SA_Scholarships & Loans

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 rate for girl students. This ROI type is floating and it can be changed with repo rate.

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).