SBI Education Loan for Study Abroad: Ultimate Guide
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SBI Education Loan for Study Abroad: Ultimate Guide

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Raj
Raj Vimal
Study Abroad Expert
Updated on Jul 10, 2024 11:19 IST

State Bank of India offers education loan to study in India or abroad. Eligible students can apply for the study loan offered by SBI. It is advisable that check the rate of interest, repayment amount and other details before applying for an SBI education loan.

SBI Education Loan

State Bank of India is one of the largest public banks that offer education loans to students who want to pursue higher studies. They have over the years revolutionized the money lending system helping millions of students achieve their dream of traveling overseas for higher education. SBI education loan is famous for slightly lower interest rates and easy payback methods.

Students are required to have good academic records and above all a passion to chase their dreams of studying abroad. Other than this, there are some other eligibility to get SBI student loan. In this blog, we are going to discuss all the information about State Bank of India education loans for studying abroad or India.

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SBI Education Loan for Abroad Studies 

Students looking to study abroad can apply for SBI Global Ed-Vantage – Overseas education Loan which is a part of the SBI Education Loan scheme. Under this loan scheme, eligible students can borrow up to INR 1.5 Crore as the SBI student loan for pursuing higher education abroad. 

SBI Global Ed-Vantage

An education loan initiative introduced by the SBI Education Loan, SBI Global Ed-Vantage is exclusively provided to students opting for full-time regular courses at foreign colleges and universities. Depending upon the course and the Institute of choice, the loan amount varies from INR 7.5 lakhs to INR 1.5 Cr. 

Key Highlights for SBI Global Ed-Vantage Scheme

  • Online Application Process for Quicker Loan Approval
  • Availability of Higher loan amount of INR 7.5 lakhs to INR 1.5 Cr
  • Low Rate of Interest for the benefit of students/ applicants
  • Convenient repayment through EMI for up to 15 years
  • Early approval of loan sanction before i20/Visa
  • Applicants can avail of tax benefits under section 80(E) 

SBI Global Ed-Vantage Scheme Eligibility

Before applying for the SBI Global Ed-Vantage Education Loan, candidates are required to check their eligibility for the same. Below mentioned is a list of norms which applicants are required to fulfil before applying for the SBI Education Loan:

  • The applicant is required to be a citizen of India.
  • The applicant must have attained the age of 18 else his/her parents will have to take the loan on his behalf.
  • The student is required to enrol in a regular Graduate/ Post Graduate/ Doctorate Course in any discipline offered by foreign Institutes/ Universities in the USA, UK, Canada, Australia, Europe, Singapore, Japan, Hong Kong, New Zealand.

For more on eligibility, visit Eligibility Criteria for Education Loan 

Documents Required for SBI Education Loan 

Here is a list of documents that the student applicant/ Co-applicant is required to submit along with their duly filled-in loan application form to get SBI student loan:

 I) Student-applicant:

  • Proof of Identity (any one): Passport/ Driver’s License/ PAN/ Voter ID card
  • Proof of Address/ Residence (any one): Recent copy of the Electricity Bill/Water Bill/ Telephone Bill/  Piped Gas Bill or a copy of Passport/ Driving License/ Aadhaar Card with similar address
  • A valid Passport to be mandatorily submitted
  • Academic Records for:
    • 10th Result
    • 12th Result
  • Graduation Result- Semester-wise (if applicable)
  • Entrance Exam Result through which admission has been secured (e.g. IELTSGMAT, GRETOEFL, etc.)
  • Offer Letter or Admit Letter from the Institution. Conditional admission letter can also be considered has to be provided as proof of admission
  • Submission of Schedule of expenses / Statement of cost of study
  • 2 passport-size photographs
  • If any previous loan from other Lenders/ Banks, then Loan A/C statement for last 1 year 

II) Co-applicant:

  • Proof of Identity (any one): Passport/ Driver’s License/ Voter ID card/ PAN
  • Proof of Residence/ Address (any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or a copy of Passport/ Driving License/ Aadhaar Card with similar address
  • Passport-size photographs
  • If any previous loan from other Banks/Lenders, then Loan A/C statement and details for last 1 year 

III) Income Proof for Salaried Co-applicant/ Guarantor:

  • Salary Certificate or Salary Slip of the last 3 months
  • Copy of IT Returns for the last 2 financial years or Copy of Form 16 for the last 2 years, acknowledged by IT Dept.
  • Bank account statement for the last 6 months (in case of Salary Account) 

IV) Income Proof for Self-employed Co-applicant/ Guarantor:

  • Business address proof (If applicable)
  • IT returns for last 2 years (if Income Tax payee)
  • TDS Certificate (Form 16A, if applicable)
  • Certificate of qualification (for Doctor/ C.A. and other professions)
  • Bank account statement for the last 6 months

Note: All documents should be self-attested.

Also read:

Expenses Covered by SBI Global Ed-Vantage Scheme

Wondering what are the expenses covered under your sanctioned SBI Education Loan amount? Worry no further, read on to know about the expenses that would be taken care off with the loan amount.

