SBI Education Loan for Abroad Studies : Eligibility & Interest Rate
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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.
Also Read:
- Steps to filling an Education Loan Form
- Education Loan Interest Rates
- How to Repay Student Loans Faster?
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.
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SBI Global Ed-Vantage
An education loan initiative introduced by the SBI Education Loan, SBI Global Ed-Vantag,e 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 amounts 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)
Related reads:
- Education Loan vs Self-Funding to Study Abroad
- Public v/s Private Education Loan Providers
- Government Education Loan to Study Abroad
- Vidya Lakshmi Portal
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 the 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. IELTS, GMAT, GRE, TOEFL, etc.)
- Offer Letter or Admit Letter from the Institution. A conditional admission letter can also be considered has to be provided as proof of admission
- Submission of the Schedule of expenses / Statement of cost of study
- 2 passport-size photographs
- If any previous loan from other Lenders/ Banks, then the 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 the expenses are 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/equipment/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 its 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 2025
The SBI Education Loan interest rate is what the student would be required to pay as of 11 July 2024:
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.
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.
Learn about Education Loan for Top Countries:
SBI Education Loan interest rate is 11.15% for students who want to study abroad or in India. There is 0.50% concession in interest for girl students. This ROI type is floating and it can be changed with repo rate.
Here are some tips to reduce the interest rates of SBI education loan:
- Applicant should be a girl student.
- Profile of applicant should be strong (Good academic records, Got admission in top universities in the world & More)
- Cibil report of Co-applicant is good.
There are some other ways that you can use for reducing the interest amount.
Yes! You can easily borrow INR 20 Lacs as a study loan from the State Bank of India (SBI). A student can borrow any amount between INR 7.5 Lacs and INR 1.5 crores under the SBI education loan scheme.
If you secure admission to a reputed university or a high-demand course, there is a high chance that you will be eligible for a higher loan amount.
After applying to Hertfordshire University UK, the applicants are going to receive an initial decision about their application within 2-3 working days. After the submission of the application and documents, the applicants are required to pay their tuition deposit. Then, complete the Sponsorship interview and the financial declaration. International students are required to pay a deposit of £5,000 before registration. The balance can be paid in line with the liability dates related to the year and entry of the semester.
The application process at the University of Manchester may vary depending on the course and level of study. However, here is the application process for UG and PG courses:
The Undergraduate Application Process:
Step 1: You can apply through the UCAS common application portal.
Step 2: Go to the website and select the course you are interested in.
Step 3: Ensure you meet the Entry requirements (Academic qualifications, English proficiency, etc.
Step 4: Once you decide on the course, submit documents such as SOP, Transcripts and personal statements.
Check out: tips to improve your SOP.
Step 5: You can track the application's progress through your given credentials by UCAS.
Step 6: Once the applicant submits the application to UCAS, it forwards to the University, and the admission teams carefully analyse the application document.
Step 7: The university will send you an offer letter once selected. Hence keep checking your UCAS portal for your application status.
The Postgraduate application process:
Step 1: Select the postgraduate course you are interested in from the University of Manchester.\
Step 2: Ensure you meet the entry requirements for the chosen program, as they vary depending on the course.
Step 3: Complete the online application by providing your personal information.
Step 4: Upload the required documents, such as Academic transcripts and proof of English language proficiency ( TOEFL/ IELTS). experience in your fields and references (depending on the course). You also may require Two LORs depending on the course.
To make your admission better, check out the following: How Admission Officers Evaluate your application.
Step 5: If your application is successful, you will receive an offer from the University of Manchester.
The Bournemouth University ranks highly as part of UK-wide rankings given by a number of notable ranking platforms. Shiksha ranks it #59 as part of its the latest popularity rankings. An unofficial source ranks BU, #105 as part of its National University Rankings for 2025, while another major college/university ranking platform ranks it #56 as part of its UK University Rankings 2025.
Some of its streams are also ranked by Shiksha, as given below:
| Stream | Shiksha Popularity Ranking |
|---|---|
| Engineering | #85 |
| Business & Management | #85 |
| Mass Communication | #27 |
| Nursing | #31 |
| Arts | #50 |
| Law | #65 |
| Science | #72 |
| Accounting | #90 |
The English language test score required at the Univerisyt of South Wales are mentioned in the table below for the international applicants whose first language is not English
Exam | Minimum Scores |
|---|---|
IELTS | 6.0 with at least 5.5 in each band |
TOEFL | 72 overall and a minimum of 18 in reading, 17 in listening, 20 in speaking and 17 in writing |
PTE | a score of 59 overall and 59 in each component. |
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)
2 years ago
R
a year ago
R
3 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
3 years ago
R
3 years ago
K
3 years ago
R
3 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
3 years ago
R
3 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
Here are some key features of SBI global ed vantage loan scheme