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SBI Global Ed-Vantage Education Loan Scheme: A Loan Applicant's Guide

State Bank of India (SBI) a leading nationalised bank in India is known for its excellence in banking services. SBI offers a comprehensive range of education loans to support students aspiring to pursue higher education in India as well as abroad. With a rich legacy of trust and reliability, SBI has emerged as a preferred choice for loan applicants seeking financial assistance for overseas education.

In this article, we will delve into the various types of education loans SBI offers, focusing specifically on the SBI Global Ed-Vantage Education Loan Scheme. Keep reading to know everything about this SBI education loan for abroad. This article will surely help you with your loan application process but first, let’s begin with the types of education loans that SBI offers.

Types of Education Loans SBI Offers 

SBI provides different types of education loans to cater to the diverse needs of students planning to pursue higher education and required financial assistance. These loans are designed to cover various aspects of education, including tuition fees, living expenses, travel expenses, and more.

Types of Education Loans that SBI Offers are broadly categorized into two.

  • Secured Education Loans – You can get an education loan of up to Rs. 1.50 Crores
  • Unsecured Education Loans - You can get an education loan of up to Rs. 7.5 Lakhs

While SBI’s unsecured loan is a suitable option for students studying in India. Students planning to study abroad will have to take a secured education loan as the project cost is more. So, let’s discuss SBI’s education loan scheme for abroad.

SBI Global Ed-Vantage - Education Loan Scheme for Abroad 

One of the standout offerings from SBI is the SBI Global Ed-Vantage Education Loan Scheme. This loan scheme is designed specifically for students planning to pursue higher education overseas. It covers a wide range of courses, including undergraduate, postgraduate, pathway programs, integrated programs, UG/PG diplomas, UG/PG certifications, and doctoral programs. The loan scheme is not limited to a particular country or university, as all global universities come under the SBI education loan abroad university list, making it highly versatile and adaptable to the student's individual aspirations.

Let’s dive into the key facts and features of this scheme.

Key Facts and Features of SBI Global Ed-Vantage Education Loan 

To help loan applicants better understand the SBI Global Ed-Vantage Education Loan Scheme, let's explore its key facts and features.

  • Loan Amount
  • SBI offers loans starting from Rs. 7.5 lakhs up to a maximum of Rs. 1.5 crores, depending on the course and institution. The bank also provides loans above Rs. 1.5 crores if the project cost is more and adequate collateral security is pledged.

  • Eligible Countries & Courses
  • The best part about this loan scheme is that it provides education loans for all countries and courses. Thus, all kinds of courses come under the SBI education loan eligible courses. The only condition is that your university should come under any of these global ranking systems like QS World University Rankings, Webometrics Ranking of World Universities, World Higher Education Database (WHED) Rankings and Country Rankings. No other bank provides such options.

  • Margin Money
  • SBI requires a margin payment of 10% for abroad loans. The margin amount can be funded through scholarships or personal resources.

  • Security
  • For secured loans, tangible collateral security or a third-party guarantee is needed. Acceptable collateral security for this loan is immovable properties like non-agricultural land, building, flat and liquid security like Govt. bonds, LIC policies, and fixed deposits.

  • Moratorium Period
  • SBI offers a moratorium period of course duration and 6 months after course completion. Serving simple interests is optional during this period.

  • Loan Repayment and Tenure
  • The repayment period can extend up to 15 years, allowing students ample time to repay the loan comfortably. The repayment is generally done in Equated Monthly Instalments (EMIs).

  • Rate of Interest
  • The rate of interest for the SBI Global Ed-Vantage Education Loan is linked to the Marginal Cost of Funds-based Lending Rate (MCLR) and varies depending on the loan amount and other factors. At present the rate of interest is 11.15%. However, there are interest rate concessions of 0.50% for applicants having Rin Raksha Insurance and an additional 0.50% for the girl child.

    After knowing the key features of this loan, let’s proceed to discuss the eligibility criteria and more.

