How can we get foreign study loan from our local branch of SBI?I also want to know if the money transacted will be from bank account in the form of EMI or a constant salary account is required?

Asked by Prince over 1 year ago

Answers 1
Kimaya Nigam

Kimaya Nigam

MentR-Me
MentR-Me Team

Country Expert : USA

Over the years, the State Bank of India has streamlined the application procedure for SBI Education Loans for students, making it more accessible and cheap for all students, regardless of their financial situation. 

Students who wish to pursue higher education abroad may apply for the recently launched SBI Global Ed-Vantage - Overseas Education Loan, a component of SBI Education Loans offered by the State Bank of India and provides a loan of up to Rs. 1.5 Crores, or choose the SBI Student Loan.

The Most Important Points About SBI Global Ed-Vantage Education Loan

  • Online loan applications for faster loan approval
  • Possibility of A larger loan of Rs 20 lacs to Rs 1.5 crore
  • For the advantage of students and applicants, low-interest rates
  • 15-year EMI payback plan for easy repayment
  • Early loan sanction approval before i20/visa
  • The section 80 tax benefit is available to applicants (E)

The following is a list of requirements that candidates must meet before applying for the SBI Education Loan:

  • The candidate must be an Indian national.
  • If the applicant is under 18 years old, their parents must apply for the loan on their behalf.
  • The student must enroll in a regular graduate, postgraduate, or doctoral program in any field provided by international colleges and universities in the United States, the United Kingdom, Canada, Australia, Singapore, Japan, Hong Kong, and New Zealand.

Documents for the SBI Global Ed-Vantage Education Loan
Details of student-applicant
Details of Co-applicant
Income Proof for Salaried Co-applicant/ Guarantor
Income Proof for Self-employed Co-applicant/ Guarantor

Your SBI Global Ed-Vantage Scheme covers expenses.

  • The tuition charge for college, school, or hostel expenses.
  • All fees are paid for the facilities for the lab, library, and exams.
  • Money for travel and passage is needed for international studies.
  • A loan would be considered for the reasonable cost of buying books, equipment, instruments, uniforms, computers, and any other expenses needed to complete the course, such as study abroad trips, project work, thesis writing, etc. The condition is that these costs should not exceed 20% of the total tuition fees due to complete the course.

The SBI Education Loan repayment period or the moratorium period would commence six months after the completion of the said course. The accrued interest during the moratorium period would be added to the principal amount, and repayment can be made in easy EMI options. Compensation can be spread across but not exceed 15 years.


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