| Interest Rate | Grace Period | Margin Money |
| 9.65% – 10.15% | Course Period + 6 Months | 10% |
Table of Contents:
- Types of Education Loans in SBI
- SBI Global Ed Vantage Scheme
- Documents Required for SBI Education Loan for Abroad Studies
- Expenses Covered by SBI Education Loan for Abroad Studies
- SBI Education Loan for Abroad Studies Interest Rate
- Frequently Asked Questions
If you have decided to study abroad, managing your funds and expenses is the biggest concern for the students and their families. Securing a study abroad loan is one of the best ways to manage your journey abroad. State Bank of India (SBI) is India’s largest public sector bank. With its wide range of education loans, SBI offers financial support to students.
Types of Education Loans in SBI
SBI offers different education loans to meet the needs of students pursuing international education. Here are some of the top loans available:
- SBI Student Loan Scheme
- SBI Scholar Loan Scheme
- SBI Skill Loan Scheme
- SBI Global Ed-Vantage Scheme
- SBI Shaurya Education Loan
- SBI Takeover of Education Loan Scheme
SBI Global Ed Vantage Scheme
Students planning to study abroad can take a loan from SBI through their SBI Global Ed-Vantage loan scheme, designed for international students. Students can get loans from INR 20 lakhs to INR 1.5 crore, depending on their course. The key highlights of SBI education loan for abroad studies are:
| Particulars | Details |
| Loan Amount |
|
| Repayment | Through EMI, upto 15 years |
| Tax Benefit | Under section 80 (E) |
| Eligible Courses |
|
| Countries | USA, UK, Canada, Australia, Europe, Singapore, Japan, Hong Kong and New Zealand |
| Processing Fee | INR 10,000 |
| Security |
|
Documents Required for SBI Education Loan for Abroad Studies
The student and the co-applicant require Various documents for the SBI Global Ed-Vantage loan scheme. All documents should be self-attested. The documents required are as follows:
Student
- Identity Proof – PAN / Passport / Driver’s License / Voter ID Card (any one)
- Address Proof – Recent copy of Telephone Bill / Electricity Bill / Water Bill / Piped Gas Bill or Copy of Passport / Driving License / Aadhaar Card
- Academic Records – 10th and 12th Result, Graduation Result (Semester wise – if applicable), Entrance Exam Result (GRE, GMAT, TOEFL, etc.)
- Offer Letter or Admission Letter (Conditional admission letter may be considered)
- Statement of Cost of Study / Schedule of Expenses
- Passport Size Photographs – 2
- Loan Statement for Last 1 Year (if taken any previous loan)
Co-Applicant
- Identity Proof – PAN / Passport / Driver’s License / Voter ID Card (any one)
- Address Proof – Recent copy of Telephone Bill / Electricity Bill / Water Bill / Piped Gas Bill or Copy of Passport / Driving License / Aadhaar Card
- Passport Size Photographs – 2
- Loan Statement for Last 1 Year (if taken any previous loan)
Income Proof for Salaried Co-applicant / Guarantor
- Salary Slip or Salary Certificate of Last 3 Months
- Copy of Form 16 of Last 2 Years OR
- Copy of IT Returns for Last 2 Financial Years (must be acknowledged by IT Dept)
- Bank Account Statement for Last 6 Months (of Salary Account)
Income Proof for Self-Employed Co-applicant / Guarantor
- Business Address Proof (if applicable)
- IT Returns for the Last 2 Years (only if IT payee)
- TDS Certificate (Form 16A, if applicable)
- Qualification Certificate (for CA / Doctor and other professionals)
- Bank Account Statement for the Last 6 Months
Expenses Covered by SBI Education Loan for Abroad Studies
SBI Global Ed-Vantage loan scheme covers various expenses for international students. The eligible expenses are as follows:
- Tuition fee for College / School / Hostel
- Examination / Library / Laboratory fee
- Travel expenses / Passage money
- Caution deposit/building fund / Refundable deposit (should not exceed 10% of tuition fees for the entire course)
- Purchase of books/equipment/instruments/uniforms/computer and other course-related expenses like study tours, projects, or theses, limited to 20% of the total tuition fees
SBI Education Loan for Abroad Studies Interest Rate
Checking your interest rate during the time of loan disbursement is important as the interest rate will determine the total cost of the loan. Here’s what SBI abroad education loan interest rates are:
| Particulars | Details |
| With Collateral (Above INR 7.50 lakh to INR 3 crore) | 10.15% |
| Takeover above INR 10.00 lakh (with collateral) | 10.15% |
| For Select Institutions | |
| Without Collateral (Above INR 7.50 lakh to INR 50 Lakh) | 10.15% |
| With Collateral (Above INR 7.50 lakh to INR 3 crore) | 9.65% |
Frequently Asked Questions
What is SBI’s RiNn Raksha for study abroad?
SBI’s RiNn Raksha is a group credit life insurance plan for borrowers. The insurance ensures that the outstanding loan would be paid off without burdening the family in case of the borrower’s death.
How to reduce the interest rate for SBI education loans for abroad studies?
Take advantage of SBI’s 0.5% discount for female students, start repayment during the moratorium period, and maintain a good profile. These are some ways to reduce the interest rate for SBI education loans for abroad studies.
Are the interest rates fixed for SBI education loans for abroad studies?
Interest rates are not fixed for the entire duration and will be floating for the entire loan period. SBI interest rates for study abroad start from 9.65% to 10.15%.
Can I get a no-collateral loan from SBI for my studies abroad?
SBI offers collateral and no-collateral loans to students for their studies abroad. For a no-collateral loan, the student is not required to pledge any asset for the loan.
What are the tax benefits of SBI education loans abroad?
SBI offers tax benefits of section 80(E) to the students. Section 80(E) provides a deduction on interest paid on the education loan with no maximum limit.
