The State Bank of India (SBI) has announced a special education loan scheme for meritorious students who are pursuing higher education abroad. The scheme, called the “SBI Global Ed-vantage Loan,” offers a number of benefits to students, including a lower interest rate, longer repayment tenure, and no collateral requirement up to Rs. 15 lakh.
Eligibility Criteria
To be eligible for the SBI Global Ed-vantage Loan, students must meet the following criteria:
- They must be Indian nationals (including NRIs).
- They must have secured admission to a foreign university/institution that is recognized by the UGC/AICTE/AIBMS/ICMR/other relevant authorities.
- They must have a good academic record.
- They must have a co-signer who is an Indian citizen with a good credit history.
Loan Amount
The maximum loan amount under the SBI Global Ed-vantage Loan scheme is Rs. 1 crore. However, the actual loan amount will be determined based on the student’s needs and financial situation.
Interest Rate
The interest rate on the SBI Global Ed-vantage Loan is 8.40% p.a., which is lower than the interest rates offered on other education loans by SBI.
Repayment Tenure
The repayment tenure for the SBI Global Ed-vantage Loan is up to 15 years. However, the student can start repaying the loan after the completion of the course and a moratorium period of up to 6 months.
No collateral is required for education loans up to Rs. 15 lakh under the SBI Global Ed-vantage Loan scheme. However, collateral may be required for loans above Rs. 15 lakh.
How to Apply
To apply for the SBI Global Ed-vantage Loan, students can contact their nearest SBI branch or visit the SBI website.
Documents Required
The following documents are required to apply for the SBI Global Ed-vantage Loan:
- Completed application form
- Proof of identity (PAN card, passport, driver’s license, or voter ID card)
- Proof of residence (Aadhaar card, ration card, or utility bill)
- Admission letter from the foreign university/institution
- Fee structure of the course
- Academic transcripts
- Passport-size photographs
- Proof of income of the co-signer
Processing Time
The processing time for the SBI Global Ed-vantage Loan is typically 7 to 10 working days.
Benefits of the SBI Global Ed-vantage Loan
The SBI Global Ed-vantage Loan offers a number of benefits to students, including:
- Lower interest rate
- Longer repayment tenure
- No collateral requirement up to Rs. 15 lakh
- Flexible repayment options
- Easy online application process
If you are a meritorious student who is planning to pursue higher education abroad, the SBI Global Ed-vantage Loan is a great option for you. It offers a number of benefits that can help you finance your education and achieve your career goals.