Are you dreaming to study abroad? And want an education loan? Then, there is good news for you. The State Bank of India (SBI) has launched a new education loan scheme for students that will provide low interest rates and quick approval. Also known as ‘SBI Global Ed-Vantage’ loan, this new scheme is exclusive for those students who are dreaming to study in foreign colleges and universities to pursue full-time courses.
SBI has stated that under this scheme they have covered regular degree courses, post-graduate degree courses, diploma courses and doctorate/certificate courses. On the other hand, the bank has listed name of those countries to which the loan would be offered. Students who want to study in Canada, UK, Japan, Europe, US, Australia, Singapore, New Zealand and Hong Kong can go for this scheme of loan.
This education loan would get popular among students as it is offering low interest rate, easy repayment options, moratorium period, interest rate concession for female students, income tax benefits and many other benefits.
Categories of SBI Education Loan Scheme:
SBI has divided the loan scheme into two categories named as Student Loan Scheme and SBI Global Edvantage Loan Scheme.
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Student Loan Scheme: This category of loan is for those students who want to apply loan for up to 20 Lakh.
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SBI Global Advantage Loan Scheme: This scheme is specifically designed for those students who are planning to study abroad. The minimum loan amount is 20 Lakh and the maximum loan amount is Rs. 1.5 crore.
* The interest rate of the SBI Education Loan in both categories is 10.2% for female student and 10.7% for male students. There is 0.5% of reduction in interest rate for female students who are planning to study abroad.
Student Eligibility:
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The education loan must be taken under IBA Model Education Loan Scheme.
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Parental income of students should be up to 4.5 Lakh per annum.
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Student must have enrolled in technical/professional courses only from NAAC accredited institutions or technical/professional programs accredited by NBA or Institutions of National Importance or Central Funded Technical Institutions (CFTIs). The Professional institutions or programs, which do not come under the ambit of NBA or NAAC, would require approval of the respective regulatory body viz, approval of Nursing Council of India for Nursing courses, medical Council of India for Medical courses, Bar Council of India for Law etc.
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Students can apply for loan only for once either for UG or PG. The same thing is for integrated courses (graduate + post graduate).
Required Documents:
The mandatory documents required for the SBI Education Loan are mention below:
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Passport (compulsory for abroad studies)
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Identity Proof (Aadhar card, Voter ID, PAN card etc)
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Resident Proof (Telephone Bill/ Electricity Bill/ Water Bill/ Gas Bill or Aadhar card)
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2 Passport Size photos
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Copy of academic qualifications like High school, 10+2, Degree certificates etc.
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Admit letter from the university
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IELTS/ TOEFL/ GRE/ GMAT Scorecard
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Income Tax Receipts, ideally for the last 2 or 3 years
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Proof of Business Address (if self- employed)
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Employer’s ID Card (if employed)
