State Bank of Indore Education Loan: Application, Eligibility, Interest Rate, Documents & Much More.

Bank of Baroda Education loan

The State Bank of Indore was government owned Indian Bank and the largest of State bank of Indias 6 Associate bank Subsidiaries. The government of India gave approval to the merger of State bank of India with State bank of Indore. State bank of Indore also provided the Facility of an educational loan. If you want Education Loan to pursue higher studies from India or Abroad, You are at the right place to collect every aspect of information related to Education Loan in India.

State Bank of Indore Logo

Read this full post on SBI Education Loan for information Like Eligibility, How to apply, Interest Rates, Documents Needed, Different aspects of Education Loan, Interest Rates, Return Policy, General Instructions etc. Throughout the article, we will share information regarding SBI Education Loan it’s Process to Apply and full detailed Information.

SBI Education Loan

The major aim of the bank is to ensure anywhere and any time banking for the customer with the latest state-of-the-art technology. The Bank is very serious about its Education Loan Facility and by developing an effective customer-centric relationship it promises to emerge as a world-class education Loan provider. Before we share further, let us first have a brief review of the Bank.

Brief Review

Profile Description
Name of Bank  State Bank Of Indore
Founded on 1920
Headquarter Indore
Type of Bank  State Bank
Number of Employees NA
Maximum Loan Amount  1.5 Crore (Different according to Schemes)
Timeline for Loan Disposal Maximum 15 Working days
Annual Revenue ₹ 500 billion
Processing Fees Different According to Scheme
Other Subsidiaries
  • SBI Cards
  • SBI Life Insurance
  • SBI Capital Markets Limited
  • SBI General Insurance
  • State Bank Of Bikaner and Jaipur
  • State Bank of Patiala
Category  Education Loan in India

Types of SBI Education Loan

As State Bank of Indore is merged with State Bank of Indore, so schemes specified below are same as of State Bank of Indore. Schemes Description
1. Scholar Loan This loan is available for courses at select leading institutions in India like IITs, IIMs, NITs, AIIMS and other premier institutions. One can avail a loan up to Rs. 30 lakh.
2. Global Ed-Vantage This loan is exclusively for full-time regular courses at foreign colleges and universities. One can avail a loan from Rs. 20 lakh up to Rs. 1.5 crores.
3. Student Loan This loan is for pursuing higher education in India or abroad. One can avail a loan amount up to Rs. 10 lakh for studies in India and Rs. 20 lakh for studies abroad.
4. Skill loan SBI Skill Loan Scheme aims at providing a loan facility to individuals. who intend to take up skill development courses as per the Skilling Loan Eligibility Criteria. One can avail a loan amount from Rs 5000 to Rs 1.5 lac
5. Take Over of Education Loan With this loan, you can switch your existing high-cost education loan to SBI and reduce your monthly EMIs (Equated Monthly Instalments).

How to Apply


  • Visit official Web Site of State Bank of Indore (Click Here)
  • Find the Education Loan Section Apply now Button 
  • Fill online Application Form and submit it.


  • Fill the Form (Click Here to Download Form).
  • Submit the Application Form to Nearest Branch along with document needed.


  • The applicant should be an Indian national.
  • Applicant must have secured admission in a Government recognized educational institute.

Documents Needed

  • Proof of Identity (Anyone): Adhaar Card/PAN/ Passport/ Driver’s License/ Voter ID card etc.
  • Mark sheet of last qualifying examination for school and graduate studies in India
  • Academic Records: 10th Result, 12th Result, Graduation result-semester Wise (if Possible) Entrance Exam Result through which admission is being taken
  • Proof of admission: Offer Letter or Admission Letter from the Institution.
  • Schedule of expenses.
  • Copies of the letter confirming scholarship, etc.
  • Copies of foreign exchange permit, if applicable.
  • 2 passport size photographs
  • If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year.
  • Income Proof for Salaried Co-applicant/ Guarantor
    • Salary Slip or Salary Certificate of last 3 months
    • Copy of Form 16 for last 2 years or a copy of IT Returns for last 2 financial years, acknowledged by IT Dept.
    • Bank account statement for last 6 months (of Salary Account) Income Proof for Salaried Co-applicant/ Guarantor
  • 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 C.A./ Doctor and other professionals)
    • Bank account statement for the last 6 months

Note:- All documents should be Self-Attested.

