Education Loan for MBA Abroad from SBI: Benefits, Types, Eligibility & More

Dreams of earning an MBA Degree from a prestigious global University like Harvard or Yale often collide with the reality of financial constraints. The cost of an MBA abroad is significant and while the opportunities after the course are plenty, there is hesitation among parents and students about the financial burden associated with it. 

This is where study-abroad loans by the State Bank of India come into picture. This article will help you discover the different kinds of loans offered by SBI, their features, benefits and so much more. We will uncover things like the cost of studying in various countries and how an education loan for an MBA from SBI can be the key for unlocking this abroad education dreams.

Cost of Pursuing MBA in Top Global Study Destinations

Enlisted below is the range of cost to study MBA in some of the top study destinations around the world as an international student. This overview will help you set the budget and decide which destination to choose so that you shortlist Universities accordingly. So, let’s have a look.

SBI Education Loan for MBA Abroad

State Bank of India offers loans for students planning to study abroad. Overseas Education Loan is provided for all kinds of courses that students want to pursue at different levels of education. The bank does not offer course-specific loan schemes, which means students can apply for an education loan for MBA to study abroad.

This introduction to SBI education loans makes one curious about the benefits of the loan which we will see in the next section.

Benefits of SBI Education Loan for Abroad Studies

The benefits of SBI Education Loan for Abroad Studies are as follows:

• Fast Loan Approval in 14 working days.

• Processing Fees as low as Rs. 10,000 to be paid to the bank’s branch.

• Rate of Interest for SBI education loans is as low as 9.65%.

• Loan Concessions for female applicants of 0.50%.

• Due to the online process, very few bank visits are required.

• SBI offers a Final loan approval letter available before students get their i20 for the USA.

With these beneficial features in mind, let's explore the education loan options offered by the bank for students who want an education loan for MBA abroad.

Types of Education Loans for MBA Abroad

SBI offers 2 types of Education Loans for students planning to study abroad. These include:

Secured Loans:

SBI offers secured loans for students planning to study abroad. These loans are offered against security like, property, fixed deposits, and more. They have a lower rate of interest and the loan amount is higher compared to unsecured loans. SBI offers loans up to INR 3 Croresfor higher education abroad.

Unsecured Loans

The bank also offers unsecured loans or loans without collateral. These loans are offered on the creditworthiness of the student and their learning potential. Education Loan from SBI is more convenient for students as they have quicker approval time and less documentation. This kind of loan is great for students who do not have any collateral. SBI offers unsecured loans up to INR 50 lakhs to students planning to study overseas.

Now that we've covered the different education loan categories, let's examine the SBI education loan for abroad eligibility criteria that students need to meet to get the loan.

SBI Education Loan for Abroad Eligibility Criteria & Documents Check List

To be eligible for SBI’s abroad education loan for MBA students need to fulfil the following requirements: 

• To be an Indian student.

• Should have secured admission to a recognized foreign University

The documents required to apply for the loan are as follows:

• Offer Letter

• Academic Documents

• Employment Documents (if any)

• Address Proof for Applicant and Co-applicant

• 6 months' Bank Statement of the Applicant and Co-applicant

• ITR (Income Tax Returns) for the past 2 years.

• Collateral Property Documents (For Secured Loans)

To know the application process and faster approvals students can reach out to Élan Loans. Our experts help students to choose the best loan depending on their needs and eligibility. They also help students figure out their needs in terms of expenses and get the best deal when it comes to choosing the right education loan scheme. So, connect to Élan and make your study abroad dreams a reality.