The course in which the student takes admission, the loan can be repaid after 6 months of completion of the course. An Indian student studying in any college or university abroad can repay the loan amount within a maximum period of 15 years from the date of taking the loan.
State Bank of India SBI has launched a new education loan. Its name is SBI Global Ed-Vantage SBI global Ed-vantage. As the name suggests, this loan facility will help students looking to study abroad. With the money of S Loan, students of India will be able to take admission and study facility in foreign colleges and universities. SBI has said that this loan scheme has been started to help students in their career.
Four types of courses have been included under this loan scheme-
- regular graduate degree
- post graduate degree
- Diploma
Certificate or doctoral courses
With the help of SBI global Ed-vantage loan, you can take admission in the above mentioned courses in any college or university abroad. The countries where this loan scheme will work include US, UK, Australia, Canada, Europe, Japan, Singapore, Hong Kong and New Zealand.
How much loan will you get
Any student can take a loan of minimum 7.50 lakh and maximum Rs 1.50 crore under SBI global Ed-vantage.
What will be the rate of interest
Keeping in view the future of the students, SBI has kept the rate of interest on the Global Ad-Vantage Loan attractive. This rate has been kept in such a way that there is no extra pressure on the students to study. Under this loan scheme, students will be able to take a loan at the rate of 8.65%. Girls have been given a special discount and SBI has given 0.50 percent concession as compared to the students. That is, loan will be given to girl students at the rate of 8.15 percent.
Special repayment facility
The course in which the student takes admission, the loan can be repaid after 6 months of completion of the course. An Indian student studying in any college or university abroad can repay the loan amount within a maximum period of 15 years from the date of taking the loan.
All these expenses will be included in the loan
- Travel expenses or pass charges are also covered in the loan
- The loan also includes tuition fees
- Examination, library and lab expenses are also included in the loan
- Books, study equipment, instruments, uniform and computer fee included
- Some additional expenses have also been taken in the loan. Like project work, thesis, study tour will come under this. However, the study tour limit has been fixed which should not exceed 20% of the tuition fee.
Loan Eligibility
- Mark sheet of 10th, 12th and graduation. The result of the entrance exam has to be given
- Admission letter or offer letter or University ID card for admission proof
- Full details of the cost of the admission schedule for the course
- Copy of offer of scholarship, free-ship etc.
- If the student has left studies in the middle, then his gap certificate
- One passport size photograph each of the student, parent, co-creditor, guarantor
- Asset liability statement of the co-applicant or guarantor (if loan is more than 7.5 lakhs)
- Salaried people need to submit latest salary slip, Form 16 or recent IT return
- Non-salary people will have to provide business address proof and recent IT return
- 6 months bank account statement of the student’s parent or guardian or guarantor
- If you are giving paper of immovable property as security, then copy of sale deed and property title will have to be given.
- PAN of the student, parent, co-borrower, guarantor
- Copy of Aadhaar. This is mandatory when the student takes subsidy in different schemes of the Government of India.
- Passport
Along with this, any officially valid document will have to be submitted for proof of identity. In this, you can give passport, driving license, voter ID card. As a security, the student will have to submit a paper of collateral security. If collateral security is being given from a third party, then that will also work.