  • The tuition fee payable towards college/school/hostel facilities.
  • All expenses paid towards Examination/Library/Laboratory amenities.
  • Travel expenses/passage money required for studies abroad.
  • The purchase of books/equipments/instruments/uniforms/ computer at a reasonable cost, if required for course completion and any other expense required to complete the course– 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.
  • Caution deposit /refundable deposit/ building fund supported by Institution bills/receipts would be considered for a loan on condition the amount does not exceed 10% of the tuition fees for the entire course.  

SBI Global Ed-Vantage Education Loan Amount

Candidates can avail a minimum loan amount of Rs. 7.5 lacs and a maximum loan amount of Rs 1.5 Crores as SBI education loan. They would also be levied a processing fee of Rs 10,000 per application. 

Collateral for SBI Student Loan 

The State Bank of India under their SBI Global Ed-Vantage Scheme will accept the following guarantee (security) against the loan amount:

  • Tangible collateral security
  • Collateral security offered by Third Party (other than parents) would also be considered

To know more about collateral, read Collateral for Education Loan 

SBI Education Loan Interest Rate

The SBI Education Loan interest rate is what the student would be required to pay as of 11 July 2024:

SBI Education loan

 Note:

  • Reset Period: 1 year
  • Concession for students availing SBI Rinn Raksha or any other existing policy assigned in favor of SBI @ 0.50%
  • Further Concession for girl students @ 0.50% 

Moratorium Period

The SBI Education Loan repayment period or the moratorium period would commence 6 months after the completion of the said course. The accrued interest during the moratorium period would be added to the principal amount and repayment can be made in easy EMI options. Repayment can be spread across but not exceeding 15 years.

Learn about Education Loan for Top Countries:

Education Loan for Studying in Canada 

Education Loan to Study in the USA 

Education Loan to Study in the UK 

Education Loan for studying in France 

Repayment Period of SBI Education Loan

The SBI Education Loan repayment period or moratorium period would commence one year after completion of the selected course. Candidates would be required to repay the loan amount spread across a tenure of 15 years from the commencement of the repayment date. In case a second loan has been availed for higher studies later, the applicant would be required to repay the combined loan amount in 15 years after completion of the second course. 

Related reads:

SBI Education Loan FAQs

Q. What is the features of SBI global ed vantage scheme?

A. Here are some key features of SBI global ed vantage loan scheme 

  1. Online application process
  2. Attractive interest rate
  3. You can borrow between INR 7.5 lakhs to INR 1.50 Crores
  4. Repayment through EMI upto 15 years
  5. You can avail tax benefit, under section 80(E).

Q. What is the interest rate of SBI education loan scheme for abroad studies?

A. SBI Education Loan interest rate is 11.15% for students who want to study abroad. This ROI type is floating and it can be changed with repo rate.

About the Author
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Written by
Raj Vimal
Study Abroad Expert

Raj Vimal has experience of 7+ years in SEO Content Writing, which includes 5+ years in the Ed-Tech industry. He has written articles about studying abroad, especially in the USA, UK, and other English-speaking coun... Read Full Bio

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Comments

(20)

46099581
Gaurav Khurana

a year ago

list of the universities which comes under the sbi loan program

Reply to Gaurav Khurana

R

Rahul Singha

11 months ago

Hello Gaurav. I would strongly advise you to get in touch with the concerned people at SBI to know about the updated list of international universities/ courses that are approved by SBI. While SBI has published a list of nationally recognised universities on their official website - no such data is

...more

A

Athulya S

2 years ago

Hi sir is it possible to take a student education loan for 7 lakhs for abroad without collateral in 2022, because when i ask to sbi agent he said that the scheme is not for abroad studies.

Reply to Athulya S

R

Rahul Singha

2 years ago

Hello Athulya. This would entirely depend on the bank you are applying for the loan from. Hence, I would request you to approach multiple banks and decide on the one that suits your interests. you can also try out our education loan tool here: https://studyabroad.shiksha.com/apply-education-loan

m

mukesh sharma

2 years ago

Sir in how many days loan get sanction by banks if we apply for higher education in Abroad ?

Reply to mukesh sharma

R

Rahul Singha

2 years ago

Hello Mukesh. This would entirely depend on the bank you have applied for the education loan from. Once your documentation is done and the formalities are complete the process should not stretch further. You can always get in touch with the bank to know the progress of the amount disbursal.

K

Kamalpreet kaur

2 years ago

Sir I want to do post graduation in nutrition and dietetics...can i get loan?

Reply to Kamalpreet kaur

R

Rahul Singha

2 years ago

Hello Kamalprret. Most banks provide education loans. You should just get in touch with a bank close to you to understand the loan application process. You can also make use of our Education loan tool: https://studyabroad.shiksha.com/apply-education-loan

B

Bhumika Nesargi

2 years ago

Hello. Brother, can I get education loan from sbi bcz Iam pursuing my mbbs in USA sowhich type of education loan I have to apply. Please guide me

Reply to Bhumika Nesargi

R

Rahul Singha

2 years ago

Hello Bhumika. You are required to apply for an Education Loan if you want to use the money for studying. You can get in touch with a bank near you to understand the loan process. You can also use of our education loan tool, here: https://studyabroad.shiksha.com/apply-education-loan