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

Navigating the financial aspects of higher education can be daunting, especially for families with service backgrounds. Recognizing this, the State Bank of India (SBI) has introduced the Shaurya education loan SBI, a specialized financial product designed to support the wards of Defense and Indian Coast Guard personnel in their academic pursuits. The Shaurya Education Loan SBI is not just a loan; it's a testament to SBI's commitment to serving the families of those who protect our nation. It's crafted to ease the financial burden of education, making higher studies more accessible to the children of our defense forces.

Features of Shaurya Education Loan SBI

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How is the Interest rate 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

What is the 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.

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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!

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Frequently Asked Questions