SBI Education Loan for Abroad
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SBI offers the Global Ed-Vantage scheme for students studying abroad, providing loans from ₹7.50 lakhs up to ₹1.5 Cr (with some sources indicating up to ₹3 Cr) for full-time courses at recognized foreign universities. It features competitive interest rates (around 10.75% p.a.), collateral security requirements, and a repayment tenure of up to 15 years after the moratorium period.
Key Details for SBI Abroad Education Loans:
- Loan Amount & Coverage: Up to 80% of expenses (or maximum ₹1.5 Cr) are covered. The margin is 20%, which includes scholarships.
- Eligible Courses: Regular, full-time courses (graduation/post-graduation) in USA, UK, Canada, Australia, Europe, etc..
- Interest Rate & Repayment: Interest rates are competitive. Simple interest is charged during the study and moratorium period (course duration + 6 months). Repayment spans up to 15 years.
- Collateral & Processing: A processing fee of ₹5,000 is charged for loans above ₹4 lakhs. Tangible collateral is required.
- Application Process: Students can apply online through the SBI website.
Required Documents:
- Proof of Admission (Offer letter)
- Loan Application Form
- Mark sheets of 10th, 12th, and graduation
- Schedule of expenses
- Co-borrower documents (Income proof/IT returns)
The loan can be sanctioned before securing a visa.
