Global Ed-vantage loan scheme for overseas education
Global Ed-vantage scheme of State Bank of India (SBI) offers loan of ₹ 20 lakhs INR to ₹ 1.5 Cr INR to study abroad. This overseas education loan is primarily for those who wish to pursue a full-time regular course at a recognised foreign college or University.
Eligible Courses and Countries:
Undergraduate (bachelors), Postgraduate (masters) and Doctoral (PhD) degree programs are eligible. Eligible countries include USA, UK, Canada, Australia, Europe, Singapore, Japan, Hong Kong and New Zealand. Other countries will also be considered based on university rank.
You may apply for loan for following:
Admission Fee, Tuition fee, Hostel Fee/Living Expenses, Examination/Lab/Library fee, Purchase of books, Caution Fee, Purchase of computer, Misc. expenses.
Quantum of Finance:
From Rs. 20 lacs to upto Rs. 1.5 cr
SBI can fund 90% of the eligible expenses. The remaining 10% has to be brought in by you on pro-rata basis.
Scholarships or assistantships can be included in the margin.
Fixed processing fee of ₹ 10,000 is charged per application.
Rate of interest:
Simple Interest will be charged during Course Period + Moratorium Period.
Two types of securities can be accepted.
Immovable property: House or a Flat or Land
Liquid security: Fixed deposit, LIC policy, Bonds, etc.
Third party collaterals (collaterals not belonging to family) are acceptable as well.
Repayment and Moratorium period
Loan can be repaid in upto 15 years.
Repayment holiday or moratorium period is until 6 months after the course
Exact list of documents will be shared with you via email after the online team speaks to you over a call. After which the documents should be submitted at your nearest SBI branch which will be suggested by the online team. Please apply online to start the education loan procedure.