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SBI Education Loan For Studying Abroad

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The State Bank of India is India’s multinational public sector bank with its headquarters in Mumbai. It is the country’s largest and leading public money lender. With an increasing number of students looking to pursue their educational dreams abroad, banks and financial institutions have been making provisions for them to realise their goals. 

There are two kinds of SBI education loans. There is the Global Ed-vantage Education Loan and Student Loan for students wanting to pursue their studies abroad looking for financial assistance. In this article, we shall look at the eligibility criteria and features of SBI’s education loan.

Eligibility Criteria For SBI Education Loan

Any student with an admission letter to a graduate program or a higher degree/diploma in popular countries’ most renowned educational institutions is eligible to apply for SBI’s student loan. There is no particular list as to which institutes make SBI’s student loan list but the most popular universities and colleges qualify.

Points to make note of when applying for an education loan:

  • The student’s name will be written against the applicant or borrower.
  • Having a co-applicant or co-borrower is compulsory. Only the student’s parent, legal guardian or spouse can function as the co-borrower or co-applicant. 
  • The asset that may be provided as collateral may be owned by the co-applicant. SBI allows an asset owned by a third party to be provided as collateral too but in that case, the third party would serve as the guarantor. 

Undergraduate, postgraduate, or a doctorate in any discipline offered by universities abroad is eligible for SBI education loan. 

The most common countries that are on the list of SBI education loan are the USA, UK, Canada, Australia, Singapore, Japan, the majority of the countries in Europe, Hong Kong and New Zealand. Please note that this is not an exhaustive list of countries which SBI provides an education loan for. Many other countries are included in the list too. 

Know About Abroad Education Loan

Key Features Of The Global Ed-vantage Loan By SBI | SBI Education Loan

  • The Global Ed-vantage loan is solely for students looking to pursue their education overseas and is not applicable for students looking to pursue higher studies in India.
  • The loan amount range is between ₹20 lakhs to ₹1.5 crores.
  • The interest rate of the Global Ed-vantage loan is 8.65% with a 0.50% concession for female students. 
  • The processing fees for the loan are ₹10,000 + GST.
  • The property valuation charges are not inclusive and vary as per the location.
  • The maximum repayment period of the loan is 15 years.
  • The moratorium period or the period of time from which you are exempted from paying the loan is the entirety of your course period followed by 6 months.
  • The margin is 10%.
  • The Global Ed-vantage loan covers your living expenses, tuition fees, examination, library costs, round-trip travel, study material and any other costs pertaining to your studies. 

Key Features Of The Student Loan By SBI | SBI Education Loan

  • The Student Loan by SBI extends to students wanting to pursue further studies in India as well as abroad. Unlike, the Global Ed-vantage loan, it is not only restricted to students wanting to study overseas. 
  • The loan amount ranges between ₹7.5 lakh without collateral and up to ₹20 lakh with collateral.
  • The interest rate is 8.65% with a special concession of 0.50% for female students.
  • There are no processing fees for the SBI student loan.
  • The property valuation charges are not inclusive and vary as per the location.
  • The maximum repayment period of the loan is 15 years.
  • The moratorium period is 12 months post course completion.
  • There is no margin up to ₹4 lakh and 15% above ₹4 lakh.
  • The SBI student loan covers your living expenses, tuition fees, examination, library costs, round-trip travel, study material and any other costs pertaining to your studies. 

List Of Documents Required To Apply for SBI Education Loan

  • Identity Proof (PAN/Aadhar/Driving License/Voter ID)
  • Completely filled-in loan application form
  • Address Proof
  • Mandatory Passport for students wishing to study abroad
  • Past Academic Degree Certificates (10th mark sheet, 12th mark sheet, entrance exam results (GRE, GMAT, TOEFL, IELTS, etc.), Bachelor’s degree certificate (if any), etc.)
  • Proof of Admission by university abroad
  • Statement of costs/expenses
  • Bank account statement of student

FAQs

1. What is the processing fee for an SBI education loan abroad?

The processing fee for an SBI education loan abroad is INR 10,000 + GST.

2. What is the interest rate for an SBI study loan abroad?

The SBI education loan interest rate for abroad under the student loan scheme is 11.15%, but it is a floating interest rate, meaning that it can change over time.

3. Can I get 20 lakhs education loan without collateral from SBI?

Yes, you can get a 20 lakhs education loan without collateral from SBI. However, you may need to meet certain eligibility criteria, such as having a good academic record and a co-signer.

4. Which countries are eligible for an SBI education loan abroad?

SBI offers education loans for studies in countries USA, UK, Canada, Australia, Singapore, Japan, New Zealand and several other European countries

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