The State Bank of India (SBI), one of the largest public sector banks, offers loans to students pursuing education abroad, enabling millions to achieve their dreams of higher education overseas. The SBI Global Ed-Vantage scheme is designed to support students in their academic endeavours abroad. Students can check their eligibility for the load and apply for the same by visiting the official website.
Eligible Courses - Studies Abroad
SBI Global Ed-Vantage covers a wide range of courses offered by foreign institutes and universities in countries including the USA, UK, Canada, Australia, Singapore, Japan, Hong Kong, New Zealand, and Europe (Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland).
Eligible courses include:
Regular Graduate Degrees
Post-Graduate Degrees
Diplomas
Certificate
Doctorate Courses
Eligible Expenses
The scheme supports various expenses required for course completion, such as:
Fees payable to college/school/hostel
Examination, library, and laboratory fees
Travel expenses for studies abroad
Purchase of books, equipment, instruments, uniforms, and computers
Study tours, project work, thesis, and other related expenses (capped at 20% of total tuition fees)
Caution deposit/building fund/refundable deposit (not exceeding 10% of tuition fees)
Premium of 'RiNn Rakhsha' insurance
Key Features
Loan amount: From Rs. 7.50 lakh up to Rs 1.5 crore
Interest Rate: 11.15% (floating), with a 0.50% concession for students availing SBI Rinn Raksha or any other life policy assigned to the bank, and an additional 0.50% concession for female students
Processing fee: Rs 10,000 per application
Repayment: Through EMI for up to 15 years
Application Process: Faster online application process
Early Approval: Loan sanction before i20/Visa
Tax Benefit: Under section 80(E)
With significant loan amounts and flexible repayment options, the SBI Global Ed-Vantage scheme aims to ease the financial burden of students aspiring to study abroad.