Education Loan is a great way to fund your study abroad expenses. They not only cover your tuition fees, but some of them also help with day-to-day expenses and living costs. Here we are talking about SBI Education loan for abroad studies, called SBI Global Ed-Vantage. The SBI student loan can be taken up to 1.5 Crore, and the duration of the repayment can be spread over 15 years.
What countries can you go to study abroad? The SBI Education Loan is for the nine countries. USA, UK, Canada and Australia are one of the most preferred Study Abroad destinations of Indian students.
The courses that are Eligible for the below listed countries:
You are eligible for the SBI Education loan for abroad, if you are enrolled in a regular Doctorate, Postgraduate or Graduation courses in any discipline at the Universities of above listed countries by SBI.
SBI Education loan for abroad studies, as we have mentioned, can cover your expenses for up to 1.5 Crore. However, not all the expenses are included in the Loan Amount. Also there is a minimum limit to the amount. Here are all the Education Loan Details:
Amount of Loan: Minimum 20 Lakh to Maximum 1.5 Crore
Expenses Covered:
The expenses covered for SBI ED-Vantage are:
Tuition Fees for college/school/hostel.
Exam and Library Fees
Travel expenses to Study Abroad
Books, equipment, project work, or any other expense that is necessary.
The Processing Fees for SBI Education Loan for Abroad Studies – Ed-Vantage is INR 10000 per application.
The interest rates on the loans change with time and financial years. Below are the details of the current Education Loan Interest rates for SBI:
Mean Rate of Interest for January to March 2018 is 9.92%.
However, these are the effective Rate of Interest for students:
|
Loan |
MCLR |
Spread |
Effective Interest Rate |
Reset Period |
|
More than 7.5 Lacs |
8.50% |
2.25% |
10.75% |
1 Year |
Special concessions:
0.50% concession for female students
0.50% concession if SBI Rinn Raksha or any other eligible policies are activated from SBI.
With every loan, comes a security that is an asset of some kind that borrower pledges to bank as a security. For SBI Education Loan for Abroad, Ed-Vantage, the security you are pledging to the bank should be a tangible collateral. The examples of a tangible collateral security includes Buildings, Land, vehicles, etc.
If you do not have enough securities to pledge for the loan, third party collaterals are expected other than parents, too.
The Repayment of SBI Ed-Vantage starts after the six months of completion of the course. During the Moratorium (Time between Loan taken and repayment), the accrued interest is added to the principal.
The Repayment can be spread over up to 15 years maximum.
Student’s Documents Required for Education Loan:
Proof of Identity – Driver’s License/PAN or Voter Card/Passport, etc.
Proof of Address – Telephone/electricity/water bill/passport etc.
A valid Passport
Academic Mark Sheets, Results and Transcripts from 10th to the latest education
Proof of Admission / Letter of Recommendation
Statement about cost of study abroad
2 Passport sized photos
Statements of the loan, if any loans taken previously
Proof of Identity
Proof of Residence
2 Passport Sized Photos
Statements of the loan, if any loans taken previously
Salary Slips of last 3 months
IT (Income Tax) return copies for last two financial years. (Form 16)
Bank statement of last 6 months of the salary account.
Address Proof of the business
IT returns (last 2 Years)
TDS Certification
Bank Statement for last 6 months
As soon as you get an acceptance letter from the University abroad, you can start the application process for the SBI Ed-Vantage Loan. If you have queries and doubts regarding the loan, feel free to ask us in the comments below.
Read Also:
Dhruv is Content Creator at Jeduka.com. He is fond of words and everything related to them. Writing about different things from around the world gives him immense pleasure, and a very healthy by-product is sharing the information and helping others in the process.
Register here to get newsletters for the latest study abroad news & free counselling assistance.
Categories: Study Abroad