State Bank of India (SBI) is a substantial public money lending financial institution in the country that have revolutionised the money lending system. They provide education loan to study abroad for students to help them achieve their dream of travelling overseas. Today, the SBI education loan is one of the most sought-after services in India due to the following reasons:
- Quick online processing
- Lucrative payback methods
- Lower interest rates
Over the years, this bank has simplified the process of SBI education loan for candidates making it more affordable irrespective of their background. The students are required to have excellent academic records and above all, a passion for chasing their dreams of studying overseas.
SBI Global Ed-Vantage
This is an education loan to study abroad introduced by the SBI education loan for students choosing full-time regular courses at foreign colleges and universities. Depending upon the course and the choice of institution, college or university, the loan amount varies from INR 20 lacs up to INR 1.5 Crores.
Eligibility Guidelines for SBI Education Loan
Before applying for the education loan to study abroad, the candidates are needed to check their eligibility for the same. Below is a list of norms to be fulfilled by the students before applying for the SBI education loan:
- Must be an Indian citizen
- Should be 18 years else his/her parents will have to take the loan on his/her behalf
- The student is needed to enrol in a regular Graduate/Post Graduate/Doctorate Course in any discipline offered by the foreign Universities, institutes or colleges in the USA, Canada, UK, Europe, Japan, Australia, Hong Kong, New Zealand, and Singapore.
Expenses Covered Under Your SBI Education Loan
The following costs are covered under the SBI Global Ed-Vantage when applying for an education loan to study abroad:
- All costs paid towards the library, examination, and laboratory amenities
- The tuition fee payable towards the school, college, and hostel facilities
- Purchasing books, instruments, equipment, computer, uniforms at a reasonable cost, if needed for course completion along with any other expenses such as thesis, project work, study tour, would also be considered for an education loan of SBI, subject to the condition that they are capped at 20% of the total tuition fees payable for completing your education
- Travel expenses or passage money needed for studying abroad
- A refundable deposit, caution deposit or building fund supported by the bills or receipts of the college or institution would be considered under education loan to study abroad on the condition that the amount doesn’t exceed 10% of the tuition fees for the entire course.
Amount and Security for SBI Education Loan
Now candidates can avail a minimum loan amount of INR 20 lacks and a maximum of INR 1.5 Crores as education loan to study abroad. There is also a processing fee of INR 10,000 levied per application.
The State Bank of India under the education loan to study abroad will accept the following security against the loan amount:
- Collateral security offered by Third-Party except for parents
- Tangible collateral security
