About SBI Global Ed-Vantage
SBI Global Ed-Vantage is an overseas education loan exclusively for those who wish to pursue full time regular courses at foreign colleges and universities. With an upward trend of students preferring foreign education to accomplish their career goals, SBI extends a hand towards themfor making this possible with a customized financing solution.
Courses covered under this loan scheme:
- Regular Graduate Degree
- Post-Graduate Degree
- Diploma
- Certificate / Doctorate Courses
Students can pursue these courses in any discipline from colleges/universities in US, UK, Australia, Canada, Europe, Japan, Singapore, Hong Kong and New Zealand.
Loan amount:
Individuals can avail this loan ofstarting Rs. 7.50 lacs upto Rs. 1.50 crores
Interest Rate:
SBI provides anattractive interest rates of 8.65% with a special 0.50% concession for female applicants
Repayment
- Repayment will commence 6 months after completion of course
- Repayment upto maximum of 15 years
Expenses covered in the SBI Global Ed-Vantage scheme
- Travel expense/passage money
- Tuition fees
- Examination/library/lab fees
- Books/equipment/instruments/uniform/computers’ fees at reasonable cost
- Cost of additional requirements like project work/thesis/study tours (not exceeding 20% of total tuition fees)
- Other expenses like caution deposit/building fund/refundable deposit supported by institution bills/receipts (not exceeding 10% of total tuition fees)
Features and Benefits:
- Convenient and fast online application process through SBI’s website
- Applicants can click on ‘Apply Now’, fill in the required details and submit the application process
- Early loan approval: The loan will be sanctioned before the student’s I-20/visa
- Tax exemption under Section 80(E) of the Income Tax Act
- Fee payable to college/school/hostel
- Margin: Margin to be brought in on year-on-year basis as and when disbursements are made on a pro-rata basis.Scholarship/assistantship to be included in margin
Documents required for the application process:
- Mark sheet of class 10th and 12th, Graduation (if applicable) and Entrance Exam result
- Admission letter/offer letter/id card from the university as proof of admission
- Schedule of expenses for course
- Copies of letter conferring scholarship, free-ship, etc.
- Gap certificate, if applicable (self-declaration from student for gap in studies)
- Passport size photographs of Student / Parent / Co-borrower / Guarantor (1copy each)
- Asset-Liability Statement of Co-applicant / Guarantor (Applicable for loans above Rs 7.50 lacs)
- For Salaried People:
- (a) Latest Salary Slip
- (b) Form 16 OR latest IT Return (ITR V)
- For other than Salaried People:
- (a) Business address proof (if applicable)
- (b) Latest IT Returns (if applicable)
- Bank Account Statement for the last six months of Parent / Guardian/ Guarantor
- Copy of Sale Deed and other documents of title to property in respect of immovable property offered as collateral security / Photocopy of Liquid Security offered as collateral
- Permanent Account Number (PAN) of Student / Parent / Co-borrower / Guarantor
- AADHAAR (mandatory, if eligible under various interest subsidy schemes of GOI)
- Passport
- Submission of Officially Valid Document as proof of identity and address
- Passport/Driving License/ Voter’s ID card
Security
- An applicant can provide tangible collateral security
- Collateral security offered by third party (other than parents) can also be accepted
Website link for further details: https://bank.sbi/web/personal-banking/loans/education-loans/global-ed-vantage-scheme
";