Expenses Considered

  • Tuition and course fee
  • Examination, library and laboratory fees
  • Caution deposit
  • Cost of books, Uniforms, Equipment and other instruments.
  • Travel Expenses

Return Policy and Repayment Period

  • In case of SBI Education loan, repayment will start after the completion of course period + 1 year or moratorium period, Repayment will commence 6 months after securing a job. Whichever is earlier
  • Repayment can be Through EMI up to 15 years.

SBI Education Loan EMI Calculator

EMI Calculator is used for calculating the periodic payment amount due on a loan. For calculating EMI one must input data like Amount, Interest Rate, tenure, Processing Fee etc.

  • If you want to calculate EMI for SBI Education LoanClick Here

SBI Education Loan Security

  • Tangible collateral security
  • Collateral security offered by Third Party (other than parents) can also be accepted

Contact Details

Head office  State Bank Of India
Official website
Apply for Loan  Click Here
Contact Number 18004253800, 1800112211, 9425913705


Education Loans FAQs

Q1. Who can be my co-borrowers?

Ans. Your parents/guardian can be a co-borrower as well as the spouse in case of a married applicant. The co-borrower should have a steady source of income and a good credit history in order to improve the applicant’s chances of a successful loan application.

Q2. How long does it take to process Education Loan?

Ans. Generally, the time taken for the education loan to process is somewhat between 7-10 working days. Often, the whole process can be easily completed within 3 to 5  Working days, once the student fulfils all documentation.

Q3. What all expenses will be covered by education loans?

Ans. Apart from the tuition fees, other aspects of expenses such as hostel charges, equipment purchases and other course-related expenses may also be covered by the education loan.

Q4. What are the courses for which an education loan can be availed?

Ans. An education loan can be availed for all courses recognized by the UGC in case of India and all regular courses abroad. Each lender has its own list of educational institutions and courses that they would provide a loan for whether overseas or within India.

Q5. Can a student avail another loan for further studies?

Ans. Yes, this is possible. You can borrow a loan for a bachelor’s degree followed by one for master’s without repaying the first loan. This loan can be taken as a top-up loan against the already existing loan; however, it is subject to the lending bank’s discretion and the internal rules and regulations of the lender.

Q6. Do education loans have any Income Tax benefits?

Ans. Loan borrowers can avail tax benefits on interest paid on education loan under Sec 80E of the Income Tax Act. This benefit is available over and above the Rs. 150,000 deduction allowed under Section 80C. Tax benefits can be availed once the borrower starts paying the interest on the education loan. Further, the deduction is available until the borrower pays off the full interest amount on the loan or for a maximum period of 8 years, whichever is earlier.

Q7. Why do banks require an insurance policy?

Ans. Banks usually prefer that students avail a life insurance policy equivalent to, or more than, the loan amount. The policy acts as a security feature and forms a part of the collateral. In case of the untimely demise of the borrower, the bank recovers the outstanding loan amount from the student’s life insurance policy and the remaining amount, if any, is paid out to the beneficiary of the policy.

Q8. Is any incentive available for a girl student applying for education loan?

Ans. Banks generally provide a 0.5% concession on the applicable education loan interest rate to girl students pursuing higher education in India and abroad.

Q9. Are there any special privileges for students of SC/ST category who avail education loans?

Ans. Yes, eligibility criteria and loan margins on education loan are relaxed for Scheduled Caste/Scheduled Tribe students availing education loans in India. The eligibility criteria are lowered from first/second class to pass class for SC/ST category students seeking education loan for graduate and postgraduate studies, while, margin money is sometimes lowered than the regular percentage or nil.

Q10. Where can I avail on SBI education loan?
Ans. The loan is available from all branches in metro/urban areas as well as those having personal banking divisions.


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