In today’s competitive world, every individual is in competition with their counterparts across the world, earlier limited to their own province or country. To ensure their capability, the individual needs world-class quality training, and therefore there is a tremendous increase in the number of students going to foreign nations.
However, the courses are becoming costlier year on year. Truth be told, studying at an overseas university is a dream for the vast majority of the youth and guardians in India and other developing countries. The nation’s biggest bank, State Bank of India (SBI), offers these students wings to their dreams and assists them in combatting the expenses.
SBI has geared up to cater to every kind of customer who comes to them. One of the most important aspects that the applicant for the loan should understand is that SBI Global Ed-Vantage is an education loan facility being provided solely for the individuals who wish to pursue full-time courses in foreign universities, at a bachelors and masters level.
Loan Amount can go up to Rs. 1.5 Crore. The aspirants can go for Regular Graduate/Post Graduate/Doctorate courses, offered by universities in USA, the UK, Canada, Australia, Europe, Singapore, Japan, Hong Kong, and New Zealand, which are qualified for the advance.
Likewise, the qualified advance sum incorporates the fee payable to school/institution including Examination/Library/Laboratory charge.
Insurance for the loan: One can buy a RinN Raksha policy from SBI to protect their loan settlements in case of mishaps, and the premium for the same will be eligible as an expense under the loan. Here is a detailed description of the SBI Global Ed-Vantage Scheme:
- Under the SBI Global Ed-Vantage scheme, you can avail a minimum loan amount of Rs. 20 Lacs and a maximum loan amount of Rs. 1.5 Crore.
- Simple Interest will be charged during the course duration plus the moratorium period. The moratorium period is your course duration plus an additional 6 months.
- Repayment of the loan – you can get time up to 15 years post-completion of your course to repay the SBI loan in EMI.
- SBI accepts third-party collateral, which means someone else apart from you or your kin can provide collateral security, in turn, making it easier for people.
- Application procedure – Faster approval of loan application, low processing fee of only Rs.10,000/- (+GST) and an approval letter before your i20 are some of the benefits of applying online. The entire loan process can be successfully done online with only 2-3 bank visits which are required for submitting documents.
- The co-signer/co-applicant should be your parents/guardian/parents-in-law/spouse.
The following is the list of documents needed for the availability of the loan:
- Letter of admission
- Completely filled in Loan Application Form
- 2 visa size photos
- Permanent Account Number (PAN) of Student / Parent / Co-borrower / Guarantor
- At least one self-attested copy of the Officially Valid Documents (OVD)
- Statement of the expense of study
- Student/Co-borrower/underwriter’s financial balance articulation for most recent a half year
- IT return/IT appraisal request, of most recent 2 years of Parent/Guardian/other co-borrower
- Brief proclamation of advantages and liabilities of Parent/Guardian/other co-borrower
- Proof of salary (for example pay slips/Form 16) of Parent/Guardian/other co-borrower
So, why not give overseas study a chance? Give wings to your dreams with SBI – Global Ed-Vantage and be assured of your studies abroad.
All the best!