The zeal to pursue desired education must not go vain, especially due to various financial situations. In order to seek quality education, one is bound to pay the fee demanded by the institution but oftentimes candidates are unable to do so due to lack of funds. In such cases, education loans act as a knight in the shining armour. One such prestigious loan is the SBI Education Loan. Available with various alternatives, the education loan by SBI covers ample of other attributes than just the tuition fee. If you are exploring some education loans, read through this blog some exclusive ones offered by the SBI.
This Blog Includes:
Before we hop on to our journey of SBI Education Loans, let us take a quick glance at the popular schemes by SBI their interest rate and maximum amount-
|Schemes||Maximum Loan Amount||Applicable Interest Rate|
|SBI Global Ed-Vantage Scheme||INR 1.5 Crore||9.55%|
|SBI Student Loan Scheme||INR 20 Lakh||9.55%|
|SBI Student Scholar Scheme||INR 40 Lakh||7.45% to 8.75%|
|SBI Take Over Education Loan||INR 1.5 Crore||9.55%|
Global Ed-Vantage Scheme
This scheme by SBI is one of the famous education loans for abroad studies which you can avail. It covers courses like Regular Graduate, Post Graduate, Doctorate Courses in the field of candidates’ choice. The countries available under this scheme are- UK, USA, Europe, Canada, Australia, Japan, Hong Kong, Singapore, and New Zealand. The loan amount ranges from INR 20 Lakh to 1.5 Crore. This valuable SBI Education loan will cover your cost for tuition fee, hostel fee, library fee, travel expenses, etc.
Student Loan Scheme
The applicants who have successfully secured admission in any university or college in India or abroad can avail this SBI education loan. The applicants can avail financial assistance up to INR 20 Lakh. Applicants have a handful of 15 years after 12 months of holiday period* of their course in which they have to return the amount.
*The 12 month repayment holiday period is leverage given to an applicant for finding a suitable source of income.
Scholar Loan Scheme
India is home to a variety of premier institutions like IITs, IIMs, NITs etc. SBI gives an opportunity to the students of securing admission in the above-mentioned institutions through their support maximum of INR 40 Lakh. The loan is flexible for programs like full-time Regular Degree, Diploma courses as well as full-time Executive Management courses like PGPX and other PG courses. The SBI education will include the fee to be paid to college, hostel, Library, travel expenses etc.
SBI Education Loan Essential Documents
All the applicants who wish to avail the SBI Education Loan have to present a few documents. Mentioned below are the important documents required for education loan:
Student or Applicant
The students who will be applying for the loan will have to present-
- Identify Proof
- Address Proof
- Admission letter from the university or college as a proof of admission
- Academic Transcripts (10th,12th, Entrance Examination etc.)
- Passport Sized Photograph
- Statement of the loan account for 1 year (If the loan is taken from any other lender)
Co-Applicant or Parent
The guardian or a co-applicant along with the candidate has to submit the following:
- Identity Proof
- A valid proof for the address
- Passport Size Photographs
- 1 year’s statement of a loan account, only if the loan is taken from another party
How Leverage Edu can help you with Student Loan
Being a leading Ed-tech in the market, we understand the diverse circumstances which students are likely to go through. Thus, we are ready to help the students in seeking education loans. Through our exclusive tie-up with the leading names in the banking sector like ICICI, Axis, HDFC Credential, Avanse Financial Services, Auxilo Finserve Pvt Ltd. etc we will help you secure the education loan at low-interest rates. Our experts are here to negotiate the best interest rates in the market for you!
These were all the essential information on SBI education loan. If you aspire to study abroad and facing hindrance due to financial difficulties then Leverage Edu can help you with that. Get in touch with our experts and make your dream career a reality!