All You Need to Know About the SBI Global Ed-Vantage Education Loan
SBI has opened up doors for aspirants who dream of studying abroad but couldn’t due to a lack of funds. With the new education loan announced by the State Bank of India, students are hopeful. This is certainly great news for many especially since the pandemic had already brought many students’ plans to a halt.
YourEduAdvisors, leading abroad education consultants in India, brings you all the updates regarding the loan:
What is SBI Ed-Vantage?
The State Bank of India has launched a student loan by the name “SBI Global Ed-Vantage Loan”. This initiative is for students who plan to pursue foreign studies at international colleges and universities. Since the number of students interested in overseas education keeps rising, this initiative is aimed at providing aspirants with the resources to fulfill their education plans overseas. Students can take loans ranging from Rs. 7.5lacs to 1.5crore. Students can apply for regular graduate degrees, post-graduate degrees, diplomas, and certificate or Ph.D. courses. US, UK, Australia, Canada, Europe, Japan, Singapore, Hong Kong, and New Zealand are the countries covered under this initiative.
Features of the SBI Education Loan:
- The education loan comes with an interest rate of 8.65 percent. Female applicants will receive a concession of 0.50 percent.
- Repayment of the loan will commence six months after the completion of the course.
- The loan repayment can be done over a maximum of 15 years.
- The expenses covered under this loan include travel expenses, tuition fees, hostel fees, exam/library/lab fees, education material cost, educational tours as long as it does not exceed 20 percent of tuition fees.
- Additional expenses like caution deposit, refundable deposit, and such must not exceed 10 percent of total tuition fees for it to be covered under this loan.
- Students can apply for the loan online through the SBI’s website.
- The loan amount will be sanctioned before the I-20/visa.
- The loan is subject to tax exemption under Section 80(E) of the Income Tax Act.
While these are the various features of the SBI Global Ed-Vantage Loan, the following are the list of documents that have to be presented in order to apply for the loan:
- Student’s mark sheet of class 10th and 12th, Graduation (for postgraduate applicants), and Entrance Exam result.
- Copies of letter of scholarship (if applicable).
- Gap certificate (if applicable).
- Proof of admission from the college or university (Admission letter/offer letter/id card).
- Breakup of expenses.
- Passport size photograph.
- Latest Salary Slip, Form 16, or latest IT Return (ITR V) for salaried individuals.
- Bank Account Statement of the last 6 months of Parent/Guardian/Guarantor.
- Asset-Liability Statement for loans above Rs. 7.5 lacs.
- Documents of collateral security (Collateral security by a third party can also be accepted)
- Permanent Account Number (PAN)
- AADHAAR identification is mandatory
- Passport, Passport/Driving License/ Voter’s ID card, and proof of identity and address
If you have also been planning to go to top international institutions but could not due to financial constraints, this is your time to fulfill your dreams.
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