Do you know that thousands of Indian students drop their study abroad plan every year because of lack of funds? In such cases, an SBI study abroad loan can assist you. So, read about it in this blog.
Table of Contents
The SBI study abroad loan is one of the best ways to eliminate the funding issue. Students can take a loan ranging from INR 7.5 Lakhs to INR 1.5 Crore to support their academic journey abroad. Moreover, the maximum repayment period for this loan amount is 15 years.
The SBI education loan interest rate is 11.5%. However, there is a 0.50% concession in interest rate for girl students. Thus, the reason is clear that why SBI education loan is famous. It offers slightly lower interest rates and easy payback methods, gaining vast popularity among Indian students willing to study abroad.
An education loan initiative introduced by the SBI study abroad loan, SBI Global Ed-Vantage is exclusively offered to those students who are willing to take full-time courses in foreign universities and other academic institutes. Depending upon the course and the Institute of choice, the loan amount varies from INR 7.5 Lakhs to INR 1.5 Cr, as discussed above.
The major key highlights of the SBI education loan for abroad (Ed-vantage Scheme) are:
These are some basic SBI education loan details that are necessary for the students to know before they apply for the same. Apart from knowing the details, it is also important to know the eligibility of this loan scheme. Thus, read about the same in the below section.
Before a candidate applies for any scheme, it is important to know the eligibility for the same to know if they meet all the requirements to avail the benefits. Therefore, read below to know about the SBI education loan eligibility and other requirements.
These are the basic SBI education loan eligibility criteria. Apart from that, there are several important documents that you must have to apply for the SBI education loan. Thus, read the next section to know about the same.
Also Read: Best Education Loan in India for Higher Study Aspirants
Before knowing about the SBI education loan documents required, it is important to know that there are several factors that matter. These factors can be the applicant's academic and professional history, the co-applicant's financial and credit profile, and the location of the property or asset, which you offer as collateral. Based on these factors, check the list of documents required for the SBI education loan below.
Income Proof for Self-Employed Co-Applicant
These are the SBI education loan documents required. Make sure that you have all these present and avoid the chances of loan application rejection.
Now after knowing the basic requirements, it is important to know about the interest rate of the SBI education loan. Thus, read the next section for the same.
Suggested Read: HDFC Credila Education Loan
It is discussed above that SBI loans are famous among people because of their comparatively low interest rates. So, the SBI education loan interest rate is 11.5%. However, there is a 0.50% concession in interest rate for girl students. Moreover, it is important to know that the interest rates for the SBI Global Ed-vantage Scheme are floating for the entire loan period, which means they can fluctuate based on the external benchmark rate. Besides, a discount of 0.50% on the interest rate is available for students who take out the SBI RiNn Rakhsha loan insurance policy or any other existing life insurance policy assigned in the bank’s favor. You can also use the SBI education loan calculator to get more information on the same.
Read the below section to know other necessary details about the SBI education loan such as application steps, repayment schedule, and other relevant details.
The SBI study abroad loan works as one of the major support bridges that allow students to reach their dream study abroad destination, crossing the river of lack of funds. So, till now you have read some of the important information about this scheme. Apart from that, in this section, you will read about repayment schedules, steps to apply, and others.
Suggested Read: Bank of Baroda Education Loan
SBI bank offers a moratorium, which allows students to either start paying the loan repayments after a year of their degree completion, or 6 months after their job, which one is earliest. Another necessary thing to know about the SBI study abroad loan is that it allows you to pay more than asked in a month without any prepayment penalty, making it easy for you if you have the availability of huge funds at some time.
Apart from that, SBI bank offers the maximum time for loan repayment of 15 years, allowing you to make 180 monthly payments in total. This time period is after the moratorium period, which means after you make the first installment.
Students get two options to apply for the SBI study abroad loan. These are either online on the SBI Education Loan portal or offline at the SBI branches and Regional Asset Credit Processing Centres throughout India.
Visit the nearest SBI bank branch and get in touch with the respective officials. Complete the loan application and provide your documents in person. Remember to take the documents with you that are mentioned above in this blog.
SBI offers up to INR 50 Lakhs as an SBI education loan without collateral. Here, students can take the loan amount from the bank without adding any property or liabilities. This is a great step to remove the financial burden on the students and their families.
Key Features of SBI Education Loan Without Collateral:
These were the necessary SBI education details. So, you can easily apply for this loan and also get the benefit of the SBI education loan without collateral. Moreover, read below to know about the universities that are covered under this scheme.
Also Read: How to Get an Education Loan for Abroad Studies?
The SBI education loan scheme covers almost 98 overseas universities. To get the entire list, you can visit their official site and check the names of all the colleges. However, here is the SBI education loan abroad university list of the top 10 most popular and expensive institutes.
Check the complete SBI education loan abroad university list on the bank’s official website and see if your dream college falls under this.
Save More and Pay Lower Interest Rates
Claim Now!This was all about the SBI study abroad loan. Here, you get to know the basic details about what this scheme is and how you can benefit of the same. Moreover, the steps to apply, basic repayment information, and universities accepting it are also discussed above. Thus, check if you meet the eligibility, have all the required documents, and apply for the loan to enjoy your overseas education without financial burden. However, if you are facing any issues or are looking for expert guidance, then reach out to our study abroad consultants and make the process smoother and easier.
There are several rules for the SBI education loan. It includes repayment rules, borrow amount rules, collateral rules, and many more.
Talking about the SBI education loan, the bank takes not more than 15 working days to approve the application.
Yes, you can potentially get an education loan of up to ₹50 Lakhs from SBI. However, this amount is possible for only selected institutes, especially in India.
For loans up to Rs. 4 lakh, no margin is required. For loans above Rs. 4 lakh, a 5% margin is required for studies in India, while 15% is required for studies abroad.
Students can apply for the SBI study abroad loan by two methods, online through the SBI Global Ed-vantage Scheme portal and offline by visiting the nearest branch.
We are available in :
BangaloreAhmedabadJaipurHyderabadKeralaPuneChandigarhMumbaiGurgaonChennaiKolkataTrivandrumNoidaKochiCalicutKottayamKollamThrissurIndoreUdaipurdisclaimer:logos and other registered trademarks of universities used on this platform are held by their respective owners. Gradding does not claim ownership or association on them, and their use is purely for informational and illustrative purposes.
