SA_Scholarships & Loans

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 Lacs to INR 1.50 Crores
4. Repayment through EMI upto 15 years
5. You can avail tax benefit, under section 80 (E).

Here are basic and most popular rules which every student should know, if they are planning to borrow loan.

• Age: Typically between 18–35 years. (Depends on Bank rules)
• Courses/University: Students can get loans only for professional and job-oriented courses at a recognised university in India or abroad.
• Co-Applicant: A co-applicant is mandatory to borrow an education loan.
• Collateral Required: If you are borrowing INR 4 Lakhs, no collateral/security is required. Above this amount, you need to submit collateral (immovable property, fixed deposits, etc.).

Students can avail of a loan of up to INR 4 lacs without collateral. For loans, up to INR 7.5 lacs, parents or guardians are made joint borrowers and a third party guarantee is obtained. For a loan exceeding INR 7.5 lacs property or any other asset is required as collateral.

Generally, banks and NBFCs prefer to give loans for undergraduate and postgraduate courses. Also, the majority of banks prefer to give education loans abroad for pursuing job oriented and professional courses. Note that, if the university you are applying is reputated then you will face less issue while applying for loan.

Yes, a 12th-pass student can get a study loan from a bank or NBFC to study abroad. The only condition is fulfilling the eligibility criteria decided by the banks for offering loans. It can vary for different banks and financial institutions. We have mentioned some general eligibility below:

• Secure admission to a recognised foreign university or institution.
• Have a co-applicant.
• Meet the minimum academic requirements.
• Must have all required documents (Academic and personal).

Here is the list of required documents for the education loan application. It can vary slightly depending on the bank or lender you choose:

• Filled application form
• KYC Documents (Know Your Customer) such as ID proof, residence proof, and more
• Academic Transcripts and Mark Sheets
• Co-applicant/Guarantor Documents such as ID proof, income proof and bank statement.

Well, do not worry! You can recover your password in three easy steps. However, for this, you must have your registered email id and then follow the below mentioned process:

• On the Vidya Lakshmi Portal student login page, click on "Forget Password".
• Mention your registered email id, and portal will send a system generated email to reset your password.
• Follow the instructions and change the password.

Here are some common eligibility crtieria for Vidya Lakshmi Portal registration, set by the banks are:

• Student should be an Indian citizen
• The applicant must have a certificate of 10+2 completion.
• Admission letter from a reputed educational institute is mandatory part of vidyalakshmi education loan eligibility.

Other than this, banks may ask for other eligibility (If required).

Students need to ensure that they are eligible to apply for education loans through the Vidya Laxmi portal. Then applicants need to create a new account and fill up the Common Education Loan Application Form (CELAF) with the required information. There candidates can select the education loan scheme according to their need.

It is really difficult to find a best education loan for abroad studies. There are several factors to select a best one such as interest rate, loan amount, repayment tenure, processing fees, collateral security and more. All you need to do is explore different options of education loans and compare to find that suits your objective.