Dec 14, 2018

SBI Education Loan for Abroad Studies: SBI Global Ed-Vantage

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Education Loan is a great way to fund your study abroad expenses. They not only cover your tuition fees, but some of them also help with day-to-day expenses and living costs. Here we are talking about SBI Education loan for abroad studies, called SBI Global Ed-Vantage. The SBI student loan can be taken up to 1.5 Crore, and the duration of the repayment can be spread over 15 years.

SBI Education Loan Eligibility:

What countries can you go to study abroad? The SBI Education Loan is for the nine countries. USA, UK, Canada and Australia are one of the most preferred Study Abroad destinations of Indian students.

The courses that are Eligible for the below listed countries:

USA

UK

Canada

Australia

Europe

Singapore

Japan

Hong Kong

New Zealand

The Eligible courses for Study Abroad Loan:

You are eligible for the SBI Education loan for abroad, if you are enrolled in a regular Doctorate, Postgraduate or Graduation courses in any discipline at the Universities of above listed countries by SBI.

SBI Education Loan Details:

SBI Education loan for abroad studies, as we have mentioned, can cover your expenses for up to 1.5 Crore. However, not all the expenses are included in the Loan Amount. Also there is a minimum limit to the amount. Here are all the Education Loan Details:

Amount of Loan: Minimum 20 Lakh to Maximum 1.5 Crore

Expenses Covered:

The expenses covered for SBI ED-Vantage are:

Tuition Fees for college/school/hostel.

Exam and Library Fees

Travel expenses to Study Abroad

Books, equipment, project work, or any other expense that is necessary.

Education Loan Procedure Fees:

The Processing Fees for SBI Education Loan for Abroad Studies – Ed-Vantage is INR 10000 per application.

Education Loan Interest Rate:

The interest rates on the loans change with time and financial years. Below are the details of the current Education Loan Interest rates for SBI:

Mean Rate of Interest for January to March 2018 is 9.92%.

However, these are the effective Rate of Interest for students:

Loan

MCLR

Spread

Effective  Interest Rate

Reset Period

More than 7.5 Lacs

8.50%

2.25%

10.75%

1 Year

Special concessions:

0.50% concession for female students

0.50% concession if SBI Rinn Raksha or any other eligible policies are activated from SBI.

Securities Required:

With every loan, comes a security that is an asset of some kind that borrower pledges to bank as a security. For SBI Education Loan for Abroad, Ed-Vantage, the security you are pledging to the bank should be a tangible collateral. The examples of a tangible collateral security includes Buildings, Land, vehicles, etc.

If you do not have enough securities to pledge for the loan, third party collaterals are expected other than parents, too.

Repayment of SBI Education Loan for Abroad:

The Repayment of SBI Ed-Vantage starts after the six months of completion of the course. During the Moratorium (Time between Loan taken and repayment), the accrued interest is added to the principal.

The Repayment can be spread over up to 15 years maximum.

Documents Required for Education Loan:

Student’s Documents Required for Education Loan:

  • Proof of Identity – Driver’s License/PAN or Voter Card/Passport, etc.

  • Proof of Address – Telephone/electricity/water bill/passport etc.

  • A valid Passport

  • Academic Mark Sheets, Results and Transcripts from 10th to the latest education

  • Proof of Admission / Letter of Recommendation

  • Statement about cost of study abroad

  • 2 Passport sized photos

  • Statements of the loan, if any loans taken previously

Co-Applicant’s Documents Required for Education Loan:

  • Proof of Identity

  • Proof of Residence

  • 2 Passport Sized Photos

  • Statements of the loan, if any loans taken previously

Income Proofs for Salaried Co-Applicant:

  • Salary Slips of last 3 months

  • IT (Income Tax) return copies for last two financial years. (Form 16)

  • Bank statement of last 6 months of the salary account.

Income Proofs for self-employed Applicant:

  • Address Proof of the business

  • IT returns (last 2 Years)

  • TDS Certification

  • Bank Statement for last 6 months

As soon as you get an acceptance letter from the University abroad, you can start the application process for the SBI Ed-Vantage Loan. If you have queries and doubts regarding the loan, feel free to ask us in the comments below.

Read Also:

Top Education Loan Providers in India to study abroad

All You Need to Know: How to go for Study abroad?

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