Shaurya Education Loan SBI: Empowering the Wards of Defense and Coast Guard Personnel

SBI Shaurya education loan SBI is for the wards of Defence and Indian Coast Guard personnel, who want to pursue their higher education in prestigious institutes. SBI Shaurya education loan is a testament to SBI’s commitment to serving the families of our brave soldiers. The financial burden is carried by SBI making higher education accessible to the children of our defence forces.

Features of Shaurya Education Loan SBI

How Interest Rate is Calculated for Shaurya Education Loan SBI?

The Shaurya Education Loan offered by SBI comes with variable interest rates ranging between 11.15% and 11.75%. Female students benefit from a 0.50% rate reduction. Additionally, students who opt for SBI's Rinn Raksha or assign any existing life insurance policy to SBI Bank are granted a 0.50% interest rate discount. The bank calculates these interest rates by adding the External Benchmark Rate (EBR) and the Credit Risk Premium (CRP).

EBR= Repo rate + Spread

Read More About: Understanding External Benchmark Rate (EBR) in Education Loan

Eligibility Criteria for Shaurya Education Loan SBI

To qualify for the Shaurya Education Loan from SBI, the applicant must fulfill the following eligibility criteria.

• Applicant must be a ward of DSP/ICGSP Officers of any rank, applicable for pursuing education in India and abroad.
• The co-borrower needs to be a Diamond/Platinum category DSP/ICGSP account holder with SBI.
• The co-applicant's salary or pension account must be with SBI throughout the loan's tenure.
• The loan is available for specific types of educational courses, targeting students with particular academic aspirations.

Eligibility Criteria for India:

• Graduate/post-graduate degree courses
• Post-graduate diploma conducted by colleges/universities recognized by UGC/Govt./AICTE/ AIBMS/ ICMR, etc. 
• Courses like ICWA, CA, CFA, etc.
• Courses conducted by IIM, IIT, IISc, XLRI, NIFT, NID, ISB, etc. 
• Courses offered in India by approved reputed foreign universities. 
• Regular degree/ diploma courses like aeronautical, commercial pilot training, shipping, etc.
• Degree/diploma in nursing or any discipline approved by the director general of civil aviation/shipping/ respectively or any other regulatory body.

Eligibility Criteria for Studies Abroad:

• Job-oriented professional/ technical courses offered by reputed Institutions (including foundation/pathway/integrated courses) for graduation.
• MCA, MBA, MS, etc. job-oriented professional/ technical post-graduate diploma/ certificate courses offered by reputed institutions for post-graduation.
• Doctorate programme (PhD) courses 
• Courses conducted by CIMA (Chartered Institute of Management Accountants) – London, CPA (Certified Public Accountant) in the USA, etc. 
• Degree/diploma courses like aeronautical, pilot training, shipping, etc. that are recognized by regulatory bodies in India /abroad.

Read More About: UBI vs SBI: Which is Better for Education Loans?

Key Features of SBI Shaurya Loan

• Efficient processing: The loan process is quick and streamlined, ensuring minimal delays.
• Prompt sanction and disbursement: The loan approval and fund disbursement are executed swiftly.
• Tax benefits: Borrowers can avail of an income tax rebate under Section 80E of the Income Tax Act for the interest paid on the education loan.
• Grace period: A 6-month grace period is provided for creating a mortgage for the property used as collateral.
• Loan transfer option: Borrowers have the flexibility to transfer their existing education loans from other financial institutions to SBI.
• Flexible repayment: The loan can be repaid for up to 15 years, offering various repayment options to suit different financial situations.

The Shaurya Education Loan SBI is more than a financial product; it's a gateway to educational empowerment for the children of our nation's defenders. With its tailored features, competitive rates, and comprehensive coverage, it stands out as a beacon of support, enabling students to pursue their dreams without financial constraints.

