Interest rate, benefits, features explained

SBI Study Abroad Loan: SBI Global Ed-Vantage is a study abroad loan exclusively for those who wish to take regular full-time courses at foreign colleges and universities. With an increasing trend of students preferring to study abroad to achieve their career goals, SBI is reaching out to them to make this possible with a personalized financing solution.

Courses covered by the SBI Global Ed-Vantage loan program

Regular graduate diploma

· Graduate Diploma

· Diploma

Certificate / doctorate course

Students can take these courses in any discipline of colleges / universities in US, UK, Australia, Canada, Europe, Japan, Singapore, Hong Kong, and New Zealand.

Amount of the loan: Individuals can benefit from this start-up loan ??7.50 lakh up to ??1.50 crore

Interest rate: SBI offers an attractive interest rate of 8.65% with a special reduction of 0.50% for female applicants

Refund

The reimbursement will start 6 months after the end of the course

Reimbursement up to a maximum of 15 years

Expenses covered by the SBI Global Ed-Vantage scheme

Travel expenses / passing money

Tuition fees

Exam / library / laboratory fees

Fees for books / equipment / instruments / uniforms / computers at reasonable cost

Cost of additional requirements like project work / thesis / study trips (not exceeding 20% ​​of total tuition fee)

Other expenses such as bond / construction fund / refundable deposit supported by school invoices / receipts (not exceeding 10% of total tuition fee)

Features and Benefits:

Convenient and fast online application process via SBI website

· Applicants can click “Apply Now”, fill in the required information and submit the application process

Early loan approval: Loan will be sanctioned by I-20 / student visa

Tax exemption under Section 80 (E) of the Income Tax Act

Fees payable to college / school / hostel

Documents required for the application process:

Grade 10 and 12 grade sheet, graduation (if applicable) and entrance examination result

Admission letter / offer letter / university ID card as proof of admission

Schedule of expenses for the course

· Copies of letter conferring scholarship, free ship, etc.

Certificate of deviation, if applicable (student self-declaration for agap in studies)

Passport-size photographs of the student / parent / co-borrower / guarantor (1 copy each)

· Declaration of assets and liabilities of the co-applicant / guarantor (Applicable for the above loans ??7.50 lakes)

For employees:

(a) Last payslip

(b) Form 16 OR latest IT declaration (RTI V)

For others than employees:

(a) Proof of professional address (if applicable)

(b) Latest IT returns (if applicable)

Parent / guardian / guarantor bank account statement for the last six months

Copy of the deed of sale and other documents of ownership of the property with regard to the real estate offered as collateral / Photocopy of the liquid collateral offered as collateral

Student / parent / co-borrower / guarantor permanent account number (PAN)

Aadhaar (compulsory, if eligible under various Indian government interest subsidy programs)

· Passport

Presentation of an officially valid document as proof of identity and address

Passport / Driver’s license / Voter ID card

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