ENG.SHIVAJI NAGAR

Delhi College of Engineering (DCE), Delhi

DELHI COLLEGE OF ENGINEERING

Faculty of Management Studies (FMS), Delhi 

DELHI UNIVERSITY 

ICFAI Business School (IBS), Hyderabad 

SHANKARPALLY R R DIST

SBI Scholar Loan List of Colleges Under the Category C

Name of the Institution

Designated Branch

Centre for Environmental Planning & Technology (CEPT), Ahmedabad

GUJRAT UNIVERSITY (AHMEDABAD)

Chandragupt Institute of Management, Patna

CHANAKYA NATIONAL LAW UNIVERSITY BRANCH

Dr B R Ambedkar National Institute of Technology (NIT), Jalandhar 

SPL P.B.B MODELTOWN JALANDHAR 

Indian Institute of Forest Management (IIFM), Bhopal 

IIFM BHOPAL

Indian Institute of Petroleum and Energy (IIPE), Vishakhapatnam

A U ENGG COLLEGE CAMPUSVSP

Kalinga Institute of Industrial Technology (KIIT) University School of Management (SOM)

KIIT SQUARE BHUBANESWAR

Kalinga Institute of Industrial Technology (KIIT) University School of Technology (SOT) 

KIIT SQUARE BHUBANESWAR

L N Mittal Institute of Information & Technology (LNMIIT), Jaipur

JAIPUR MAIN BRANCH

Loyola Institute of Business Administration (LIBA), Chennai

NUNGAMBAKKAM (CHENNAI)

Maharishi Markandeshwar University (MMU) Medical College, Haryana 

MULLANA 

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

  • Step 1: Visit the WeMakeScholars website and request a callback.
  • Step 2: Within 1-2 days, you will receive a call from our financial officer assigned to you.
  • Step 3: The financial officer, based on the details you provide, analyses your profile and suggests a loan type, documents required, etc.
  • Step 4: A secure documents upload link will be shared with you to upload the necessary documents.
  • Step 5: 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.
  • Step 6: Wherever possible, our financial officer negotiates better terms and shorter processing fees with the SBI.
Apply for Your Education Loan Today
Request a Callback  

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

Students who wish to study in premium institutions, IITs, IIMs, NITs, etc, do not let finances stop your education journey. SBI offers SBI Scholar Loans to fund your education. In this blog, we have discussed the SBI Scholar Loans interest rates, which will help students make informed choices about education loans to study in Indian Premium Institutions.