Categories: Education Loan

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.

SBI Education Loan for Abroad – Eligibility, Courses and Countries

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.

SBI Education Loan for Abroad Expenses Covered

Find below the list of the type of expenses covered under SBI Global Ed-Vantage Scheme:

  • Fees for college/school/hostel
  • Fees for examination/library/laboratory
  • Travel expenses/passage money for studies abroad
  • Books/equipment/instruments/uniforms/computer at a reasonable cost (if required for course completion) and any other expense necessary to complete the course (maximum 20% of the total tuition fees payable for completion of the course)
  • Caution deposit/building fund/refundable deposit supported by institution’s bills/receipts (maximum 10% of tuition fees for the entire course)
  • The premium of Rinn Rakhsha

SBI Education Loan for Abroad Loan Amount and Security

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.

SBI Education Loan for Abroad Interest Rate

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.

SBI Education Loan for Abroad Repayment Rules

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.

SBI Education Loan for Abroad Documents Required

Find below the checklist of documents for SBI Global Ed-vantage Scheme:

For student-applicant

  • Duly-filled loan form
  • Any one proof of identity: PAN/Passport/Driver’s License/Voter ID card
  • Any one proof of residence: Recent copy of Telephone Bill/Electricity Bill/Water Bill/Piped Gas Bill or copy of Passport/Driving License/Aadhaar Card
  • Passport (mandatorily in case of studies abroad)
  • Academic Records: 10th result, 12th result, graduation result, entrance exam result through which admission is being taken
  • Proof of admission: Offer letter/admission letter from the institution
  • Statement of cost of study or schedule of expenses
  • 2 passport-size photographs
  • Loan A/C statement for last 1 year in case of any previous loan from other banks/lenders

For co-applicant

  • Any one proof of identity: PAN/Passport/Driver’s License/Voter ID card
  • Any one proof of residence: Recent copy of Telephone Bill/Electricity Bill/Water Bill/Piped Gas Bill or copy of Passport/Driving License/Aadhaar Card
  • 2 passport-size photographs
  • Loan A/C statement for last 1 year in case of any previous loan from other banks/lenders

Note

  • Income proof for salaried co-applicant/guarantor include salary slips of last 3 months, a copy of Form 16 for last 2 years/copy of IT Returns for last 2 financial years acknowledged by IT department, and bank account statement for last 6 months
  • Income proof for self-employed co-applicant/guarantor include business address proof (if applicable), IT returns for last 2 years (if IT payee), TDS Certificate (Form 16A, if applicable), certificate of qualification (Chartered Accountants/Doctors and other professions), and bank account statement for last 6 months
  • All documents should be self-attested

SBI Education Loan for Abroad Eligibility, Courses, Rate of Interest, Repayment

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
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This post was last modified on October 11, 2018, 4:24 pm

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