The State Bank of India (SBI) is India’s largest public sector bank, known for supporting students who want to study abroad.
With the growing demand for abroad education loan, SBI offers the Global Ed-Vantage Education Loan, specifically designed for students pursuing higher education overseas.
This scheme provides financial assistance to help students achieve their study abroad dreams. In this article, we’ll explore the features and eligibility criteria of SBI’s Education Loan in detail.
Key Features Of SBI Education Loan For Abroad – Global Ed-Vantage Loan
| Parameters | Description |
| Loan Upper Limit | Rs . 20 Lakhs to Rs. 1.5 Crores |
| SBI Education Loan for Abroad Interest Rate | 10.15%-11.15% |
| Processing Fee | INR 10,000 per application |
| Margin Money | 10% |
| Tax Benefit | Section 80E |
| Moratorium Period | 6 months |
| Repayment Period | 15 years |
SBI Education Loan Without Collateral For Abroad Studies
Generally, the SBI education loan without collateral has a higher interest rate as compared to a loan with collateral. Given below are the details of the SBI education loan with and without collateral security:
| With Collateral (Above ₹7.50 lakh to ₹3.00 crore) | 10.15% |
| Takeover above ₹10.00 lakh (with collateral) | 10.15% |
| For select institutions | |
| Without Collateral (Above ₹7.50 lakh to ₹50. 00 Lakh) | 10.15% |
| With Collateral (Above ₹7.50 lakh to ₹3.00 crore) | 9.65% |
Eligibility Criteria For SBI Education Loan
Any student with an admission letter to a graduate programme 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 of which institutes make SBI’s student loan list, but the most popular universities and colleges qualify.
- The applicant must be an Indian citizen.
- The loan is available for students who have secured admission to a foreign university or institution for a full-time course. These courses can include:
- Graduate degrees (Bachelors) in professional, technical, or specialised fields.
- While there is no strict age limit, the applicant must meet the age requirements specified by the bank.
- The admission must be to a recognised and reputed university or institution abroad.
- A co-applicant (parent, guardian, or spouse) is required, and they should have a stable income to act as a guarantor.
- The loan is typically for amounts starting from ₹20 lakh and can go up to ₹1.5 crore, depending on the course and expenses.
- The loan requires collateral security, such as property, fixed deposits, or other tangible assets, for higher loan amounts.
How To Apply For SBI Education Loan?
Applying for an SBI Global Ed-Vantage Education Loan is a straightforward process, designed to support students aiming to study abroad. Whether you prefer the convenience of an online application or the personalised assistance of an in-person visit, SBI offers flexible options to suit your needs. Here’s a step-by-step guide to help you navigate the application process.
Online Application Process:
- Visit the SBI Global Ed-Vantage Loan portal.
- If you already have an SBI account, provide your account details. If not, enter your phone number for verification.
- Authorise the bank to contact you by checking the provided box.
- Select the appropriate loan product and complete the application form.
- An SBI representative will contact you to guide you through the rest of the process.
- Keep all necessary documents ready to upload digitally during the application.
Offline Application Process:
- Visit your nearest SBI branch.
- Meet with the bank representatives, who will assist you with the loan application process.
- Submit all required documents in person to complete your application.
List Of Documents Required For SBI Student Loan For Abroad Studies
When applying for the SBI Global Ed-Vantage Education Loan, it is essential to ensure you have all the necessary documents prepared for a smooth and hassle-free process. The required documents vary based on the applicant, co-applicant, and employment status.
| Category | Documents Required |
| Proof of Identity | Any one: PAN, Passport, Driver’s License, Voter ID card |
| Proof of Residence/Address | Any one: Recent Telephone Bill, Electricity Bill, Water Bill, Piped Gas Bill, Passport, Driving License, Aadhaar Card |
| Mandatory Document | Passport |
| Academic Records | – 10th Result- 12th Result- Graduation Result (Semester-wise, if applicable)- Entrance Exam Result (e.g., GMAT, GRE, TOEFL, etc.) |
| Proof of Admission | Offer Letter or Admission Letter from the Institution (Conditional admission letter may be considered) |
| Study Expenses | Statement of cost of study/Schedule of expenses |
| Photographs | 2 passport-size photographs |
| Loan History (if any) | Loan account statement for the last 1 year (if any previous loan from other banks/lenders) |
| Photographs | 2 passport-size photographs |
| III) Income Proof for Salaried Co-applicant/Guarantor | |
| Salary Proof | Salary Slip or Salary Certificate for the last 3 months |
| Tax Documents | Copy of Form 16 for the last 2 years or IT Returns for the last 2 financial years (acknowledged by IT Dept.) |
| Bank Statement | Bank account statement for the last 6 months (Salary Account) |
SBI Education Loan Abroad University List
SBI’s Global Ed-Vantage Education Loan is designed to support students pursuing higher education abroad. While SBI does not provide a specific list of approved international universities for this loan scheme, it generally covers recognised and reputed institutions worldwide.
Here are some top universities in various countries that students often consider for higher education:
| Country | Universities |
| United States | – Massachusetts Institute of Technology (MIT)- Harvard University- Stanford University- University of California, Berkeley- California Institute of Technology (Caltech) |
| United Kingdom | – University of Oxford- University of Cambridge- Imperial College London- London School of Economics and Political Science (LSE)- University College London (UCL) |
| Canada | – University of Toronto- University of British Columbia- McGill University- University of Alberta- University of Waterloo |
| Australia | – Australian National University (ANU)- University of Melbourne- University of Sydney- University of Queensland- Monash University |
| Germany | – Technical University of Munich- Ludwig Maximilian University of Munich- Heidelberg University- Humboldt University of Berlin- RWTH Aachen University |
Points to make a 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 be the co-borrower or co-applicant.
- The co-applicant may own the asset that may be provided as collateral. SBI allows an asset owned by a third party to be provided as collateral; in that case, the third party would serve as the guarantor.
In conclusion, SBI’s Global Ed-Vantage Education Loan is a comprehensive solution for students aspiring to pursue their education abroad. With its tailored features, competitive interest rates, and support for a wide range of courses and institutions, it is designed to help students achieve their academic dreams.
By meeting the eligibility criteria and ensuring all necessary documents are prepared, students and their families can easily secure the financial assistance they need.
For further details or assistance, visit your nearest SBI branch or the official SBI website to start your journey toward a brighter future.
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 a 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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