SBI Global Ed-Vantage Scheme | SBI Overseas Education Loan Scheme

SBI Global Ed-Vantage Scheme | SBI Overseas Education Loan Scheme

SBI Global Ed-Vantage scheme is an overseas education loan scheme by SBI. SBI Global Ed-Vantage scheme is exclusively for those who wish to pursue full-time regular courses at foreign colleges/universities. Under SBI Global Ed-Vantage scheme, individuals who are looking to pursue higher education at the top institutions across the globe will be able to apply for education loans through SBI. In this article, I will tell you all details like eligibility, duration, security, repayment that you need to know about SBI Global Ed-Vantage scheme.

 

Salient Features of SBI Global Ed-Vantage scheme

Following are the salient features of SBI Global Ed-Vantage scheme:

1. The online application process for SBI Global Ed-Vantage scheme.

2. Processing fee under SBI Global Ed-Vantage is Rs. 10,000/- per application.

3. Attractive interest rate. Please click here for Rate of Interest

4. The minimum loan offered under this scheme is Rs. 20 lakhs.

5. The maximum loan under this scheme is Rs. 1.5 Crore.

6. Easy repayment option through EMI up to 15 years.

7. Early approval of loan prior to i20/Visa.

8. You can claim tax benefit under section 80(E).

Eligible Courses under SBI Global Ed-Vantage scheme

SBI Global Ed-Vantage scheme cover regular full-time Graduate/ Post Graduate/ Doctorate courses in any discipline from Institutes or Universities in United States of America, South Africa, United Kingdom, Canada, Australia, Europe, New Zealand, Japan, Hong Kong and Singapore.

Expenses eligible under SBI Global Ed-Vantage scheme

1. Fee payable to college, school, and hostel.

2. Examination, library and laboratory fees.

3. Travel expenses for studies abroad.

4. Expenses towards the purchase of books, equipment, instruments, uniforms, and computer for course completion.

5. The expense for study tours, project work, thesis, etc. which are mandatorily required to complete the course. However, it is subject to the condition that these expenses should be capped at 20% of the total tuition fees.

6. Caution deposit, building fund, refundable deposit. However, it is subject to the condition that these expenses should not exceed 10% of the total tuition fees.

7. The premium of ‘RiNn Rakhsha’. Finance for ‘RiNn Rakhsha’ will improve insurance-coverage of the loan.

Amount of loan under SBI Global Ed-Vantage scheme

1. The minimum loan amount is Rs. 20 Lacs.

2. The maximum loan amount is Rs. 1.5 Crore.

Security for SBI Global Ed-Vantage scheme

1. Tangible collateral security.

2. Collateral security offered by Third Party (other than parents) can also be accepted.

Repayment of SBI Global Ed-Vantage Loan

1. Repayment of SBI Global Ed-Vantage will commence six months after completion of course.

2. Interest accrued during the moratorium period will be added to the principal amount and repayment in EMI fixed

3. Loan to be paid in 15 years (maximum).

Documents required for availing SBI Global Ed-Vantage loan

1. Letter of admission.

2. Completely filled in Loan Application Form.

3. Two passport size photographs.

4. Statement of cost of the study.

5. PAN Card of the student and parent/guardian.

6. Aadhaar Card of the student and parent/guardian.

7. Proof of identities such as driving license, passport or any photo identity.

8. Address proof such as driving license, passport, electricity bill or telephone bill.

9. Bank account statement of the student, co-borrower or guarantor for last 6 months.

10. Income tax return of last 2 years of parent, guardian or other co-borrower.

11. A brief statement of assets and liabilities of parent, guardian or other co-borrower.

12. Proof of income such as salary slips or Form 16 of parent, guardian or other co-borrower.

SBI Branches for SBI Global Ed-Vantage Scheme

List of Global Ed-Vantage Branches

Get the SBI Global Ed-Vantage today! Study abroad and challenge the world!

Also read: Different types of savings account in SBI

Also read: SBI Student LoanScheme | SBI Education Loan

Also read: SBI RecurringDeposit Account

Also read: How to change/generate SBI Debit card online and offline?

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SBI Global Ed-Vantage | SBI Overseas Education Loan Scheme