Dream studying abroad? SBI offers Global Ed-Vantage scheme for students; from interest rate to eligibility, check details

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New Delhi | Published: May 6, 2018 6:08:31 PM

State Bank of India is one of the most trusted banks in India and offers various kinds of education loans. SBI is now offering an early approval facility for its Global Ed-Vantage scheme.

State Bank of India. (Reuters)

State Bank of India is one of the most trusted banks in India and offers various kinds of education loans. SBI is now offering an early approval facility for its Global Ed-Vantage scheme. The national bank took to Twitter and tweeted details related to its education scheme. SBI’s Global Ed-Vantage loan is an overseas education scheme exclusively for those who aspire to pursue full-time regular courses at foreign colleges or universities. For more information regarding the same, one can visit SBI’s official website sbi.co.in. Under the scheme, one can avail a minimum loan of Rs. 20 lakh and a maximum of Rs. 1.5 crore.

Here is all you need to know about SBI’s Global Ed-Vantage loan:

Eligibility: Candidates pursuing regular graduate, Post Graduate or Doctorate Courses in any discipline offered by foreign Institutes/ Universities in USA, UK, Canada, Australia, Europe, Singapore, Japan, Hong Kong and New Zealand are eligible to apply for the loan.

Quantum Of Finance:

1- Minimum Loan Amount: Rs. 20 Lacs.

2- Maximum Loan Amount: Rs. 1.5 Crore.

Margin: A margin is an amount you need to pay from your own funds, while the rest is paid by the bank.

1- Scholarship/assistantship to be included in margin.

2- Margin to be brought in on a year-on-year basis as and when disbursements are made on a pro-rata basis.

Processing fee: One has to a processing fee of Rs. 10,000 per application.

Rate of interest: Simple interest rate will be charged during course period plus the moratorium period.

Documents Required:

1- Letter of admission

2- Completely filled in Loan Application Form

3- Two passport size photographs

4- PAN Card of the student and Parent/ Guardian

5- Aadhaar Card of the student and parent/ Guardian

6- Proof of identity (driving license/passport/any photo identity)

7- Proof of residence (driving license/passport/electricity bill/Telephone bill)

8- Statement of cost of study

9- Student/Co-borrower/ guarantor’s bank account statement for last 6 months

10- IT return/ IT assessment order, of last 2 years of Parent/ Guardian/ other co-borrower

11- Brief statement of assets & liabilities of Parent/ Guardian/ other co-borrower

12- Proof of income (i.e. salary slips/ Form 16) Parent/ Guardian/ other co-borrower

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