Interest rate, benefits, explanation of features

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SBI Education Loan to Study Abroad: SBI Global Ed-Vantage is an overseas education loan exclusively for those wishing to take full-time, regular courses at overseas colleges and universities. With the upward trend in the number of students choosing foreign education to achieve their career goals, SBI lends a hand to make this possible with a tailor-made financial solution.

Courses covered by the SBI Global Ed-Vantage Credit Scheme

Ordinary higher education

Postgraduate studies

· Diploma

· Certificate / Doctorate

Students can take these courses in any discipline at colleges / universities in the US, UK, Australia, Canada, Europe, Japan, Singapore, Hong Kong and New Zealand.

Loan amount: Individuals can take advantage of this loan to start 7.50 lakh to Rs 1.50

Interest rate: SBI provides an attractive interest rate of 8.65% with a special concession of 0.50% for female applicants

Repayment

Repayment will begin 6 months after the completion of the course

Maturity up to 15 years

SBI Global Ed-Vantage Covered Costs

· Travel expenses / travel money

· Cost of education

Exam / Library / Lab Fee

Books / equipment / tools / uniforms / computers at a reasonable price

Cost of additional requirements such as project work / dissertation / study trips (no more than 20% of the total tuition fee)

Other expenses such as a security deposit / building fund / refundable deposit, confirmed by invoices / receipts of the educational institution (no more than 10% of the total tuition fees)

Features and Benefits:

Convenient and fast online application process through the SBI website

· Applicants can click “Apply Now”, fill in the required details and submit the application process.

Early Loan Approval: The loan will be approved prior to the student receiving the I-20 / Visa

Tax exemption under section 80 (E) of the Income Tax Act

College / school / dorm fee

Documents required for filing an application:

Grade 10 and 12 grade score sheet, final exam (if applicable) and entrance exam score

Letter of acceptance / letter of offer / ID from university as proof of admission

Course cost schedule

Copies of the letter of scholarship, free shipping, etc.

Absence certificate, if applicable (student self-declaration of absence)

Passport-sized photographs of the student / parent / co-borrower / guarantor (1 copy each)

Co-applicant / guarantor liability statement (applicable to loans specified above 7.50 varnish)

For people receiving salaries:

(a) Last pay slip

(b) Form 16 OR Latest ITR Report (ITR V)

For persons who do not receive a salary:

(a) Proof of business address (if applicable)

(b) Recent IT Professional Returns (if applicable)

Bank statement for the last six months of the Parent / Guardian / Guarantor

A copy of the purchase agreement and other documents of title to real estate in relation to real estate offered as collateral / Photocopy of liquid security offered as collateral

Standing Account Number (PAN) of student / parent / co-borrower / guarantor

Aadhaar (required if eligible for various Indian government interest subsidy schemes)

· Passport

Presentation of an officially valid document as proof of identity and address

Passport / driver’s license / voter ID

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