Are you planning to take an education loan? The State Bank of India (SBI) has come up with a new loan scheme for students. Known as the ‘SBI Global Ed-Vantage’ loan, this scheme is aimed exclusively at those who wish to pursue their full-time courses at foreign colleges or universities. SBI said that it has brought this out for those students who prefer foreign education to accomplish their career goals.
In terms of details, this loan covers courses such as regular graduate degree courses, post-graduate degree courses, diploma courses and also certificate/doctorate courses. The bank has also come up with a list of countries to which this loan can be applied for future studies. This includes universities or colleges in the US, UK, Australia, Canada, Europe, Japan, Singapore, Hong Kong and New Zealand.
The education loan amount starts at Rs 7.50 lakh and can go up to 1.50 crore and it also comes with an interest rate of 8.65 per cent with a special concession of 0.50 per cent for female applicants. The loan repayment process can start from six months after the conclusion of the course, the bank’s guidelines said. The repayment period can be further extended to a maximum of 15 years.
Besides that, the loan also takes care of other needs such as travel expenses, tuition fees, exam fees as well as other fees for campus facilities such as labs and libraries. It also includes books, equipment, instruments, uniform and other amenities. Also, the additional costs must include study tours, research work and so on, but it should not exceed 20 per cent of the total tuition fees.
Those who want to apply will have to visit the SBI website and submit the necessary documents there. Then get it approved early before the student’s I-20/visa comes through.
These documents are required for the SBI Global Ed-Vantage Scheme:
- 10th and 12th Marksheet (if applicable) and Entrance Exam result
- Admission letter/offer letter/ID card from the university as proof of admission
- Schedule of expenses for course
- Copies of letter conferring scholarship, free-ship, etc.
- Gap certificate, if applicable (self-declaration from the student for a gap in studies)
- Passport size photographs of Student / Parent / Co-borrower / Guarantor (1 copy each)
- Asset-Liability Statement of Co-applicant / Guarantor (Applicable for loans above Rs 7.50 lakh)
- For Salaried People:
- (a) Latest Salary Slip
- (b) Form 16 OR latest IT Return (ITR V)
- For other than Salaried People:
- (a) Business address proof (if applicable)
- (b) Latest IT Returns (if applicable)
- Bank Account Statement for the last six months of Parent / Guardian/ Guarantor
- Copy of Sale Deed and other documents of title to the property in respect of immovable property offered as collateral security / Photocopy of Liquid Security offered as collateral
- Permanent Account Number (PAN) of Student / Parent / Co-borrower / Guarantor
- AADHAAR (mandatory, if eligible under various interest subsidy schemes of GOI)
- Submission of Officially Valid Document as proof of identity and address can be in the form of a Passport/Driving License/ Voter’s ID card.