The Shaurya education loan SBI embodies its commitment to the educational aspirations of defense personnel's wards. It's a testament to the bank's dedication to fostering academic growth and supporting the families of those who serve our country. As we've explored the various facets of the Shaurya Education Loan SBI, it's evident that this loan scheme is a pivotal step toward empowering the next generation of learners, ensuring that they have the resources to excel in their academic and professional journeys.

Well, if you are someone who does not fit into the stringent eligibility criteria of the Shaurya education loan SBI, you can connect with team GyanDhan and we will provide personalized assistance, helping students understand their loan options, eligibility, and the application process. We at GyanDhan have partnered with various financial institutions, including banks like SBI, to simplify the loan application process for students. To connect with us today, check your loan eligibility now!

Benefits of SBI Shaurya Education Loan

Some benefits of the SBI Shaurya loan are-

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  Quick and hassle-free processing of education loans.
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  Faster loan sanction and disbursement.
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  Income Tax Rebate on education loans under Section 80E of the Income Tax Act.
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  6 month grace period is provided to create a mortgage of property offered as collateral with the bank.
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  Existing education loan transfer to the SBI Bank from other financial institutions is permitted.
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  Easy repayment of education loans for up to 15 years with flexible repayment options.

Documents Required to Avail Shaurya Education Loan

Following are documents are required to avail Shaurya Education Loan-

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  Applicant must be a ward of DSP/ICGSP Officers of any rank, applicable for pursuing education in India and abroad.
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  The co-borrower needs to be a Diamond/Platinum category DSP/ICGSP account holder with SBI.
• 
  The co-applicant's salary or pension account must be with SBI throughout the loan's tenure.
• 
  The loan is available for specific types of educational courses, targeting students with particular academic aspirations.

Expenses Covered Under SBI Shaurya Education Loan

The SBI Shaurya Education Loan covers a wide range of expenses to support students in their academic pursuits. The following expenses are covered under the SBI Shaurya Education Loan:

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  Tuition fees
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  Hostel or accommodation fees
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  Examination and library fees
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  Expenses related to books, equipment, uniforms and relevant study materials
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  Computer and laptop expenses
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  Expenses related to project work, thesis, and study tours
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  Reimburses deposits that are refundable (as required by universities)
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  Travel expenses
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  Covers up to Rs. 50,000 for purchasing a two-wheeler (with additional terms and conditions).
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  Covers the loan in case of unforeseen circumstances. 

Interest Rate SBI Shaurya Education Loan

The Shaurya Education loan is provided at floating interest rates from 11.15% to 11.75%. 

Concessions:

Girl students are get an additional concession of 0.50%. Also, for those who avail of SBI Rinn Raksha for education loan insurance or any other existing life insurance policy assigned in favour of SBI Bank are eligible for a 0.50% concession.

The interest rate calculation by the SBI Bank for the Shaurya education loan is the sum of EBR (External Benchmark Rate) and CRP (Credit Risk Premium). The SBI EBR is set at 9.15% and CRP at 2.00%. The table below shows detailed interest rates of SBI Shaurya loan-

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  EBR= Repo Rate + Spread
• 
  Repo Rate= 6.50%; Spread = 2.65%, Hence- 9.15%

Please note that these interest rates are subject to change in future based on new trends and revisions by the bank.

Margin Money of Shaurya Education Loan

Margin money in education loans refers to the amount of money that borrowe has to pay towards his/her education loan. In case of Shaurya education loan, upto INR 4 lakhs, no margin money is required, however, above INR 4 lakhs, 5% of the loan amount has to be paid as margin money.

How to apply for a Shaurya SBI Education Loan?

To apply for an SBI Shaurya Education follow these simple steps:

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  Visit your nearby SBI bank branch.
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  Fill out the education loan application form.
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  Keep the document required ready for submission.
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  Submit the completed application form along with the documents.

You can contact GyanDhan for more information and complete assistance from the application to the approval stage.

Frequently Asked Questions