SBI Global-Ed Vantage Scheme for Overseas Education

Updated on Jun 28, 2020

Overview

Over the past couple of years, there has been a drastic increase in education loans in the country. The citizens are spending a large amount of money for the education of their children. Given that, the Government of India is doing the best it can to provide all the necessary financial help to the people in need. The State Bank of India offers interesting and different loans for the same. SBI is famous for providing reasonable loans all over India.

The State Bank of India introduced the newest Scheme for an education loan, which is named as the SBI Global Ed-Vantage Scheme. The students looking to pursue higher education overseas are allowed to apply for this Scheme at any SBI branch. The Scheme covers courses such as Science, Mathematics, Technology, Medicine and Management from chosen institutions in countries like Australia, Canada, Japan, Europe, Hong Kong, USA and Singapore. 

Under this Scheme, the total amount for the loan will be INR 20 lakhs to INR 1.5 crores which will finance almost 80% of the full charge of the course. This Scheme provides 0.5% allowance to the female students. The students will be provided with six months allowance after the completion of the course for the repayment of the loan amount.

Courses Covered under SBI Global-Ed Vantage Scheme

Under this Scheme any standard Diploma/ Graduate Degree/ Certificate/ Graduate Degree/ Doctorate Degree in any branch offered by the Universities or Institutions in UK, Australia, USA, Canada, Hong Kong, Germany, Ireland, France, Japan and Europe( Poland, Russia, Sweden, Spain, United Kingdom, Norway, Switzerland, Italy, Greece, Estonia, Austria, Czech Republic, Ireland, Netherlands etc.) For pursuing higher studies in one of the mentioned countries, the individual will go through the formal process and will be chosen only after that.

Eligibility for the Student

  • The student must be a citizen of India.
  • The student holds admission in an university abroad.

Features of the Scheme

  • For applying, the processing fees is INR 10,000 for the SBI Global Ed-Vantage Scheme.
  • The total amount provided under the loan can be around INR 20 lakhs to INR 1.5 crore.
  • The loans provided under the Scheme are secure, it is equal to the loan amount which needs to be given to the bank.
  • The total fees will be paid to the university or institution directly by the bank on behalf of the individual who applied for this Scheme.
  • The SBI Foreign Travel Card will give the living expenses of abroad.
  • Under this Scheme, 80% of the costs will be paid, and the individuals with the scholarship will get the rest 20% as well.
  • At present, the interest rate is 10.75% for the SBI Global Ed-Vantage scheme.
  • The regular interest shall be charged for the moratorium period and throughout the courses.
  • The applicants having Life Insurance Scheme of SBI will be given an allowance of 0.5%.
  • The female applicants will be provided with 0.5% allowance.

Expenses Covered 

Under the SBI Global Ed-Vantage Scheme is especially for those students who want to pursue full-time courses at the universities or institutions abroad.

  • The online application process is faster.
  • The interest rates are fairly attractive.
  • The loan amount can go up to INR 1.50 Crores.
  • The repayment is made easier via EMI for up to 15 years.
  • The loan gets early approval.
  • The individual will receive benefits for tax under section 80E.
  • Payable fees for the hostel or school or college.
  • Fees for Library/ Examination/ Laboratory.
  • Expenses for traveling and studying abroad.
  • Travel expenses/passage money for studies abroad.
  • For buying books/ uniforms/ instruments/ equipment/ computer at sensible prices.
  • Extra payment for the study tours, thesis, project work etc.
  • Building fund or security deposit or refundable amount funded by Institutions and the receipts or bills measured for the loan must not go beyond the limit of 10% for the tuition fees for the whole course.
  • The processing fees of INR 10,000 for the application.

Documents Required

  • The admission or appointment letter from the applied educational institute.
  • A filled application form for the loan.
  • Two photos ( Passport Size)
  • Copy of the PAN Card or the PAN Number.
  • Copy of Identity Proof such as Driving Licence, Aadhar Card, Passport etc.
  • Residence Proof
  • An official statement is showing the full cost of the course.
  • Bank account statement of the student or the parents.
  • IT returns an assessment/ statement of the parents or the co-borrower.
  • Income proof of the parents or co-borrower.

Repayment of the Loan

Under this Scheme, the person will be provided with six months of relaxation after the completion of the course. The repayment will start after that, and it will be paid as EMIs- Equated Monthly Installments. The regular interest will be charged throughout the course and the moratorium period. The moratorium time will last for 15 years from the date of completion of the study.

Application Procedure

Step 1: Visit the Official Website.

Step 2: Click on the Apply Now Button.

Step 3: Choose between the two options of ‘Study Abroad’ or ‘Study in India’

Step 4: Fill the SBI Global Ed-Vantage Application Form

Official Website for SBI Global-Ed Vantage Scheme

You can visit the official website to learn more about this scheme.

Frequently Asked Questions

Q. What is the SBI Global-Ed Vantage Scheme?

The SBI Global Ed-Vantage Scheme is a scheme for the students looking to pursue higher education overseas are allowed to apply for this Scheme at any SBI branch. The Scheme covers courses such as Science, Mathematics, Technology, Medicine and Management from chosen institutions in countries like Australia, Canada, Japan, Europe, Hong Kong, USA and Singapore. 

Q. What is the total loan amount provided under the Scheme?

The total amount for the loan will be INR 20 lakhs to INR 1.5 crores.

Q. What are the countries allowed under this Scheme?

The Universities or Institutions in UK, Australia, USA, Canada, Hong Kong, Germany, Ireland, France, Japan and Europe( Poland, Russia, Sweden, Spain, United Kingdom, Norway, Switzerland, Italy, Greece, Estonia, Austria, Czech Republic, Ireland, Netherlands etc. are allowed under this Scheme.

Q. What are the courses covered under this Scheme?

Any standard Diploma/ Graduate Degree/ Certificate/ Graduate Degree/ Doctorate Degree in any branch offered by the Universities or Institutions abroad are covered under the Scheme.

Q. What is the eligibility for the students?

The individual must be a citizen of India and holds the confirmation of admission in the specific university or institution.

Q. What is the interest amount?

The interest rate is 10.75% for the SBI Global Ed-Vantage scheme.

Q. What is the repayment method?

The person will be provided with six months of relaxation after the completion of the course. The repayment will start after that, and it will be paid as EMIs- Equated Monthly Installments. The regular interest will be charged throughout the course and the moratorium period. The moratorium time will last for 15 years from the date of completion of the study.


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WRITTEN BYVarsha Verma

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