SBI Global Ed-Vantage – Education loan | Fusion - WeRIndia

SBI Global Ed-Vantage – Education loan

SBI Global Ed-Vantage – Education loan

State Bank of India (SBI), the largest commercial bank in India, offers various loans at an affordable interest rate.

Its Global Ed-Vantage is one such scheme that provides education loans to students pursuing higher education abroad.

Full details of the SBI Global Ed-Vantage scheme are mentioned below:

  • All regular graduate, postgraduate, and doctorate courses offered by foreign universities in the USA, UK, Australia, Canada, Europe, New Zealand, Hong Kong Japan, and Singapore are eligible under the Global Ed-Vantage scheme.
  • Expenses like tuition fees, examination fees, library and lab fees, travel costs, cost of books, and caution deposit are covered under this loan scheme.
  • One can avail of a loan amount between ₹20 lakhs and ₹1.5 crores, up to 80% of the course fees under this scheme. Applicants have to bring in margin money on a year-on-year basis. Scholarships or assistantships can be included in the margin. The bank disabuses the loan amount on a pro-rata basis.
  • The processing fee is ₹ 10,000 plus GST per application.
  • The loan repayment starts after six months of the completion of the course. The maximum repayment period is 15 years.
  • It provides tax benefits under Section 80(E) of the Income Tax Act.
  • SBI charges simple interest during the course and moratorium period.
  • The interest rate varies with the applicant and provision of insurance. It is 8.65% for men without RiNn Raksha insurance and 8.15% with insurance. Female applicants will have a special concession of 0.5% in the interest rate. SBI Life RiNn Raksha is a credit or loan insurance scheme to pay off a loan in the event of a borrower’s death.
  • The loan needs collateral security either by the applicant or a third party (any relative or friend, but not parents).
  • Applicants should submit the following documents along with duly filled in a loan application form: Admission letter or offer letter from the university, all photocopies of required mark sheets, schedule of expenses for the course, Aadhaar and passport of the applicant, bank account statement for the last six months and any other required documents.

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