Global Ed-vantage Scheme by SBI
State Bank of India is one of the most trusted banks in India and offers various kinds of education loans. SBI is now offering an early approval facility for its Global Ed-Vantage scheme. The national bank took to twitter and tweeted details related to its education scheme. Exclusively for those who aspire to pursue full-time regular courses at foreign colleges or universities, SBI’s Global Ed-Vantage loan is an overseas education scheme. For more information regarding the same, one can visit SBI’s official website sbi.co.in. Under the scheme, one can avail a minimum loan of Rs. 20 lakh and a maximum of Rs. 1.5 crore.
About the scheme
Here is all you need to know about SBI’s Global Ed-Vantage loan:
Eligibility: Candidates pursuing regular graduate, Post Graduate or Doctorate Courses in any discipline offered by foreign Institutes/ Universities in USA, UK, Canada, Australia, Europe, Singapore, Japan, Hong Kong and New Zealand are eligible to apply for the loan.
Quantum of Finance:
- Minimum Loan Amount: Rs. 20 Lacs.
- Maximum Loan Amount: Rs. 1.5 Crore.
- Margin: A margin is an amount you need to pay from your own funds, while the rest is paid by the bank.
- Scholarship/assistantship to be included in margin.
- Margin to be brought in on a year-on-year basis as and when disbursements are made on a pro-rata basis.
- Processing fee: One has a processing fee of Rs. 10,000 per application.
- Rate of interest: During course period plus the moratorium period, a simple interest rate will be charged.
- Letter of admission
- Completely filled in Loan Application Form
- Two passport size photographs
- PAN Card of the student and Parent/ Guardian
- Aadhaar Card of the student and parent/ Guardian
- Proof of identity (driving license/passport/any photo identity)
- Residence proof (driving license/passport/electricity bill/Telephone bill)
- Statement of cost of study
- Co-borrower, student, 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
If required for course completion and any other expense required completing the course– like study tours, project work, thesis, etc, Instruments, equipment, purchase of books, uniforms, computer at reasonable cost can be considered for loan subject to the condition that these should be capped at 20% of the total tuition fees payable for completion of the course.
For a loan which does not exceed 10% of the tuition fees for the entire course, the deposit that can be refundable supported by Institution bills, building fund, Caution deposit, receipts the amount considered
A premium of ‘RiNn Rakhsha’ (IRDA License No: UIN: 111N078V01): Finance for ‘RiNn Rakhsha’ will improve insurance-coverage of the loan