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State Bank of India Education Loan for Study Abroad

State Bank of India (SBI) is one most prominent contender to consider while going for education load to study abroad or for foreign education.

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 Limit3 Year MCLRSpreadEffective Interest RateRate Type
Upto Rs 7.5 Lacs7.30%2.00%9.30%Fixed
Concession0.50% concession in interest for girl students
Above Rs 7.5 Lacs7.30%2.00%9.30%Fixed
Concession0.50% 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
List1 month MCLRSpreadEffective Interest RateRate Type
AAROI6.70%0.20%6.85%
(with co-borrower)
Fixed
ROI6.70%0.30%6.95%
(with co-borrower)
Fixed
AAll IIMs & IITs6.70%0.35%7.00%Fixed
Other institutes6.70%0.50%7.15%Fixed
BAll NITs6.70%0.50%7.15%Fixed
Other institutes6.70%1.00%7.65%Fixed
CAll NITs6.70%0.50%7.15%Fixed
Other institutes6.70%1.50%8.15%Fixed
PART-TIME COURSES
(Available only at mapped branches for 15 selected Institutions )
Loan Limit3 year MCLRSpreadEffective Interest RateRate Type
Upto Rs 7.5 Lacs7.30%2.00%9.30%Fixed
Concession0.50% concession in interest for girl students
SBI SKILL LOAN SCHEME
Loan Limit3 year MCLRSpreadEffective Interest RateRate Type
Upto Rs 1.5 Lacs7.30%1.50%8.80%Fixed
ConcessionNo Further Concession
SBI GLOBAL ED-VANTAGE SCHEME
Loan Limit3 year MCLRSpreadEffective Interest RateRate Type
Above Rs. 20 lacs & Upto Rs 1.5 Cr7.30%2.00%9.30%Fixed
Concession0.50% concession for students availing of SBI Rinn Raksha or any other existing life policy assigned in favour of our Bank
Further Concession0.50% concession for girl students
SBI TAKEOVER OF COLLATERALISED EDUCATION LOANS SCHEME
Loan Limit3 year MCLRSpreadEffective Interest RateRate Type
Above Rs 10 lacs & Upto Rs 1.5 Cr7.30%2.00%9.30%Fixed
Concession0.50% 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.

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