With the rise in competition in the job market, the need for an advanced degree has been accentuated way higher than ever before. Now students want to complement their higher studies with a degree from a foreign university since this makes a substantial difference in the overall outlook. Even short-duration courses have high-yielding value. Earlier, this used to be an uphill task. Still, banks have developed structured schemes to provide loans for education abroad at very reasonable interest rates and a feasible repayment process. This is something that has made a significant difference in the education lending ecosystem. Finding the right education loan for abroad is one of the biggest challenge students and their families face.
Introduction to SBI
State Bank of India (SBI), a Fortune 500 firm, is a Mumbai-based statutory institution for India's public sector banking and financial services. Found in 1955, SBI is the bank that Indians have had the most faith in because of its lengthy history, which spans more than 200 years. SBI is the bank that Indians have had the most faith in because of its lengthy history, which spans more than 200 years.
SBI Global ED-Vantage
This SBI overseas education is a loan for international studies that is only available to people who want to enrol in full-time, regular courses at foreign institutions and universities. Additionally, under this programme, students may apply for a loan before their I-20 or visa has been accepted. The processing fee for SBI education loan for studying abroad is Rs. 10,000/- per application.
Expenses covered:
1: Payable to the university, institution, or hostel.
2: Examination, library, and lab fees.
3:Travel and/or passage costs.
4: Stationary or computers necessary for the completion of the course ( maximum 20% of the total tuition fees due upon course completion)
5: The amount that is being evaluated for a loan for caution deposits, building funds, or refundable deposits supported by institutional invoices and receipts should not be more than 10% of the total course tuition.
Advantages of SBI education loan for studying abroad
The SBI Global Edvantage loan programme is only intended for students who wish to study abroad. Following are some advantages of obtaining your student loan through the SBI Global Edvantage loan programme:
1: Faster Process- Because this is an online application process, it becomes faster and easier for applicants.
2: Better Interest Rate- You get attractive and better SBI loan interest with SBI, with 10.2% for male students and 9.7% for female students after insurance. These SBI interest rates will be beneficial while repaying the loan.
3: A higher amount of loans: You can get an SBI education loan for studying abroad from Rs. 20 lakhs up to Rs. 1.5 crore. You will not have to worry about putting some money out of your pocket.
4: Easy Repayment: You can repay your SBI student loan via various modes of EMI payment for up to 15 years with a better SBI education loan interest rate
5: Easy Approval: With SBI student loans, you can get your loan sanctioned before i20/visa.
6: Tax Benefits: You can also get income tax benefits while repaying your SBI student loan interest. You get the tax benefit under section 80(E).
Types of SBI Interest Subsidy Schemes
1: Dr. Babasaheb Ambedkar Scheme of Interest- This program's goal is to give deserving students from the Other Backward Classes and Economically Backward Classes interest subsidies so they can have greater possibilities to pursue higher education overseas and improve their employability.
2: Padho Pradesh Scheme of Interest Subsidy- This scheme's goal is to give deserving students from economically disadvantaged groups in registered minority communities interest subsidies in order to increase their employability and give them greater possibilities for higher study abroad.
SBI education loan criteria
- You must be an Indian citizen to apply for this loan
- Achieved admission to overseas universities/institutions; Secured admission to professional/technical courses in premier colleges through entrance exams/selection processes.
- No minimum qualifying marks are stipulated in the last qualifying examination.
- If it is a scholar loan, you should have secured in select premier institutions of the country.
- You can check out the specific eligibilities for SBI Take-over Education Loan.
Documents Required to apply for SBI education loan for studying abroad(Applicant’s, Co-Applicants, Collateral)
Below mentioned are the SBI education loan for studying abroad requirements for documents.
Applicant’s Documents required for SBI education loan for studying abroad
- SBI education loan for studying abroad application form
- Passport
- Proof of identity which includes your Driver’s Licence, Voter ID card, PAN card, Passport.
- Proof of residence which includes a copy of your electricity bill, piped gas bill, aadhar card, Driving license or a copy of your passport.
- 2 passport size photographs
- Copy of academic qualification such as 10+2 certificates, Degree certificates, etc
- Ranking certificate of University
- The result of your entrance examination ike GRE/TOEFL/GMAT/IELTS etc.
- Schedule of expenses of the course
- Gap certificate (if applicable)
- Proof of admission
- You will also need the documents if you have taken a loan in the previous 1 year.
Co-Applicant’s Documents required for SBI education loan for studying abroad
- Proof of residence which includes a copy of your electricity bill, piped gas bill, aadhar card, Driving license or a copy of your passport.
- Proof of identity which includes your Driver’s Licence, Voter ID card, PAN card, Passport.
- 2 passport size photographs
- Latest salary slips (past 3 months)
- Income Tax Returns (last 2-3 financial years)
- Form 16 document (at least from past 2 years)
- If self-employed then Profit and Loss statement
- Bank account statements fir the past 6 months
How to apply for SBI education loan for studying abroad
Step 1: Firstly, you need to fill in the online application form for SBI education loan.
Step 2: Submit all your documents required for an SBI education loan for studying abroad to the nearest branch in your region.
Step 3: The branch then gathers the reports and sends them to the processing facility.
When should you apply?
The ideal time to begin the SBI education loan application procedure is as soon as your acceptance to a university is verified. The earlier you begin the student loan application procedure, the better! Don't wait until you hear back from every university you apply to, please! Don't wait till you've made up your mind on which university to attend! As soon as one admission has been confirmed, you should begin the loan application procedure.
Your SBI education loan for studying abroad processing time will be greatly shortened by doing this! Sometimes you may need to take care of formalities that are incomplete or have missing documentation. Therefore, the easier it will be for you to secure an education loan the earlier you start.
EMI payment methods
There is a moratorium period of the course duration plus six months under the SBI Education Loan Policy plan. There is no requirement to pay anything at this time. For the SBI education loan for studying abroad, that is, the SBI Global Edvantage Scheme, your loan payback period starts six months after the end of the course, and pay the loan up to 15 years (maximum). The SBI Education Loan Rate is set, making it very simple to determine your monthly EMI. You can also use the SBI education loan EMI calculator. You can pay back your SBI education loan for studying abroad in the following ways:
1: Standing Instruction (SI): The best method of repayment if you have an existing account with SBI is by standing instructions. Your EMI payment will be automatically debited from the SBI account you designate at the conclusion of the monthly cycle.
2: Electronic Clearing Service (ECS): If you have a non-SBI account and want your EMIs to be automatically deducted from it at the end of the month, you can pay your SBI education loan for studying abroad via this method.
3: Post-Dated Cheques (PDCs): You can deliver post-dated EMI checks from a non-SBI account to the SBI Loan Center that is closest to you. It will be necessary to promptly submit a new set of SPDCs. Please be aware that Post Dated Cheques will only be accepted at non-ECS locations.
SBI has been a trusted bank since 1955, being trusted by millions you can rest assured that you can blindly apply for a loan here. We hope this blog helped you with all the information required for the SBI education loan for studying abroad. Don’t let anything come between you and your dreams. Your dream university awaits you.
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