Eligibility Criteria & Guidelines 

To avail of the SBI Global Ed-Vantage Education Loan, applicants must meet certain eligibility criteria. The primary criteria for an SBI education loan for abroad eligibility include:

  • Indian nationality
  • Secured admission to a recognized foreign university or institution.
  • The applicant should have collateral security to pledge.

Additionally, applicants must adhere to the guidelines set by SBI regarding age limits, academic performance, and co-borrower requirements.

List of Expenses Covered By SBI 

SBI's Global Ed-Vantage Education Loan covers a wide range of expenses associated with studying abroad, ensuring that students can focus on their education without financial burdens. The expenses covered include:

  • Tuition fees
  • Accommodation/Hostel fees
  • Library & Exam fees
  • Cost of books, equipments, and study materials
  • Travel expenses, including airfare.
  • Insurance premium
  • Caution deposit and refundable deposit, if applicable
  • Any other expenses deemed necessary for the completion of the course.

It is important for loan applicants to understand the specific expenses covered by SBI to effectively plan their financial requirements.

Documents Required for Loan Application 

To apply for the SBI Global Ed-Vantage Education Loan, applicants need to submit certain documents, which include:

  • Admission letter from the foreign university or institution
  • Proof of identity and address
  • Academic records and mark sheets
  • Cost estimate from the university
  • Copies of letters conferring scholarship (if applicable)
  • Gap certificate with a self-declaration (if applicable)
  • Identity proofs like Passport, PAN Card, Driving Licence and Aadhaar Card. (For loan applicant and co-applicants)
  • Income tax returns (ITR) and bank statements of the co-borrower or guarantor.
  • Copy of Sale Deed and other documents of title to property in respect of immovable property offered as collateral security or Photocopy of Liquid Security offered as collateral.
  • Any other documents as specified by SBI as per your case and profile.

Applicants should ensure they have all the necessary documents in order to streamline the loan application process.

Application Process 

The application process for the SBI Global Ed-Vantage Education Loan is straightforward. Applicants can visit the nearest SBI branch or access the online application portal to initiate the loan application. The loan processing fee is Rs. 10000 + GST and it takes approximately 20 to 25 working days for loan processing with SBI.

However, it is advisable to consult an experienced education loan advisor who will guide you through the process and provide step-by-step guidance on the application process.

To sum up this article, this is everything a loan applicant must know about SBI’s education loan for abroad studies. SBI's Global Ed-Vantage Education Loan Scheme provides a reliable and comprehensive financial solution for students aspiring to pursue higher education abroad and ELAN Overseas Education Loans helps you with your loan processing.

At ELAN Overseas Education Loans, we understand the importance of easy access to education loans. Our dedicated team of professionals is committed to assisting loan applicants with the SBI Global Ed-Vantage Education Loan application process. From providing guidance on eligibility criteria to assisting with documentation and submission, Team ELAN ensures a seamless and hassle-free experience for loan applicants.

Contact us today and let us help you navigate the path to your dream education abroad!

FAQs:

  • What is SBI Global Ed-Vantage Loan Scheme about?

    SBI’s Global Ed-Vantage Loan Scheme is an exclusive education loan scheme for loan applicants planning to study abroad.

  • Which courses are eligible for SBI Global Ed-Vantage Loan Scheme?

    This loan scheme covers a wide range of courses, including undergraduate, postgraduate, pathway programs, integrated programs, UG/PG diplomas, UG/PG certifications, and doctoral programs.

  • What will be the loan repayment tenure for this scheme?

    The repayment period can extend up to 15 years under this scheme.

  • Will all my study expenses get covered under this scheme?

    Yes, SBI covers a wide range of study-related expenses under this scheme. So, nearly all your expenses will get covered by your education loan for abroad studies.

  • How long will the loan processing take?

    Generally, it takes 20 to 25 working days for the loan processing with SBI.

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