Easily search & apply for an education loan on the SBI Bank portal. Learn all about the application process.
You want to pursue further education and need to get a loan for it. But with many different schemes available on the market, being uncertain or puzzled is common. In such a scenario, obtaining data about loan programs provided by various lenders, asking questions, and choosing the best one can be a little taxing. The first question you would ask is, where do I start?
To ease this burden, the government of India launched the SBI Bank education loan scheme during the financial year 2022 – 2023. The SBI Bank portal is a unique portal for students who are looking for educational loans. The Department of Higher Education (Ministry of Education), the Ministry of Finance, and the Indian Banks Association (IBA) provided guidance for the creation of this platform.
It allowed students to easily access information about various education loans offered by different banks. The portal also enabled them to compare and apply for educational loans in a breeze. Additionally, the portal also permitted the students to monitor their applications for education loans from several banks that took part in the program.
Let’s take a close look at how to register first and apply for education loans through the SBI Bank portal.
Registration Process On SBI Bank Portal
The initial step of using the website’s loan-related services is to create an account on the Vidya Lakshmi login page. Here’s how –
Step 1: You need to enter the student name as per the marksheet attached with your education loan application.
Step 2: Add the correct mobile number. If you don’t have one, enter your parent’s mobile number.
Step 3: Create your username and password. Please do know that once you enter an email ID you won’t be allowed to change it.
Step 4: Confirm your email ID through the link sent to you on the registered email address.
ADVERTISEMENT
Step 5: After confirming, you will be redirected to the SBI Bank portal’s login page.
Step 6: Enter your new credentials and your application registration process is complete.
How To Apply For An Educational Loan Through SBI Bank?
Once you have completed your registration process, you can begin your search for various SBI Bank education loans. You can do that by clicking on the ‘search for loan schemes’ tab. A student may use the Vidya Lakshmi portal to apply to a total of three banks. However, it is necessary to know that SBI Bank education loan interest rates can vary from one bank to another and from one plan to another. Once you have decided which loan scheme you want to go with, you can follow these few simple steps to apply for a loan through the portal. They are as follows:
Step 1: Your first step here will be to apply for the selected loan scheme by clicking on the ‘apply now’ tab. You will find this tab next to the list of loan schemes on the website.
Step 2: Fill out the CELAF or Common Education Loan Application Form on the website. Usually, it is accepted by all the connected banks.
Step 3: When entering your information on the Vidya Lakshmi loan application portal, save your information at each step.
Step 4: You can determine your qualification for the Central Sector Interest Subsidy Scheme (CSIS) while on the loan application page. On the page, you will find a link that will allow you to determine whether you qualify for the loan.
Step 5: After successfully filling out your form, you can easily track the progress of your application by the particular bank on the SBI Bank website.
Step 6: Once you complete the mandates on the application form, remember to keep a copy of the scanned documents on your computer ready.
Step 7: Carefully go through the checklist listed in the documents.
EDUCATION LOAN SCHEMES – RATE OF INTEREST (w.e.f. 01.10.2022)
The interest rates will be floating for entire period of loan
Education Loan Portal mean rate of interest 9.37%.
| SBI STUDENT LOAN SCHEME | ||||
|---|---|---|---|---|
| Loan Limit | EBR | CRP | Effective Interest Rate | Rate Type |
| Upto Rs 7.5 Lakhs | 8.55% | 2.00% | 10.55% | Floating |
| Concession | 0.50% concession in interest for girl students | |||
| Above Rs 7.5 Lacs | 8.55% | 2.00% | 10.55% | Floating |
| Concession | 0.50% concession in interest for girl students | |||
| 0.50% concession for students availing of SBI Rinn Raksha or any other existing policy assigned in favour of our Bank |
| SBI SCHOLAR LOAN SCHEME (Including TAKEOVER and PART-TIME COURSES for select institutes) | ||||||
|---|---|---|---|---|---|---|
| List | EBR | CRP | Business Strategy Discount | Effective Interest Rate | Rate Type | |
| AA | All IITs | 8.55% | 0.00% | (-) 0.60% | 7.95% (With or without co-borrower) | Floating |
| Other institutes | 8.55% | 0.05% | (-) 0.60% | 8.00% (With or without co-borrower) | Floating | |
| A | All IITs | 8.55% | 0.00 | (-) 0.60% | 7.95% | Floating |
| Other institutes | 8.55% | 0.50% | (-) 0.60% | 8.45% | Floating | |
| B | All NITs | 8.55% | 0.50% | (-) 0.60% | 8.45% | Floating |
| Other institutes | 8.55% | 1.00% | (-) 0.60% | 8.95% | Floating | |
| C | All NITs | 8.55% | 0.50% | (-) 0.60% | 8.45% | Floating |
| Other institutes | 8.55% | 1.50% | (-) 0.60% | 9.45% | Floating |
| SBI SKILL LOAN SCHEME | ||||
|---|---|---|---|---|
| Loan Limit | EBR | CRP | Effective Interest Rate | Rate Type |
| Upto Rs 1.5 Lacs | 8.55% | 1.50% | 10.05% | Floating |
| Concession | No Further Concession |
| SBI GLOBAL ED-VANTAGE SCHEME | ||||
|---|---|---|---|---|
| Loan Limit | EBR | CRP | Effective Interest Rate | Rate Type |
| Above Rs. 7.50 lacs & Upto Rs 1.5 Cr | 8.55% | 2.00% | 10.55% | Floating |
| Concession | 0.50% concession for students availing of SBI Rinn Raksha or any other existing life policy assigned in favour of our Bank | |||
| Further Concession | 0.50% concession for girl students |
| SBI TAKEOVER EDUCATION LOANS SCHEME (Under Student Loan & Global Ed-Vantage Scheme) | ||||
|---|---|---|---|---|
| Loan Limit | EBR | CRP | Effective Interest Rate | Rate Type |
| Above Rs 10 lacs & Upto Rs 1.5 Cr | 8.55% | 2.00% | 10.55% | Floating |
| Concession | 0.50% concession for students availing of SBI Rinn Raksha or any other existing life insurance policy assigned in favour of our Bank | |||
| Further Concession | 0.50% concession for girl students |
| SHAURYA EDUCATION LOAN (For wards of Defence & Indian Coast Guard ) | ||||
|---|---|---|---|---|
| Loan Limit | EBR | CRP | Effective Interest Rate | Rate Type |
| Upto 7.50 lakhs | 8.55% | 2.00% | 10.55% | Floating |
| Concession | 0.50% concession for girl students | |||
| Above Rs. 7.50 Lakhs & Upto Rs. 1.50 Cr | ||||
| In case of Secured Loan | 8.55% | 2.00% | 10.55% | Floating |
| In case of Unsecured Loan | 8.55% | 2.00% | 11.15% | Floating |
| Concession | 0.50% concession for girl students | |||
| 0.50% concession for students availing of SBI Rinn Raksha or any other existing life insurance policy assigned in favour of our Bank |
is insurance mandatory for education loan
This is also mandatory. The insurance policy should cover the life of the student for the tenure and quantum of the loan. The insurance premium amount can be included in the loan amount, if so desired by the applicant.