Everything You Need to Know About SBI Education Loans for Studying Abroad
The State Bank of India (SBI), a major player in the public sector banking realm, extends its hand to students aspiring for international education by offering loans through its SBI Global Ed-Vantage scheme. This initiative has paved the path for countless individuals to pursue their academic aspirations abroad. By catering to a diverse array of educational pursuits, SBI aims to empower students in their quest for higher learning on foreign shores.
The SBI Global Ed-Vantage scheme encompasses a broad spectrum of courses provided by esteemed foreign institutions and universities across various countries such as the USA, UK, Canada, Australia, Singapore, Japan, Hong Kong, New Zealand, and numerous European nations including Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, and Switzerland.
Under this scheme, students can avail loans for an assortment of academic programs including regular graduate degrees, post-graduate degrees, diplomas, certificates, and doctorate courses. This comprehensive coverage ensures that students have financial support for a wide range of educational pursuits abroad.
The SBI Global Ed-Vantage scheme is designed to alleviate the financial burden associated with pursuing education overseas. It extends support for various expenses essential for course completion, including tuition fees, examination fees, library and laboratory fees, travel expenses, purchase of educational materials such as books, equipment, and computers, as well as expenses related to study tours, project work, thesis, and other academic endeavors.
Key features of the scheme include loan amounts ranging from Rs. 7.50 lakh up to Rs. 1.5 crore, with an interest rate of 11.15{e576653dfa42e7ed55958086470380e0158fb4bb779b4a72dd274eee05b9584b} (floating). Additionally, students can benefit from a 0.50{e576653dfa42e7ed55958086470380e0158fb4bb779b4a72dd274eee05b9584b} concession on interest rates by availing SBI Rinn Raksha or any other life policy assigned to the bank, along with an additional 0.50{e576653dfa42e7ed55958086470380e0158fb4bb779b4a72dd274eee05b9584b} concession for female students. The processing fee stands at Rs. 10,000 per application.
Repayment options are flexible, with the provision for Equated Monthly Installments (EMIs) spanning up to 15 years. The application process is streamlined for convenience, offering a faster online application process. Moreover, loans can be sanctioned prior to acquiring the i20/Visa, facilitating early approval for students.
One of the noteworthy advantages of availing the SBI Global Ed-Vantage scheme is the tax benefit it offers under section 80(E), providing further financial relief to students.
With its holistic approach and student-centric features, the SBI Global Ed-Vantage scheme continues to be a beacon of hope for students embarking on their journey of international education.
