Ultimate guide for SBI Education loan to foreign education: Interest rate, benefits, features explained

Ultimate guide for SBI Education loan to foreign education: Interest rate, benefits, features explained

Write By: text_none_author Published In: Study Abroad Created Date: 2021-08-24 Hits: 76 Comment: 0

SBI is one of the leading banks in India. Most of the Indians have their accounts in the SBI. It is not a surprise that the bank has different loan schemes for students who want to go abroad for studies.

Ultimate guide for SBI Education loan to foreign education: Interest rate, benefits, features explained

SBI is one of the leading banks in India. Most of the Indians have their accounts in the SBI. It is not a surprise that the bank has different loan schemes for students who want to go abroad for studies. Name of the loan scheme is the SBI Global Ed-Vantage. It facilitates students who want to go abroad to complete their higher education. This loan scheme is only available to students who are willing to go abroad for full-time regular courses at foreign universities. In recent years there has been a trend where students go abroad for their higher studies and fulfil their career goals. SBI has also come up with customized financing solutions for the students in need. Some of the solutions are:

  • Regular Graduate Degree
  • Post-Graduate Degree
  • Diploma
  • Certificate / Doctorate Courses

Students pursuing these courses can avail SBI Global Ed-Vantage. Students who are going to avail this loan can go to countries like the USA, UK, Australia, Canada, Europe, Japan, Singapore, Hong Kong and New Zealand. 

The loan amount varies as per the demand of the course fee. A typical range of the loan amount can start from ₹8.00 lakh up to ₹1.00 crore. The interest rate for these loans are as of now 24th Aug,2021 is 8.65%. For the female candidates there is a concession of 0.50%. 

Repayment process

Repayment starts 6 months after students finish the course and it goes upto 15 years. 

Some of the expenses which are covered in the SBI Ed-Vantage scheme are

  • Travel expense/passage money
  • Tuition fees
  • Examination/library/lab fees
  • Books/equipment/instruments/uniform/computers’ fees at reasonable cost
  • Cost of additional requirements like project work/thesis/study tours (not exceeding 20% of total tuition fees)
  • Other expenses like caution deposit/building fund/refundable deposit supported by institution bills/receipts (not exceeding 10% of total tuition fees)


Some of the benefits of the SBI Foreign Education Loan

  • Fast loan processing 
  • Use of modern technology to ease the human and machine interaction
  • Loan approval process is fast.
  • Exemption of Tax under Section 80(E) of the Income Tax Act

Documents required for the application process:

  • Mark sheet of class 10th and 12th, Graduation (if applicable) and Entrance Exam result
  • Admission letter/offer letter/id card from the university as proof of admission
  • Schedule of expenses for course
  • Copies of letter conferring scholarship, free-ship, etc.
  • Gap certificate, if applicable (self-declaration from the student for agap in studies)
  • Passport size photographs of Student / Parent / Co-borrower / Guarantor (1 copy each)
  • Asset-Liability Statement of Co-applicant / Guarantor (Applicable for loans above ₹7.50 lacs)

For Salaried People:

(a) Latest Salary Slip

(b) Form 16 OR latest IT Return (ITR V)


For other than Salaried People:

(a) Business address proof (if applicable)

(b) Latest IT Returns (if applicable)

  • Bank Account Statement for the last six months of Parent / Guardian/ Guarantor
  • Copy of Sale Deed and other documents of title to the 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

  • Submission of Officially Valid Document as proof of identity and address
  • Passport/Driving License/ Voter’s ID card
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