🎓 SBI Education Loan – A Guide to Education Financing & Vidya Lakshmi Portal, Interest Rate and List of documents required

For every family, sending a child to college—especially for higher education or studies abroad—is a proud milestone, but it often comes with significant financial stress. Tuition fees, living expenses, books, travel, and other costs can pose a serious challenge for many households in India.

To support students and parents in overcoming this challenge, the State Bank of India (SBI)—India’s most trusted bank—offers a range of education loan schemes. These are designed to support both domestic and international education, ensuring that financial constraints do not become a barrier to pursuing one’s academic dreams.

Additionally, the Government of India has launched the Vidya Lakshmi Portal, a centralized platform where students can apply for education loans from up to three banks using a single application form—completely free of cost.

1. 🧑‍🎓 SBI Student Loan Scheme

• ✅ Eligibility: Indian students admitted to recognized courses
• 💰 Loan Amount: Up to ₹7.5 lakh without collateral; above ₹7.5 lakh requires security
• ⏳ Repayment: Begins 1 year after course completion or 6 months after gaining employment; repayment tenure up to 15 years
• 💼 Processing Fee: Nil for loans up to ₹20 lakh; above that, ₹10,000 + GST
• 📉 Interest Rate: Linked to SBI’s External Benchmark Rate (EBR), currently around 8.65%

• ✅ Available for students admitted to premier institutes such as IITs, IIMs, NITs, AIIMS, etc.
• 💯 100% tuition fee coverage
• 💼 No processing charges
• 💰 Loan Amount: ₹7.5 lakh to ₹1 crore

• 🎓 For students pursuing full-time courses abroad
• 💰 Loan Amount: ₹20 lakh to ₹1.5 crore
• ⏳ Interest Accrual: Begins during the course
• 🕰 EMI Starts: 6 months after course completion
• 🏦 Collateral: Mandatory

• 🎯 Targeted at economically weaker sections
• 💰 Loan Amount: Up to ₹7.5 lakh without collateral
• 💸 Interest Subsidy: Provided by the Government of India
• 📝 Application Mode: Only via Vidya Lakshmi
  Portal

To be submitted along with the duly filled loan application form:

🎓 Academic Documents:

• Mark sheets of 10th, 12th, and graduation (if applicable)
• Entrance exam result (if any)
• Proof of admission: Admission/Offer Letter or Student ID card
• Detailed course expense schedule
• Scholarship/free-ship letters (if any)
• Gap Certificate (self-declaration for gaps in education)

🧾 Identity & Address Proof:

• Passport-size photographs of Student, Parent/Co-borrower, and Guarantor
• PAN of Student, Parent, Co-borrower, and Guarantor
• Aadhaar Card (mandatory for subsidy eligibility)
• Passport (mandatory for studying abroad)
• Officially Valid Documents (any one):
  • Passport
  • Aadhaar (proof of possession)
  • Voter ID
  • Driving License
  • NREGA Job Card (signed by govt. official)
  • NPR letter with address

📌 If OVD lacks the current address, temporary proof such as utility bills (not older than 2 months), municipal tax receipts, or employer-issued accommodation letters may be accepted. Updated OVD
must be submitted within 3 months.

💼 Financial Documents:

For Salaried Individuals:

• Latest salary slip
• Form 16 or latest ITR

For Non-Salaried Individuals:

• Business address proof (if applicable)
• Latest Income Tax Returns

Other Documents:

• Bank statements (last 6 months) of Parent/Guarantor
• Asset-Liability Statement (for loans above ₹7.5 lakh)
• Property documents (if offering immovable security)
• Copy of liquid security certificate (if applicable)

The Vidya Lakshmi Portal is a government-backed platform that enables students to:

• Search & compare education loan schemes from multiple banks
• Apply to 3 banks at once using a common application form (CAF)
• Track loan application status in real-time

🔗 Visit: www.vidyalakshmi.co.in

• Start your loan application early—especially for foreign studies
• Maintain transparency in financial documents
• Keep a checklist handy and submit all documents accurately
• Compare interest rates and loan terms across banks via the Vidya Lakshmi Portal
• Ensure repayment planning in advance to avoid stress post-graduation

education loan website and Vidya Lakshmi Portal.

⚠️ Disclaimer | अस्वीकरण

This article is intended for informational purposes only. The information provided here, including loan amounts, interest rates, eligibility, and documentation, is based on publicly available sources such as the official SBI website and government portals. Readers are advised to verify the latest details directly from the SBI
Education Loan page or consult with an authorized SBI representative before making any financial decisions. The author is not affiliated with SBI or any government agency and does not guarantee loan approval.