People are becoming more aware of how education may affect an individual and transform their lives. People are investing more money in their higher education because they think that gaining new skills and upgrading existing ones will always be in demand.
Studying abroad is one of the ways that every student can acquire the best academic experiences. It is without a doubt one of the best strategies to advance your career. Overseas education has become an expensive endeavour and nearly unattainable for those without a solid financial foundation due to the rise in the number of students applying for study abroad programmes and the increase in inflation. In this situation, education loans are a blessing, and in India, public sector banks continue to be the most dependable and affordable lenders for obtaining an education loan.
This Blog Includes:
What is SBI Global EdVantage Education Loan Programme?
State Bank of India (SBI), is the country’s top lender and the largest player in the education loan market. SBI offers a number of creative and intriguing schemes for students looking to enrol in programmes both domestically and internationally. Individual loans from SBI are well renowned for having exceptionally low-interest rates.
The SBI Global Ed-Vantage programme, which offers student loans, was recently launched for students who are aspiring to study abroad. Interested individuals may apply for loans under this programme through SBI. The programme will cover courses in science, technology, education, mathematics, management, and medicine from universities in the United States, United Kingdom, Australia, Canada, Europe, Japan, Singapore, and Hong Kong.
The loan amount under this programme will range from Rs. 20 lakh to Rs. 1.5 crore and be used to cover up to 80% of the course’s cost. Female students will receive a 0.5% discount under the new programme. Students who sign up for this programme will have six months to start repaying their loans when the course is over.
Also Read: Documents Required for Education Loan
Features of SBI Global EdVantage Education Loan Programme
Here are some of the main features of the SBI global edvantage education programme;
- SBI Global Ed-Vantage charges Rs. 10,000 for each application’s processing fee.
- Under this programme, loans ranging from Rs. 20 lakh to Rs. 1.5 crore are available.
- All collateral is used to secure the loans made under this plan. The bank needs to be guaranteed security equal to the lending amount.
- The money will be paid directly to the educational institution where the applicant plans to enrol in classes.
- Expenses for living will be transferred to the SBI Foreign Travel Card.
- With a 20% margin, SBI Global Ed-Vantage will cover up to 80% of the course’s costs. The 20% margin will include scholarships.
- The SBI Global Ed-Vantage programme now has an interest rate of 10.75% p.a.
- During the course and the moratorium period, simple interest will be assessed.
- To encourage candidates to use the SBI Life Insurance programme, a 0.5% discount is offered (SBI Life Rinn Raksha).
- Female applicants are given a 0.5% discount.
Also Read: How to get an education loan for studying abroad.
Costs Covered by the SBI Global Education Advantage Programme
Now that you know how the SBI Global EdVantage Program can help you in many ways, let’s look at all of the expenditures that are covered by this programme.
- Cost of tuition.
- The cost of books and exams.
- Travelling costs, including fare.
- Books, clothing, equipment, and computers all have a price.
- Other costs associated with completing the course, such as study tours, work trips, etc. As long as these costs don’t equal more than 20% of the overall tuition fees, this is allowed.
- Building funds, reimbursable deposits, and caution deposits. The requirement that these costs don’t total more than 10% of the tuition fees applies to this.
Loan Repayment Under the SBI Global EdVantage Education Advantage Programme
The SBI Global Ed-Vantage programme gives the student six months after the course is over to start repaying the loan through Affordable Monthly Monthly instalments (EMIs). Throughout the course and the moratorium period, simple interest will be assessed. After the course has been completed, the moratorium period may extend up to 15 years.
Also Read: Best Education Loan in India
Procedure for Applying for a Global Ed-Vantage:
The following documents are necessary to apply for the SBI Global EdVantage programme:
- Admissions letter from the college you applied for.
- A completed loan application.
- Passport size photograph-2
- Pan card of the applicant and the co-applicant
- Photograph ID proof issued by the government such as Driving License, Passport, Voter’s Identity, Aadhaar Card, etc.
- Residence proof (Driving License, electricity bill, water bill, passport).
- A cost statement for the course.
- Bank account statement for the previous six months for the borrower or student.
- Bank statement for the previous six months for the borrower or student.
- 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.
Ans: SBI Global Ed-Vantage is a loan for international study that is only available to people who want to enrol in full-time, regular courses at foreign institutions and universities. Faster online application processing and a competitive interest rate are just two examples of key characteristics.
Ans: In fact, all costs associated with schooling are covered by loans. But only costs that fall within a specified threshold may receive full coverage.
Ans: A loan sum of up to Rs. 20 Lacs is available to applicants seeking an education loan from the State Bank of India. The SBI Global Edvantage Scheme allows for the use of a greater loan limit for international study.
The process of studying abroad can be difficult or drawn out. A number of people may get concerned about their finances or spending in such a situation. Have you considered studying abroad but are concerned about the cost? Contact FlyFinance to speak with our experts to know more about it.