SBI Education loan to study abroad: Interest rate, benefits, features explained

SBI Global Ed-Vantage is an overseas education loan exclusively for those who wish to pursue full-time regular courses at foreign colleges and universities

2 min read . Updated: 23 Aug 2021, 11:20 AM IST Livemint

SBI Global Ed-Vantage education loan: Applicants can click on ‘Apply Now’, fill in the required details and submit the application process

SBI Education loan to study abroad: SBI Global Ed-Vantage is an overseas education loan exclusively for those who wish to pursue full-time regular courses at foreign colleges and universities. With an upward trend of students preferring foreign education to accomplish their career goals, SBI extends a hand towards them for making this possible with a customized financing solution.

Courses covered under SBI Global Ed-Vantage loan scheme

· Regular Graduate Degree

· Post-Graduate Degree

· Diploma

· Certificate / Doctorate Courses

Students can pursue these courses in any discipline from colleges/universities in the USA, UK, Australia, Canada, Europe, Japan, Singapore, Hong Kong and New Zealand.

Loan amount: Individuals can avail of this loan of starting ₹7.50 lakh up to ₹1.50 crore

Interest Rate: SBI provides an attractive interest rate of 8.65% with a special 0.50% concession for female applicants

Repayment

· Repayment will commence 6 months after completion of course

· Repayment up to a maximum of 15 years

Expenses covered in the SBI Global Ed-Vantage scheme

· 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)

Features and Benefits:

· Convenient and fast online application process through SBI’s website

· Applicants can click on ‘Apply Now’, fill in the required details and submit the application process

· Early loan approval: The loan will be sanctioned before the student’s I-20/visa

· Tax exemption under Section 80(E) of the Income Tax Act

· Fee payable to college/school/hostel

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 thestudent 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 theproperty 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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