All you need to know about the SBI Global Ed-vantage overseas education loan

Are your ambitions of studying overseas hindered by a lack of funds? Despite the raging pandemic, education loans have been surging, with banking and non-banking lenders having dispersed around Rs 47,217 crores till 18th June 2021, as per RBI’s sectoral credit deployment report for June 2021, with a marked increase of about 3.1 percent in loan disbursal in this space between March-June 2021. 

Don't let the paucity of funds come in the way of your dream of a great education, because there is no better investment you can make in yourself than learning! And with SBI Global Ed-Vantage overseas education loan, you can make the most of this opportunity. 

SBI Global Ed-Vantage

Exclusively designed for those who wish to pursue any full-time regular courses, which include regular graduate and post-graduate degrees, diplomas, doctoral and certificate courses at foreign universities in countries like the US, UK, Australia, Canada, Europe, Japan, Singapore, Hong Kong, and New Zealand, the loan offers you customized financing solutions to give flight to your dreams! 

You can avail of this loan, starting at Rs 7.50 lacs and ranging up to Rs 1.5 crores at an attractive interest rate of 8.65 percent, with a special concession of 0.50 percent for females. You can start the loan repayment process 6 months after the course completion, with a maximum repayment tenure of 15 years. The loan comprehensively covers the following expenses: 

Travel expenses
Tuition fees
Examination/Library/lab fees
Books/equipment/instruments/uniform/computers’ fees
Cost of additional requirements like project work/thesis/study tours provided it does not exceed 20 percent of the total tuition fees.
Miscellaneous expenses like deposit/building fund/refundable deposit supported by institution bills/receipts. However, this should not exceed 10% of total tuition fees

What’s more, apart from tax exemptions under Section 80(E) of the Income Tax Act and speedy loan approval, before student visa sanctioning, margins will also be introduced on an yearly, pro-rata basis, with the option of providing tangible security as collateral, which can, in this case, also be offered by a third party other than the parents. You can easily apply for a loan via the SBI website. 

What documents do you need?
Here’s an exhaustive list of documents you’ll require: 

• Mark sheet of Class 10, 12. Graduation (if necessary) and results of the entrance exam.  

• Proof of admission, namely Admission letter/offer letter/id card from the university

• Expenditure schedule for the course duration

• Copies of letter conferring scholarship, free-ship, etc.
• Self declaratory Gap certificate, if applicable 
• One copy each of passport size photographs of Student / Parent / Co-borrower / Guarantor
• For loans over Rs 7.50 lacs, and Asset-Liability Statement of Co-applicant / Guarantor will be required.

• Last 6 months record of bank account statement of the Parent / Guardian/ Guarantor
• Copy of Sale Deed and other documents of title in case you offer immovable property as collateral security. 
• Permanent Account Number (PAN) of the Student / Parent / Co-borrower / Guarantor
• AADHAAR, Passport and proof of identity and address, if any.