State Bank of IndiaEducation LoansEBLR + 3.65% spread

SBI Student Loan

Moratorium period of course duration plus 12 months · 0.50% concession for girl students · Tax benefit under Section 80E with no upper limit on interest deduction

Starting rate10.15%p.a. onwards

Max LTV100%Asset value

Max tenure15 years180 months

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Customize repayment Apply on State Bank of IndiaBank site · opens in a new tab

Mathematical Grounding

True Cost & Day-1 Cash Breakdown

Representative scenario for ₹15,00,000 loan over 15 years at CIBIL 750+.

Day-1 Upfront Cash Outflow₹5,500

This cash must be paid out-of-pocket before disbursement and is not added to your loan EMI.

Processing Fee₹0

18% GST₹0

Legal & Valuation₹5,500

Estimated Monthly EMI₹16,257Per month for 180 installments

Total Lifetime Interest₹14,26,260Net interest outgo over 15 years

Total Lifetime Outgo (Principal + Interest + Day-1 Cash):₹29,31,760

CredSutra Intelligence

Decision Verdict & Mathematical Edge

Our algorithmic evaluation balances starting benchmark spreads against upfront processing loads and fine print restrictions.

Maths for it

+Reputable lending network of State Bank of India with predictable servicing and flexible tenures.
+RBI-mandated 0% prepayment penalty: Accelerate principal amortization without exit penalties.

Maths against

−Floating rate benchmark remains subject to future RBI repo revisions, which may increase EMI outflows.

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Credit Score Sensitivity

CIBIL Tier Rate Ladder

Self-employed risk loading: +0 BPS

CIBIL score band	Borrower tier	Indicative salaried rate	Indicative self-employed rate	Est. monthly EMI (₹15,00,000)
750 – 900	Prime borrower	10.15% – 10.40%	10.15% – 10.40%	₹16,257
700 – 749	Good standing	10.40% – 10.75%	10.40% – 10.75%	₹16,488
650 – 699	Standard / fair	10.75% – 11.15%	10.75% – 11.15%	₹16,814

Contract Details

Contract Fine Print & Clauses

Rate Reset Frequency

Linked to SBI EBLR with quarterly reset

Overdraft / Smart Saver Facility

Not available on this product tier

RBI 0% Foreclosure Penalty Mandate

Under RBI Master Directions, no bank, HFC, or NBFC can charge prepayment penalties or foreclosure charges on floating rate term loans sanctioned to individual borrowers.

Bank notes: Nil prepayment penalty anytime during course or repayment period.

Borrower Verification

Eligibility Highlights

Indian national secured admission to technical/professional courses
Admission via entrance test or merit selection process
Parent/guardian as mandatory co-borrower

Loan amount range

₹1,00,000 up to ₹1,50,00,000

Lender Alternatives

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HDFC Credila

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Avanse Financial Services

Avanse Education Loan

Starting at 11.50% p.a.

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Frequently Asked Questions

What is the current interest rate and benchmark spread for SBI Student Loan?

SBI Student Loan offers interest rates starting from 10.15% up to 11.15% p.a., structured as EBLR + 3.65% spread.

Are there prepayment or foreclosure charges on SBI Student Loan?

Under RBI Master Directions, banks and lending institutions are strictly prohibited from charging prepayment or foreclosure penalties on floating-rate retail loans to individual borrowers. Nil prepayment penalty anytime during course or repayment period.

What is the Day-1 upfront cash requirement for SBI Student Loan?

For a representative principal of ₹15,00,000, the total Day-1 upfront cash outflow is approximately ₹5,500, comprising ₹0 processing fee + ₹0 GST (18%) + ₹5,500 estimated legal and valuation inspection charges.

These loan records do not include a verification date. Check the lender’s current terms before applying.

Official Sources & Citations

Sources

sbi.co.in
RBI Master Directions on Advances & Floating Rate Loans (Commercial Banks)
RBI Regulatory Framework for Retail Loan Interest Rate Resets