Education Idol

For many students, pursuing higher education overseas is a dream come true since it provides opportunities for both academic success and cross-cultural exposure. But paying for an overseas education can be a difficult undertaking. Fortunately, lenders such as the State Bank of India (SBI) offer customized education loans designed to assist students who are studying abroad.

The State Bank of India (SBI), which was founded in 1955, is the biggest public sector bank in India in terms of assets, deposits, branches, clients, and staff members. For qualified students who want to study abroad or in India, the bank provides education loans.

The State Bank of India (SBI) stands as a cornerstone in the financial landscape of our nation, serving as one of the largest and most influential public money lending institutions. Its profound impact on the lives of aspiring students pursuing higher education abroad cannot be overstated. Through its education loan for abroad studies, SBI has played a pivotal role in transforming the dreams of countless students into reality.

One of the key reasons for the widespread popularity of SBI’s Education Loan For Abroad Studies is its commitment to streamlining the financial assistance process for students. The introduction of a faster online application process has significantly reduced the bureaucratic hurdles traditionally associated with obtaining loans. This not only saves time but also aligns with the digital era, catering to the tech-savvy needs of the current generation.

Another compelling feature that sets SBI education loan for abroad studies apart is its provision of lower interest rates. By offering competitive interest rates, the bank has made higher education more financially feasible for students from diverse economic backgrounds. This commitment to affordability ensures that education remains an accessible pursuit for those with the passion and potential, regardless of their financial circumstances.

Moreover, the State Bank of India has implemented lucrative payback methods, recognizing the diverse financial journeys that students may face post-graduation. The flexibility in repayment options acknowledges the uncertainties that come with starting a career and provides a safety net for borrowers, fostering a supportive environment for their financial well-being.

SBI Global Ed-Vantage Scheme – Education Loan For Abroad Studies

SBI Global Ed-Vantage, education loan for abroad studies launched by SBI, is only available to students who choose to enroll in full-time regular courses at international colleges and universities. The loan amount ranges from Rs. 20 Lakhs to Rs.1.5 crore, depending on the course and the college of choice.

Key Features of Education Loan For Abroad Studies from State Bank of India

Eligibility Criteria for SBI Global Ed-Vantage Education Loan For Abroad Studies

Before submitting an application, candidates must verify their eligibility for the SBI Global Ed-Vantage Education Loan For Abroad Studies. The following is a list of requirements that applicants must meet in order to apply for an SBI Education Loan For Abroad Studies:

• Citizenship Requirement: The applicant must be an Indian citizen.
• Age Criteria: The applicant should be at least 18 years old; otherwise, parents have to take the loan on their behalf.
• Academic Enrollment: The student must be enrolled in a regular Graduate/ Post Graduate/ Doctorate Course in any discipline. The course should be offered by foreign Institutes/ Universities situated in the USA, UK, Canada, Australia, Europe, Singapore, Japan, Hong Kong, and New Zealand.

Expenses covered under your SBI Global Ed-Vantage education loan for abroad studies

• Tuition fee payable towards college/school/hostel facilities.
• Examination/Library/Laboratory fees.
• Travel expenses required for studies abroad.
• Cost of books and equipment– like study tours, project work, thesis, etc. would be considered for a loan, subject to the condition that these should be capped at 20% of the total tuition fees payable for completion of the course.

Rinn Raksha Insurance

The State Bank of India (SBI) provides an insurance programme called Rinn Raksha to customers who have taken out education loan for abroad studies. In the unfortunate event that the borrower passes away before the loan’s repayment period is up, the borrower’s family is protected by this insurance plan.

SBI provides education loan borrowers with two options for insurance coverage under the “Rinn Raksha” scheme: Group Credit Life Insurance (GCLI) and Term Life Insurance (TLI). In the event of the borrower’s death, the GCLI offers coverage against the remaining loan balance, whereas the TLI offers coverage against the entire amount guaranteed.

Terms and Conditions for SBI Education Loans For Abroad Studies

Before applying or selecting the SBI bank, it is important to double-check the terms and conditions of the SBI education loan for abroad studies. The candidate can visit the SBI website to view the terms and conditions in greater detail.

• Education loan for abroad studies from the State Bank of India will only be approved if they are used to support worthy students who want to pursue higher education overseas.
• The overseas education loan is only available for the courses specified in the loan plan.
• There aren’t any prerequisites to be eligible for the loan.
• The only students who can apply for the SBI education loan for abroad studies are those who have been accepted into accredited international universities.

Documents required for SBI Education Loans For Abroad Studies

The application form and supporting documentation for the student and co-borrower must be submitted together under the SBI Global Ed-Vantage education loan for abroad studies. The documents required are –

• Admission Letter from the University
• Expenses list for course
• KYC document – Passport, Aadhar Card, Two passport-size photographs
• Academic records – Markslist from 10th class to highest education
• Entrance exam results (e.g. GMAT, IELTS, TOEFL, etc.)
• Collateral documents – Copy of Sale deed and other property-related documents/ Photocopy of Liquid Security offered as collateral

For Candidates with work experience

• Salary slips
• Form-16 (IT Returns)

For other than a Salaried Person

• Address Proof
• Latest IT Returns

For Co-borrowers

• KYC documents – PAN Card
• Bank Statements

Studying abroad is an enriching experience that comes with its own set of challenges, especially financial ones. SBI’s education loan for abroad studies emerges as a reliable and supportive financial solution, easing the burden for students and their families. By understanding the features, eligibility criteria, and application process, aspiring scholars can confidently explore global academic opportunities, turning their dreams into reality with the backing of SBI’s financial assistance. For a seamless education loan for abroad studies from SBI, you can connect with GyanDhan, a platform that helps students in India to finance their education abroad.