SA_Scholarships & Loans

There is no fixed bank that offers an easy loan without verifying the necessary details. The Vidya Lakshmi Portal serves as a centralized platform for students to apply for education loans from multiple banks in India. To obtain a student loan faster, it is important to follow all rules, submit the required documents, and complete the application process accurately.

Yes, it is possible to get an education loan of ?20 lakh without pledging any collateral. However, you must meet certain eligibility criteria set by lenders. Factors such as the lender's policies, your academic profile, and your co-applicant's financial status play an important role in student loan approval.

The salary required to apply for an education loan depends on various factors such as the loan amount and repayment capacity. If you do not have a monthly salary, a collateral-backed education loan is an alternative option. Additionally, the Indian government offers education loans of up to INR 7.5 lakh without any collateral.

Note that, if you are CIBIL score is above 700 then there is high chance that you will get the education loan.

Here are some tips to reduce the interest rates of SBI education loan:

• Applicant should be a girl student.
• Profile of applicant should be strong (Good academic records, Got admission in top universities in the world & More)
• Cibil report of Co-applicant is good.

There are some other ways that you can use for reducing the interest amount.

SBI Education Loan interest rate is 11.15% for students who want to study abroad or in India. There is 0.50% concession in interest rate for girl students. This ROI type is floating and it can be changed with repo rate.

Here are some key features of SBI global ed vantage loan scheme 

1. Online application process
2. Attractive interest rate
3. You can borrow between INR 7.5 Lacs to INR 1.50 Crores
4. Repayment through EMI upto 15 years
5. You can avail tax benefit, under section 80 (E).

Here are basic and most popular rules which every student should know, if they are planning to borrow loan.

• Age: Typically between 18–35 years. (Depends on Bank rules)
• Courses/University: Students can get loans only for professional and job-oriented courses at a recognised university in India or abroad.
• Co-Applicant: A co-applicant is mandatory to borrow an education loan.
• Collateral Required: If you are borrowing INR 4 Lakhs, no collateral/security is required. Above this amount, you need to submit collateral (immovable property, fixed deposits, etc.).

Yes, even students from low-income backgrounds can apply for education loans. Banks often consider the financial status of the co-applicant when approving loans. 

Private banks and private lenders like Non-Banking Finance Companies (NBFCs) do cover the full cost of studying abroad. However, public banks may ask the students to cover 10-15% of the cost through self-financing the rest would be taken care of with the education loan. 

Students can avail of a loan of up to INR 4 lacs without collateral. For loans, up to INR 7.5 lacs, parents or guardians are made joint borrowers and a third party guarantee is obtained. For a loan exceeding INR 7.5 lacs property or any other asset is required as collateral.