SBI Global EdVantage Education Loan Scheme for Abroad Study

Studying abroad is one of the ways that every student can acquire the best academic experiences. However, the rising costs of international education, coupled with inflation, can make this dream seem out of reach for many. The SBI Global EdVantage Education Loan Scheme, offered by the State Bank of India (SBI), provides a reliable and affordable solution to finance overseas studies.

Through this blog, we’ll go deeper into the SBI Global ed-vantage education loan programme, its key features, covered expenses, repayment terms, and application process of this scheme, helping you take confident steps toward your global education goals.

What is the SBI Global EdVantage Education Loan Scheme?

The SBI Global EdVantage Education Loan Scheme is a specialized loan program designed to support individuals pursuing full-time regular courses at foreign colleges and universities. As India’s largest public sector bank, SBI offers this scheme to make international education accessible with competitive interest rates and flexible terms.

The SBI Global EdVantage education loan scheme caters to a wide range of academic programs across countries like the USA, UK, Canada, Australia, Singapore, Japan, Hong Kong, New Zealand, and select European nations. Here are the key highlights of the Scheme:

• Loan Amount: Ranges from INR 20 lakh to INR 1.5 crore, with no upper limit if project costs exceed this, provided adequate collateral is pledged.
• Coverage: Finances up to 80% of course expenses, with a 20% margin that includes scholarships.
• Eligible Countries: USA, UK, Canada, Australia, Singapore, Japan, Hong Kong, New Zealand, and European countries like Germany, France, and Spain.
• Eligible Courses: Regular graduate, postgraduate, doctorate, diploma, and certificate courses in disciplines such as science, technology, management, and medicine.
• Collateral-Free Option: Up to INR 50 lakh for select premier institutions, making it accessible for more applicants.

This scheme stands out for its borrower-friendly features, ensuring financial support for those aiming to study at top global institutions.

Also Read: What Are the Types of Education Loan for Indian Students?

Features of SBI Global EdVantage Education Loan Programme

The SBI Global EdVantage education loan scheme is packed with features that make it an attractive option for financing international education. From competitive interest rates to flexible repayment options, it is designed to ease the financial burden while supporting academic aspirations. Here are some of the main features of the SBI Global Edvantage education programme:

1. Processing Fee: ₹10,000 + GST per application, non-refundable.
2. Interest Rate: Floating rate starting at 10.75% p.a., with a 0.50% discount for female applicants and an additional 0.50% discount for those opting for SBI Rinn Raksha insurance.
3. Collateral Requirement: Loans above ₹7.5 lakh require tangible collateral security; collateral-free loans up to ₹50 lakh for select premier institutions.
4. Disbursement: Tuition fees are paid directly to the institution, while living expenses are credited to an SBI Forex Card or overseas account.
5. Moratorium Period: Course duration plus 6 months, during which only simple interest is charged.
6. Repayment Tenure: Up to 15 years post-moratorium, offering flexibility in managing repayments.
7. Tax Benefits: Interest paid qualifies for deductions under Section 80E of the Income Tax Act for up to 8 years (under the old tax regime).

These features ensure affordability and accessibility, making the scheme a preferred choice for funding overseas education.

Expenses Covered by the SBI Global EdVantage Education Loan Scheme

Now that you know how the SBI Global EdVantage Program can help you in many ways. However, understanding the expenses covered by the SBI Global EdVantage education loan scheme is crucial for effective financial planning. This scheme comprehensively supports various costs associated with studying abroad, ensuring you can focus on your education without worrying about expenses.

Let’s look at all of the expenditures that are covered by this programme.

1. Tuition fees for the course.
2. Accommodation costs, including hostel or housing fees.
3. Examination, library, and laboratory fees.
4. Travel expenses, including one-way airfare to the study destination.
5. Purchase of books, equipment, instruments, uniforms, and computers (up to 20% of tuition fees).
6. Other course-related expenses, such as study tours, project work, or thesis (up to 20% of tuition fees).
7. Refundable deposits, such as caution or building funds (up to 10% of tuition fees).
8. Insurance premium for SBI Rinn Raksha loan insurance, if opted for.

This extensive coverage ensures that most essential expenses are addressed, allowing you to plan your finances effectively.

Loan Repayment Under the SBI Global EdVantage Education Advantage Programme

Repaying an education loan is a significant consideration, and the SBI Global EdVantage education loan scheme offers flexible terms to ease this education loan process. The repayment structure is designed to provide breathing space while ensuring manageable monthly installments. Here are the repayment details:

• Moratorium Period: Begins after course completion and extends for 6 months, during which only simple interest is charged.
• Repayment Tenure: Up to 15 years post-moratorium, allowing for affordable equated monthly installments (EMIs).
• Interest During Moratorium: Accrued simple interest is added to the principal amount to calculate EMIs.
• Prepayment: No penalties for paying more than the EMI or clearing the loan early.
• Interest Subsidy Schemes: Eligible applicants can benefit from schemes like Dr. Ambedkar Interest Subsidy for OBCs/EBCs or Padho Pardesh for minority communities.

These terms provide flexibility, enabling you to focus on career-building post-studies without immediate financial pressure.

Also Read: SBI PO Exam Date 2025: Schedule, Application & Selection Guide

Procedure for Applying for a Global Ed-Vantage:

Applying for the SBI Global EdVantage Education Loan Scheme is a straightforward process, whether done online or offline. Preparing the necessary documents and understanding the steps can streamline your application and improve approval chances. Here is the application process:

1. Online Application:
   • Visit the SBI Education Loan portal.
   • Verify your phone number or provide existing SBI account details.
   • Authorize the bank to contact you and select the Global EdVantage Scheme.
   • Complete the application and submit digital copies of the required documents.
2. Offline Application:
   • Visit an SBI branch or Regional Asset Credit Processing Centre (RACPC).
   • Submit the loan application form with physical copies of documents.
3. Document Verification: SBI officials will review your application and contact you for further processing.
4. Loan Sanction: Upon approval, a sanction letter detailing terms, interest rate, and repayment tenure is issued (typically within 14–20 days).

Required Documents

The following documents are necessary to apply for the SBI Global EdVantage programme:

1. An admissions letter from the college you applied to.
2. A completed loan application.
3. Passport size photograph-2
4. Pan card of the applicant and the co-applicant
5. Photograph ID proof issued by the government such as Driving License, Passport, Voter’s Identity, Aadhaar Card, etc.
6. Residence proof (Driving License, electricity bill, water bill, passport).
7. A cost statement for the course.
8. Bank account statement for the previous six months for the borrower or student.
9. Bank statement for the previous six months for the borrower or student.
10. IT assessment order/IT returns statement of the co-borrower.

The best part of the SBI global ed-vantage education loan programme is that it will enable the person to benefit from an exemption from taxation under Section 80(E) of the Income Tax Act.

The SBI Global EdVantage Education Loan Scheme is a robust financial tool that empowers you to pursue international education without financial constraints. With competitive interest rates, comprehensive expense coverage, and flexible repayment options, it supports your academic journey at top global institutions.

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