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Product Details
Bank Name

State Bank of India

Maximum Loan Tenure

15 years

Maximum Loan Amount

Studies In India- Maximum Rs. 40 lakhs
Studies Abroad- Maximum Rs. 1.50 Cr

Interest Rate

Loan Limit upto Rs. 7.5L: 11.15% (Effective rate; floating) Loan Amount Rs.7.5L to Rs.1.5cr (secured loan): 11.15% (Effective rate; floating); Loan Amount Rs. 7.5L to Rs. 1.5cr (unsecured loan): 11.75% (effective rate; floating)

Purpose/Field of Education Loan

The Scheme seeks to extend financial assistance to deserving/meritorious wards of Defense & Indian Coast Guard Personnel for pursuing higher education in India and abroad.

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Shaurya Education Loan for Wards of Defense and Indian Coast Guard Personnel

Repayment Cycle
Grace Period

6 months grace period provided to create mortgage of property offered as security with Bank.

Minimum CIBIL Score

Not mentioned

Co-Borrower Required

Not mentioned

Collaterals Required

Not mentioned

Fees & Charges

Processing fees: Upto Rs.20 lakhs- NIL Above Rs.20 lakhs - Rs. 10000 + taxes. Pre-Payment Penalty: INR 0, Late Payment Charges: INR 0. Penal Interest: 2% above the applicable interst rate.

Fees and Charges
Special Features

1) Hassle Free processing of your Education Loan 2)Quick sanctions 3) Income Tax benefit U/S 80 (E) 4) Takeover of existing education loan from other financial institutions permitted.

Eligibility Criteria

Only the wards of Defense & Indian Coast Guard Personnel will be eligible. Parents (Co-borrower) must be Defense Salary Package/Indian Coast Guard Salary Package account holder in our Bank.

Special Concession

0.50% concession for girl students. 0.50% concession for students availing of SBI Rinn Raksha or any other existing life insurance policy assigned in favour of our Bank

Features, Eligibility and Concession

It provides lower interest rates, resulting in substantial cost savings over the loan tenure compared to regular home loan schemes. Additionally, defence employees enjoy exclusive benefits, such as reduced processing fees, waived charges, and access to special repayment options. It offers ease of repayment with flexible schedules, enabling them to manage their loans without facing undue financial strain.


As the loan has a floating interest rate, borrowers may be exposed to interest rate fluctuations, which could affect monthly repayments in the future.

Pros & Cons
Application Procedure

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Product Review
How to Apply?

You can apply through SBI Takeover Loan's website.

Documents Required

Mark sheet of 10th, 12th, Graduation (if applicable), Entrance Exam Result. Bank Account Statement for the last six months of Parent / Guardian/ Guarantor Copy of Sale Deed and other documents of title to property in respect of immovable property offered as collateral security / Photocopy of Liquid Security offered as collateral Permanent Account Number (PAN) of Student / Parent / Co-borrower / Guarantor AADHAAR (mandatory, if eligible under various interest subsidy schemes of GOI) Passport (mandatory for Studies Abroad) Submission of OVD (refer to table below) Proof of admission to course [ Offer Letter/ Admission Letter/ ID card if available] Schedule of expenses for course Copies of letter conferring scholarship, free-ship, etc. Gap certificate, if applicable (self-declaration from student for gap in studies) Passport size photographs of Student / Parent / Co-borrower / Guarantor (1copy each) Asset-Liability Statement of Co-applicant / Guarantor (Applicable for loans above Rs 7.50 lacs) For Salaried Persons

Account Opening and Procedure
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