SBI Education Loan for Abroad 2024

SBI Education Loan for Abroad 2024 – The State Bank of India, popularly known as SBI is one of the top education loan providers in India. With the support of Vidyalakshmi SBI education loans abroad, students can support their dreams of higher studies in foreign countries. SBI bank grants loans to students who secure admissions from several recognized universities worldwide.

This Story also Contains

1. Why Prefer SBI Vidya Lakshmi Abroad Education Loan?
2. Types of SBI Abroad Education Loan
3. 1. SBI Student Loan Scheme
4. SBI Global Ed Vantage Scheme
5. Subsidy on Education Loan SBI for Abroad Studies
6. EMI Calculator for Education Loan SBI
7. Education Loan SBI Terms and Conditions

SBI Bank is one of the education loan providers in India. There are two schemes under the Vidyalakshmi SBI abroad education loans, one is the SBI Student Loan Scheme and the other is the SBI Global Ed vantage scheme. Each loan type varies in terms of Loan amount, Courses covered, Repayment period, Rate of Interest, Documents required, and Concession (if applicable). Read the article to know more details about State Bank of India student loans for abroad.

Why Prefer SBI Vidya Lakshmi Abroad Education Loan?

The following reasons showcase the main features of State Bank of India student loan and list why the SBI bank is mostly preferred.

• One of the top education loan providers in India.

• Lower SBI education loan interest rate for abroad.

• Higher education loan amounts are valued at up to 1.5 crores.

• Repayment up to 15 years.

• Faster online application process.

• Easy SBI abroad study loan approval process.

Types of SBI Abroad Education Loan

There are 2 types of State Bank of India student loan abroad available. These loans are given under the name of "Vidyalaxmi" So, the SBI Vidya Laxmi loans are as follows.

1. SBI Student Loan Scheme
2. SBI Global Ed-Vantage Scheme

Key Comparison between SBI student loan for Abroad

1. SBI Student Loan Scheme

Indian students who secured admission to foreign universities can apply for this scheme of SBI foreign education loan. Under this Vidyalaxmi education loan of SBI, the maximum loan amount available is 7.5 lakhs.

SBI education loan eligibility for study abroad

Candidates need to fulfil the following eligibility criteria under the student loan scheme in SBI online student loan. The following details of citizenship, courses, university details, etc. are covered under the SBI student loan for abroad eligibility -

Citizenship

• The candidate must be an Indian Citizen.
• Must have obtained admission to any of the foreign-recognized universities/institutions. There is no particular SBI education loan abroad university list, almost every foreign-recognised university is eligible.

Eligible Courses

• Job-oriented professional degree/diploma/technical degree courses like MCA, MBA, MS from any reputed universities.
• Courses conducted by CIMA (Chartered Institute of Management Accountants) – London, and CPA (Certified Public Accountant) in the USA.

Rate of Interest

The SBI study loan interest for abroad under the student loan scheme is 11.15%. However, the candidates must know that the interest rate given is a floating type. It means the rate of interest can move up or down depending on the market’s economic and financial conditions. A special concession of 0.5% in the interest rate is given to the SBI student loan scheme.

Vidya Lakshmi SBI Education Loan for Abroad without Collateral

This loan scheme can be referred to as the SBI education loan for abroad without security. Here the parent or guardian of the student needs to be the co-borrower of the abroad education loan.

Margin for the Vidya Lakshmi SBI Student Loan Scheme

Not all banks give 100% education loan, a certain percentage of the amount in the education loan has to be paid from the pockets of the borrower. For the Student’s scheme SBI abroad education loan the margin amount is considered as follows.

• For loans up to 4 lakhs - The margin (amount to be paid by the borrower) is NIL

• For loans above 4 lakhs - 15% margin

What Are the Required Documents for Loan Application?

Under the student’s scheme, SBI abroad education loan documents related to the student and co-borrower are to be submitted along with the application form. The list of required documents for the SBI bank education loan is as follows -

• Admission Acceptance Letter from the University

• Proof of admission from the university

• Schedule of expenses for course

• Scholarship selection letters(if any)

• Passport, Aadhar Card

• Two passport-size photographs

• Markslist from 10th class to the highest education

For Candidates with work experience

• Latest salary slips

• Form-16 (IT Returns)

For other than a Salaried Person

• Business Address Proof (If applicable)

• Latest IT Returns (If applicable)

For Co-borrowers

• PAN Card

• Bank Statements

Expenses Covered by Vidya Lakshmi SBI Student Loan Scheme

While studying abroad, there will be many expenses besides university fees. Here the expenses covered by the SBI abroad education loan can vary depending on the loan. Student can check the expenses covered under the particular loan and confirm whether they meet their requirements. The expenses which are covered under the abroad education loan are mentioned below.

• Tuition fees and hostel fees

• Examination/ Library/Laboratory fees

• Caution deposit/ refundable deposit

• Travel or transportation expenses

• Purchase of computer, laptop, books, uniform, instruments, etc

• The cost of a two-wheeler up to Rs. 50,000/-

• Other expenses for study tours, projects, etc.

Repayment for the SBI Student loan scheme

The repayment for this SBI abroad education loan will be started after one year from the course completion. The loan can be repaid within fifteen (15) years from the date of repayment. In case the candidate takes a second loan, then the repayment will start after the completion of the second course.

SBI Global Ed Vantage Scheme

The global Ed vantage is a type of SBI abroad education loan that provides overseas education loans to students to study in foreign universities/colleges. This scheme supports students who require high loan amounts of up to 1.5 crores for education abroad.

