SBI Global Ed-Vantage Scheme for International Students

For ambitious Indian students who want to pursue higher Education abroad, financing those dreams may require more than personal savings. Even though there are a few renowned funding methods to fund your foreign Education, Overseas Education Loans stand apart as their accessibility caters to a larger set of study abroad aspirants.

To find the best Study Abroad Loan option, the State Bank of India (SBI) integrates with the SBI Global Ed-Vantage Scheme, a comprehensive solution to bridge the financial gap and empower students to conquer the world stage. This article delves into its most popular Education Loan Scheme, exploring its Features, Eligibility Criteria, Application Process, and Benefits, empowering you to make informed decisions about your educational journey.

Understanding the Need: Why SBI Global Ed-Vantage?

This Scheme caters specifically to students pursuing higher Education abroad, offering attractive Interest Rates, flexible Repayment options, and a Higher Loan Limit compared to standard education loans. It empowers students to focus on academics and maximize their international experience without the burden of financial constraints.

Now that you have a basic idea of this exclusive Scheme, let us explore the compelling characteristics of the SBI Education Loan for abroad education.

Key Features of the Scheme

Here are the key features that make the SBI Global Ed-Vantage Scheme a compelling choice for students:

• Higher Loan Limit: The Scheme offers a substantial loan amount, up to a maximum of Rs. 1.5 Crore. This allows students to cover the full cost of Education, including Tuition Fees, Living Expenses, Travel Costs, and Books/Equipment, without relying on additional funding sources.
• Competitive Interest Rates: The Scheme boasts competitive interest rates starting from 11.15% per annum with a 0.50% concession for Girl Child and applicants with Rin Raksha Insurance.
• Flexible Repayment Options: The Scheme provides a flexible repayment option for up to 15 years, allowing students to choose a repayment plan that aligns with their future career prospects.

Moving on, let us explore the Eligibility Criteria you need to meet before applying for the Loan.

Eligibility Criteria for SBI Global Ed-Vantage Scheme

To qualify for the SBI Global Ed-Vantage Scheme, students must meet the following criteria:

• Indian Nationality: This Scheme is exclusively available to students pursuing higher education abroad.
• Co-applicant: A co-applicant, typically a parent or guardian with a strong credit history and stable income.

Once you have gone through the Eligibility requirements, you need to ensure that you have a list of documents required for the loan procedure.

Document List to be Submitted

Find below the list of documents that are mandatory to apply for the SBI Edu-vantage loan scheme:

• Confirmed admission offer from a recognized university abroad.

• Identity or Address Proof

• Academic Transcripts

• Estimated Cost from the University

• Copy or Scholarships Offers (If applicable)

• Gap Certificate (If applicable)

• Income Tax Returns of Bank Statement

• Copy of Sale Deed and other documents

• Additional Documents specified by the SBI according to your profile

If you have all the documents and follow the right steps for application, the bank will disburse your loan in no time. The next section will see the ultimate benefits of choosing the SBI Edu-Vantage Loan for your dream of studying abroad.

Benefits of Choosing SBI Global Ed-Vantage Scheme

Choosing SBI for a Foreign Education Loan offers several benefits to students, including:

• Financing Your Dreams: The Scheme provides the financial assistance needed to pursue your academic aspirations at a reputed International University.
• Focus on Academics: With the financial burden lessened, you can focus on your studies and excel in your chosen field.
• Competitive Interest Rates: The attractive Interest Rates minimize the overall cost of the Loan, making it a financially viable option.
• Flexible Repayment Options: The Scheme offers flexible repayment plans, allowing you to manage your finances post-graduation with ease.

State Bank of India is one of the Best Public Lenders in India, fulfilling the study-abroad dreams of millions of Indian students. However, the applicable process might require professional assistance to ensure a successful application. You can approach a study abroad consultant for professional guidance and the latest guidelines on Overseas Education loans.