SBI Education Loan for Study Abroad

However, studying abroad can be expensive, and many students find it difficult to fund their education. That’s where SBI education loan for study abroad comes in. In this blog post, we will explore everything you need to know about the SBI education loan for studying abroad.

What is an SBI Education Loan?

SBI Education Loan is a loan provided by the State Bank of India to students who want to pursue their education overseas. The loan is designed to cover the expenses related to tuition fees, living expenses, travel expenses, and other related expenses incurred during the course of study. The loan is provided to students who have secured admission in a recognized university or college abroad.

Types of SBI Education Loan for Study Abroad

SBI offers different types of education loans for studying abroad. These loans are designed to meet the specific needs of different students. Here are the different types of SBI education loans for study abroad:

1. SBI Global Ed-Vantage Scheme

SBI Global Ed-Vantage Scheme is a loan provided to students who have secured admission in a recognized university or college in the US, UK, Canada, Australia, Europe, Singapore, Japan, Hong Kong, and New Zealand. The loan covers tuition fees, living expenses, and other related expenses.

2. SBI Student Loan Scheme

SBI Student Loan Scheme is a loan provided to students who have secured admission in a recognized university or college in India or abroad. The loan covers tuition fees, living expenses, and other related expenses.

3. SBI Scholar Loan Scheme

SBI Scholar Loan Scheme is a loan provided to students who have secured admission in a recognized university or college in India or abroad. The loan covers tuition fees, living expenses, and other related expenses. This loan is available to students pursuing post-graduate and doctoral courses in India or abroad.

Eligibility Criteria for SBI Education Loan for Study Abroad

To be eligible for an SBI education loan for studying abroad, students need to meet the following criteria:

1. The student must be an Indian citizen.
2. The student must have secured admission in a recognized university or college in India or abroad.
3. The student must have a good academic record.
4. The student must have a co-applicant who is a parent, spouse, or sibling.
5. The co-applicant must have a regular source of income.
6. The student must have a valid passport.

Documents Required for SBI Education Loan for Study Abroad

Students need to submit the following documents to apply for an SBI education loan for studying abroad:

1. Admission letter from the university or college.
2. Passport.
3. Academic records.
4. Income proof of the co-applicant.
5. Collateral documents (if required).
6. KYC documents.
7. Bank statements.
8. Income tax returns.

Interest Rates for SBI Education Loan for Study Abroad

The interest rates for SBI education loans for studying abroad vary depending on the loan scheme and the amount of loan. The interest rates for the different loan schemes are as follows:

1. SBI Global Ed-Vantage Scheme – The interest rates for this scheme range from 9.95% to 10.45%.
2. SBI Student Loan Scheme – The interest rates for this scheme range from 9.50% to 10.25%.
3. SBI Scholar Loan Scheme – The interest rates for this scheme range from 9.05% to 10.05%.

Repayment of SBI Education Loan for Study Abroad

The repayment of the SBI education loan for studying abroad begins after the completion of the course. The repayment period for the loan is usually between 5 to 15 years, depending on the loan amount and the scheme chosen. Students can choose to repay the loan in equated monthly installments (EMIs) or through other modes such as post-dated cheques or electronic clearance system (ECS).

Benefits of SBI Education Loan for Study Abroad

Here are some of the benefits of the SBI education loan for studying abroad:

1. Wide coverage – The loan covers a wide range of expenses, including tuition fees, living expenses, travel expenses, and other related expenses.
2. Competitive interest rates – The interest rates offered by SBI are competitive compared to other banks and financial institutions.
3. Flexible repayment options – Students can choose from a range of repayment options to suit their financial situation.
4. Easy application process – The application process for the SBI education loan for studying abroad is simple and easy.
5. Collateral-free loans – Under certain conditions, students can avail collateral-free loans for amounts up to Rs. 7.5 lakhs.

Conclusion

Studying abroad is a dream for many students, but the high cost of education can be a barrier. The SBI education loan for studying abroad is an excellent option for students who need financial assistance to pursue their education overseas. With competitive interest rates, flexible repayment options, and wide coverage of expenses, the SBI education loan for studying abroad can make your dream of studying abroad a reality. If you meet the eligibility criteria and have the necessary documents, don’t hesitate to apply for an SBI education loan for studying abroad today.