SBI Education Loan for Abroad Eligibility - Global Ed Vantage

Candidates need to fulfil the following eligibility criteria under the global education scheme in State Bank of India abroad education loan. The eligibility is as follows -

• Citizenship - The candidate must be an Indian

• Must have obtained admission to any of the foreign-recognized universities/ institutions

• Eligible Courses - Graduate Degrees/Post-Graduate Degrees/Diploma courses/Certification courses/Doctorate courses

• Eligible Country - The university applied by the student must be from the below countries. Other than these countries, still few proposals can be accepted based on merit and case-to-case basis.

Eligible Countries List for SBI Global Ed Vantage Scheme

SBI Global Ed Vantage Scheme Loan Amount

The loan amount provided under the Global ed scheme of SBI abroad education loan is as follows -

• The minimum loan amount available is 7.5 lakhs

• The maximum loan amount available is 1.5 crores

As the loan amount for this abroad education loan is higher, a processing fee of 10,000 is charged by the bank.

Rate of Interest

SBI education loan interest rate for abroad under the Global Ed Vantage loan is 11.15%. However, the candidates must know that the education loan rate of SBI is floating type. It means the rate of interest can move up or down depending on the market’s economic and financial conditions.

Special Concession in Interest Rate

Under the Global SBI ed scheme, there are some special concessions available as follows -

• For female students - 0.5% concession on Interest rates.
• For students availing of SBI Rinn Raksha or any other policy of SBI bank - 0.5% concession on Interest rates.

Security

If the candidate is applying for a State Bank of India abroad education loan above 7.5 lacs, the parent or guardian must be the co-borrower and the candidate must show tangible or third-party collateral security for the SBI education loan abroad. Here tangible collateral security for the SBI abroad education loan refers to real estate assets like houses, flats, and other vehicle assets. Similarly, the third-party collateral security for the SBI study abroad loan refers to the property of any person other than the borrower.

Margin Details

For the Global ed scheme of the SBI abroad education loan the margin amount is 10% of the whole education loan. The margin amount can be paid to the bank on a year-to-year basis when the disbursement is made to the college. Scholarships/Assistantships can also be included in margin money calculations of the SBI study abroad loan.

What Are the Required Documents for Loan Application?

Under the Global ed scheme of SBI abroad education loan, the documents related to the student and co-borrower are to be submitted along with the application form. The documents required are -

• Admission Acceptance Letter from the University

• Proof of admission from the university

• Schedule of expenses for course

• Scholarship selection letters(if any)

• Passport, Aadhar Card

• Two passport-size photographs

• Markslist from 10th class to highest education

• Copy of Sale deed and other property-related documents/ Photocopy of Liquid Security offered as collateral

For Candidates with work experience

• Latest salary slips (If applicable)

• Form-16 (IT Returns) (If applicable)

For other than a Salaried Person

• Business Address Proof (If applicable)

• Latest IT Returns (If applicable)

For Co-borrowers

• PAN Card

• Bank Statements

Expenses covered under the Scheme

Student can check the expenses covered under the particular loan and confirm whether they meet their requirements. The expenses covered under the Global ed scheme of the SBI abroad education loan are mentioned below.

• Tuition fees and hostel fees

• Examination/ Library/Laboratory fees

• Caution deposit/ refundable deposit supported by the institution

• Travel or transportation expenses

• Purchase of computer, laptop, books, uniform, instruments, etc.

• Other expenses for study tours, projects, thesis, etc.

Repayment Period

The repayment for this SBI abroad education loan will be started six months after the course completion. The loan can be repaid within fifteen (15) years.

Subsidy on Education Loan SBI for Abroad Studies

Under the government schemes named "Dr. Babasaheb Ambedkar Scheme of Interest" and "Padho Pradesh Scheme of Interest Subsidy", the candidates can gain subsidy while applying for the SBI education loan for abroad. These schemes are designed for backward cast students and minority students who are willing to study abroad. Candidates who are eligible under this scheme will gain a subsidy on the interest rates on their new SBI education loan abroad.

SBI foreign education loan process

The process for the SBI education loan for abroad can be done online. So to apply for the SBI online education loan, the candidates can follow the below process.

• Check for the suitable scheme in the SBI abroad loans.
• Collect all the required documents as mentioned.
• Candidates can apply online for the loan through the www.vidyalakshmi.co.in portal.
• Upload the necessary documentation.
• Within a few days the candidates will get a call from the bank and verification of documents will be done.
• Once confirmed the State Bank of India abroad education loan sanction letter is handed over to the candidate.

EMI Calculator for Education Loan SBI

Before contacting the agent, the candidates can check the EMI details of the SBI education loan for abroad by using the SBI EMI calculator online. Candidates can enter the loan amount and interest rate and calculate the EMI amount for the education loan. This tool calculates and provides the total interest amount and monthly EMI applicable for the whole loan tenure. Instead of contacting agents or doing hard calculations on their own, this quick tool helps the candidates to know the loan details.

Education Loan SBI Terms and Conditions

The SBI education loan for abroad has a set of terms and conditions which are to be cross-checked before applying or choosing the SBI bank. For more detailed terms and conditions the candidate can check at the "sbi co in" education loan website.

• The State Bank of India education loan will be sanctioned only for extending financial assistance to deserving students to study higher education abroad.
• Only the courses listed under the loan scheme are eligible for the abroad education loan.
• There are no qualifying marks to get eligible for the loan.
• Only the students who secured admission from recognized foreign universities are eligible for the SBI study abroad loan.
• Security or co-obligation is required for the SBI study loans above 7.5 lakhs.
• There are no processing charges for the educational loans.
• The loan is sanctioned at the nearest branch of the student/parent.

Check other Abroad Education Loans

• Bank of India Education Loan
• Bank of Baroda Education Loan
• Steps to Take Education Loan
• Axis Bank Education Loan