State Bank of India (SBI) is one most prominent contender to consider while going for education load to study abroad or for foreign education.
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Regular Graduate Degree/Post-Graduate Degree/Diploma/Certificate/Doctorate Courses in any discipline offered by foreign Institutes/Universities in USA, UK, Canada, Australia, Singapore, Japan, Hong Kong, New Zealand and Europe [Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, United Kingdom] will be covered under the scheme.
Eligible Expenses
- SBI Global Ed-Vantage is an overseas education loan exclusively for those who wish to pursue full time regular courses at foreign colleges/universities. Key features include :
- Faster: Online application process
- Lighter: Attractive interest rate
- Higher: Loan amount Upto Rs. 1.50 Crores
- Easier: Repayment through EMI upto 15 years
- Early Approval: loan sanction prior to i20/Visa
- Tax Benefit: under section 80(E)
- Get the SBI Global Ed-Vantage today! Study abroad and challenge the world!
- Fee payable to college/school/hostel.
- Examination/Library/Laboratory fee.
- Travel expenses/passage money for studies abroad.
- Purchase of books/equipments/instruments/uniforms/ computer at reasonable cost, if required for course completion and any other expense required to complete the course– like study tours, project work, thesis, etc. can be considered for loan subject to the condition that these should be capped at 20% of the total tuition fees payable for completion of the course.
- Caution deposit /building fund/refundable deposit supported by Institution bills/receipts the amount considered for loan should not exceed 10% of the tuition fees for the entire course.
- Premium of ‘RiNn Rakhsha’ (IRDA License No: UIN: 111N078V01): Finance for ‘RiNn Rakhsha’ will improve insurance-coverage of the loan
- Minimum Loan Amount: Above Rs. 7.50 Lacs
- Maximum Loan Amount: Rs. 1.5 Cr
- Margin : Scholarship/assistantship to be included in margin.
- Margin to be brought in on year-on-year basis as and when disbursements are made on a pro-rata basis.
- Processing Fee : Rs. 10,000/- per application.
- Simple Interest will be charged during Course Period + Moratorium Period
- Please check Rate of Interest below
| SBI STUDENT LOAN SCHEME | ||||
|---|---|---|---|---|
| Loan Limit | 3 Year MCLR | Spread | Effective Interest Rate | Rate Type |
| Upto Rs 7.5 Lacs | 7.30% | 2.00% | 9.30% | Fixed |
| Concession | 0.50% concession in interest for girl students | |||
| Above Rs 7.5 Lacs | 7.30% | 2.00% | 9.30% | Fixed |
| Concession | 0.50% concession in interest for girl students | |||
| 0.50% concession for students availing of SBI Rinn Raksha or any other existing policy assigned in favour of our Bank | ||||
| SBI SCHOLAR LOAN SCHEME | |||||
|---|---|---|---|---|---|
| List | 1 month MCLR | Spread | Effective Interest Rate | Rate Type | |
| AA | ROI | 6.70% | 0.20% | 6.85% (with co-borrower) | Fixed |
| ROI | 6.70% | 0.30% | 6.95% (with co-borrower) | Fixed | |
| A | All IIMs & IITs | 6.70% | 0.35% | 7.00% | Fixed |
| Other institutes | 6.70% | 0.50% | 7.15% | Fixed | |
| B | All NITs | 6.70% | 0.50% | 7.15% | Fixed |
| Other institutes | 6.70% | 1.00% | 7.65% | Fixed | |
| C | All NITs | 6.70% | 0.50% | 7.15% | Fixed |
| Other institutes | 6.70% | 1.50% | 8.15% | Fixed | |
| PART-TIME COURSES (Available only at mapped branches for 15 selected Institutions ) | ||||
|---|---|---|---|---|
| Loan Limit | 3 year MCLR | Spread | Effective Interest Rate | Rate Type |
| Upto Rs 7.5 Lacs | 7.30% | 2.00% | 9.30% | Fixed |
| Concession | 0.50% concession in interest for girl students | |||
| SBI SKILL LOAN SCHEME | ||||
|---|---|---|---|---|
| Loan Limit | 3 year MCLR | Spread | Effective Interest Rate | Rate Type |
| Upto Rs 1.5 Lacs | 7.30% | 1.50% | 8.80% | Fixed |
| Concession | No Further Concession | |||
| SBI GLOBAL ED-VANTAGE SCHEME | ||||
|---|---|---|---|---|
| Loan Limit | 3 year MCLR | Spread | Effective Interest Rate | Rate Type |
| Above Rs. 20 lacs & Upto Rs 1.5 Cr | 7.30% | 2.00% | 9.30% | Fixed |
| Concession | 0.50% concession for students availing of SBI Rinn Raksha or any other existing life policy assigned in favour of our Bank | |||
| Further Concession | 0.50% concession for girl students | |||
| SBI TAKEOVER OF COLLATERALISED EDUCATION LOANS SCHEME | ||||
|---|---|---|---|---|
| Loan Limit | 3 year MCLR | Spread | Effective Interest Rate | Rate Type |
| Above Rs 10 lacs & Upto Rs 1.5 Cr | 7.30% | 2.00% | 9.30% | Fixed |
| Concession | 0.50% concession for girl students | |||
Security
- Tangible collateral security
- Collateral security offered by Third Party (other than parents) can also be accepted
For more details their official website or Call SBI’s 24X7 helpline number i.e. 1800 11 2211 (toll-free), 1800 425 3800 (toll-free) or 080-26599990. Toll free numbers are accessible from all landlines and mobile phones in the country.