About SBI
State Bank of India (SBI) a Fortune 500 company, is an Indian Multinational, Public Sector Banking and Financial services statutory body headquartered in Mumbai. The rich heritage and legacy of over 200 years, accredits SBI as the most trusted Bank by Indians through generations.
SBI, the largest Indian Bank with 1/4th market share, serves over 48 crore customers through its vast network of over 22,405 branches, 65,627 ATMs/ADWMs, 76,089 BC outlets. It has spread its presence globally and operates across time zones through 235 offices in 29 foreign countries. With such a global presence, SBI understands the importance of global education and its role in forming future leaders.
In its endeavour for development of the nation along with development of Human capital, State Bank of India extends financial assistance to deserving meritorious students for pursuing higher education abroad too through its unique products Global Ed-vantage scheme and Shaurya Education Loan scheme.
State Bank of India (SBI)
Why choose State Bank of India (SBI)?
Key Features of SBI Loan Global Ed-Vantage scheme
SBI Global Ed-Vantage is an overseas education loan exclusively for those who wish to pursue full-time regular courses at foreign colleges/universities with the following features:
- Faster: Online application process
- Lighter: Attractive interest rate
- Higher: Loan amount Upto Rs. 1.50 Crore
- Early Approval: loan sanction prior to i20/Visa
Key Features of Shaurya Education Loan scheme
The Scheme seeks to extend financial assistance to deserving and meritorious spouse and wards of Defence, Indian Coast Guard & Central Armed Police Forces Personnel for pursuing higher education abroad with the following features:
- Hassle Free processing of your Education Loan
- Quick sanctions
- 6 months grace period provided to create mortgage of property offered as security with Bank.
- Loan Amount: Maximum Rs. 1.50 Cr
- Lowest margin requirements: 5% for loans above Rs 4 lakhs
- Early Approval: loan sanction prior to i20/Visa
Other benefits of availing Education Loans through SBI:
- Easier : Repayment through EMI up to 15 years
- Benefits under section 80 (E) of Income Tax
- Simple Interest is charged during Course Period + Moratorium Period
- Freedom of choice for paying or not paying interest during the course and moratorium period
- Extra Savings: Takeover of an existing education loan from other financial institutions permitted.
- Stress-free repayment due to a competitive rate of interest
- Interest rebates:
- 0.5% for girl students
- 0.5% concession for students availing of SBI Rinn Raksha or any other existing policy assigned in favour of the Bank
If you would like to apply for an SBI Education loan through IDP, please reach out to your IDP counsellor who will take you through the process.
Expenses covered:
Fee payable to college/school/hostel (including Boarding & Lodging).
Examination/ Library/ Laboratory fee.
Travel expenses/ passage money for studies abroad.
Purchase of books/ equipment/ instruments/ uniforms/ computer
Expenses study tours, project work, thesis, etc.
Caution deposit, Building fund/ refundable deposit.
Tax collection at Source (TCS) on remittances under Liberalized Remittance Scheme (LRS).
Contingency expenses upto 5% to meet unforeseen requirement of Student-borrower.
Premium of Edu-Shield/ ‘RiNn Rakhsha’ to cover the loan exposure.
Document checklist:
Education loan application form.
Identity proof: PAN/ Passport/ Driver’s License/ Voter ID card or government-issued identification document.
Address proof: recent copy of telephone bill/ electricity bill/water bill/ piped gas bill/ Driving License/ Aadhaar card.
Passport
Past academic record:
10th standard mark sheet
12th standard mark sheet
Undergraduate result (semester-wise)
Post graduate result (semester-wise)
Entrance exam results (e.g., GMAT, GRE, TOEFL, etc.)
Proof of admission
2 passport-size photographs.
Bank account statement of the student (if applicable), the co-borrower/guarantor, for the last 6 months
Loan A/C statement of one year (if applicable)
Legal documents of the collateral/ property documents.
Income proof for salaried co-borrower/guarantor:
Salary slips for the last 3 months.
Copy of Form 16 of the last 2 years or copy.
Bank account statement for the last 6 months (Salary account).
Brief statement of assets & liabilities of co-borrower.
Income proof for self-employed co-borrower/guarantor:
Business address proof.
Last 2 years IT returns (If applicable).
TDS certificate (Form 16A, if applicable).
Certificate of qualification (for C.A./ doctor and other professionals).
Brief statement of assets & liabilities of co-borrower