The State Bank of India offers several Education Loan Schemes.

There is an Education Loan Scheme offering by this Bank for study in Abroad.

“SBI Global Ed-Vantage Scheme”

Eligible Courses - Studies Abroad
Regular Graduate/ Post Graduate/ Doctorate Courses in any discipline offered by foreign Institutes/ Universities in USA, UK, Canada, Australia, Europe, Singapore, Japan, Hong Kong and New Zealand

Purpose
SBI Global Ed-Vantage is an overseas education loan
Faster: Online application process
Lighter: Attractive interest rate
Higher: Loan amount of Rs. 20 lakhs to Rs. 1.5 Cr
Easier: Repayment through EMI upto 15 years

Eligible Expenses
Fee payable to college/school/hostel.
Examination/Library/Laboratory fee.
Travel expenses/passage money for studies abroad.
Purchase of books/equipments/instruments/uniforms/ computer at reasonable cost
Caution deposit /building fund/refundable deposit
Premium of ‘RiNn Rakhsha’

Quantum Of Finance
Minimum Loan Amount: Rs. 20 Lacs
Maximum Loan Amount: Rs. 1.5 Cr

Margin
Scholarship/assistantship to be included in margin.
Margin to be brought in on year-on-year basis as and when disbursements are made on a pro-rata basis.

Processing Fee:
Rs. 10,000/- per application.

Rate of Interest
Simple Interest will be charged during Course Period + Moratorium Period

Loan Limit Upto Rs. 4 Lacs
1 year MCLR 8.00%
Spread 2.00%
Effective Interest Rate 10.00%
Reset Period 1 year

Security
Tangible collateral security
Collateral security offered by Third Party (other than parents) can also be accepted

Documents Required
Letter of admission
Completely filled in Loan Application Form
2 passport size photographs
PAN Card of the student and Parent/ Guardian
AADHAR Card of the student and parent/ Guardian
Proof of identity (driving license/passport/any photo identity)
Proof of residence (driving license/passport/electricity bill/Telephone bill)
Statement of cost of study
Student/Co-borrower/ guarantor’s bank account statement for last 6 months
IT return/ IT assessment order, of last 2 years of Parent/ Guardian/ other co-borrower
Brief statement of assets & liabilities of Parent/ Guardian/ other co-borrower
Proof of income (i.e. salary slips/ Form 16) Parent/ Guardian/ other co-borrower