sbi education loan for abroad
SBI education loan for abroad, also known as SBI Global Ed-Vantage Scheme, is an overseas education loan offered by SBI for India students looking to pursue their education out of the country. SBI education loan for abroad is faster with 14 working days approval format and has lower interest rates as compared to the other student loan players in the market. The fixed processing fee of INR 10,000 is also considered lesser than what the competition lenders offer. Students must note that only scale 2 and scale 3 SBI branches are permitted to authorize a loan under the SBI Global Ed-Vantage education loan scheme.
Indian students looking to pursue full-time undergraduate (bachelors), postgraduate (masters) and doctoral (Ph.D.) degrees at foreign colleges and universities in USA, UK, Canada, Australia, New Zealand, Europe, Hong Kong, Japan and Singapore are eligible to apply for SBI education loan for abroad. Students applying to other countries are also considered on a case-to-case basis.
Find below the list of the type of expenses covered under SBI Global Ed-Vantage Scheme:
SBI Global Ed-Vantage Scheme offers a minimum loan amount of INR 20 Lacs and a maximum loan amount of INR 1.5 Cr. Tangible collateral security is required. Collateral security offered by third-party (other than parents) is also acceptable.
10.70% interest rate is offered for loan amount above INR 20 lacs and up to INR 1.5 Cr with 0.50% concession for girl students and 0.50% concession for students availing SBI Rinn Raksha/existing life insurance policy allocated in favour of SBI.
The repayment period for SBI Global Ed-Vantage Scheme begins 6 months after the course completion and the loan is to be repaid in 15 years.
Find below the checklist of documents for SBI Global Ed-vantage Scheme:
For student-applicant
For co-applicant
Note
Find below the detailed table with information regarding SBI Global Ed-vantage Scheme:
| Type of Loan | SBI Global Ed-Vantage Scheme |
| Details | |
| Eligibility | Indian national looking to pursue full-time regular courses at foreign colleges/universities |
| Courses Covered | • Regular graduate/PG/doctorate courses in any discipline offered by foreign institutes/universities in USA, UK, Canada, Australia, Europe, Singapore, Japan, Hong Kong and New Zealand |
| Expenses Covered | • Fee payable to college/school/hostel. • Examination/Library/Laboratory fee. • Travel expenses/passage money for studies abroad. • Purchase of books/equipment/instruments/uniforms/ computer at reasonable cost, if required for course completion and any other expense required to complete the course– like study tours, project work, thesis, etc. can be considered for loan subject to the condition that these should be capped at 20% of the total tuition fees payable for completion of the course. • Caution deposit /building fund/refundable deposit supported by Institution bills/receipts the amount considered for the loan should not exceed 10% of the tuition fees for the entire course. • The premium of Rinn Rakhsha (IRDA License No: UIN: 111N078V01): Finance for Rinn Rakhsha will improve insurance-coverage of the loan |
| Loan Amount | Minimum Loan Amount: Rs. 20 Lacs, Maximum Loan Amount: Rs. 1.5 Cr |
| Security | • Tangible collateral security • Collateral security offered by Third Party (other than parents) can also be accepted |
| Margin | • Scholarship/assistantship to be included in margin. • Margin to be brought in on a year-on-year basis as and when disbursements are made on a pro-rata basis. |
| Repayment | • Accrued interest during the moratorium to be added to the principal and repayment in EMI fixed. • Repayment will commence 6 months after completion of course • Repayment up to a maximum of 15 years |
| Rate of Interest | • Above INR 20 Lacs and up to INR 1.5 Cr: 10.70% (0.50% concession for students availing of SBI Rinn Raksha or any other existing life insurance policy assigned in favour of our Bank, 0.50% concession for girl students) |
| Documents Required | Student-applicant: • Proof of identity • Proof of residence • Passport in case of studies abroad • Academic records • Proof of admission • Statement of cost of study/Schedule of expenses • Passport-size photographs If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year • Co-applicant: • Proof of identity • Proof of residence • Income proof • Passport-size photographs • If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year Note: All documents should be self-attested |
This post was last modified on October 11, 2018, 4:24 pm
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