SBI Global Ed-Vantage: Supporting Your Dream of Studying Abroad

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About SBI Global Ed-Vantage Scheme

The SBI Global Ed-Vantage is an education loan offered by the State Bank of India (SBI) specifically for students planning to study abroad. Whether you're pursuing a degree in engineering, medicine, management, or any other field, this loan covers tuition fees, living expenses, and more. Designed to support students seeking education in over 35 countries, this scheme ensures that financial constraints do not hinder academic dreams. For comprehensive education loan options, consider exploring the SBI education loan. 

Schemes - Rate of Interest

SBI offers a competitive interest rate on the Global Ed-Vantage loan. The interest rates typically range from 9.65% to 10.15% per annum, depending on the education loan amount and the student's profile. These rates may be subject to changes, so it's always best to check with the bank for the most updated rates.

Features of SBI Global Ed-Vantage Scheme

The SBI Global Ed-Vantage loan offers a comprehensive financial solution for students aspiring to study abroad, with competitive interest rates, flexible repayment options, and extensive coverage of educational expenses.

• Loan Amount: Up to ₹1.5 crore for studying abroad.

• Repayment: Flexible repayment options after the course completion, with an extended moratorium period.

• Coverage: The loan covers not only tuition fees but also expenses such as exam fees, travel expenses, and accommodation.

• Processing Fee: Minimal processing fees are involved, ensuring an affordable borrowing experience.

• Tax Benefits: The loan falls under Section 80E of the Income Tax Act, which allows for tax deductions on the interest paid on the loan.

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Eligibility of Scheme

To be eligible for the SBI Global Ed-Vantage loan, you must meet the following criteria:

• You should be an Indian national.

• You must have secured admission to a recognised university or educational institution abroad.

• The student must be at least 18 years old and a maximum of 35 years old at the time of application.

• You need a co-borrower (parent or guardian) with a stable income source.

People also read: Best Child Education Plan

Documents Required

Here’s the list of documents you need to apply for the SBI Global Ed-Vantage loan:

• Proof of admission (Offer letter from the university).

• Passport and Visa copy (if available).

• Income proof of co-borrower.

• Academic records and certificates.

• Bank statements for the last six months.

• Collateral (for loans above ₹7.5 lakh).

Most Important Terms and Conditions

Before applying for the SBI Global Ed-Vantage loan, it is essential to understand the key terms and conditions that govern the loan, including repayment schedules, eligibility criteria, and possible charges.

• The loan amount and interest rate are subject to change at the bank’s discretion.

• The loan should be repaid in full within 15 years, starting from the course completion date.

• Prepayment charges may apply if you wish to repay the loan early.

• The moratorium period is up to 1 year after course completion or 6 months after securing a job, whichever is earlier.

Additionally, to secure a bright future for your child, consider investing in a Child investment plan to meet their long-term educational needs.