The State Bank of India (SBI) announced that it was rolling out a new loan scheme for students. In the release, the bank stated that it is introducing a loan scheme called the ‘SBI Global Ed-Vantage’ loan. What’s unique about this particular loan scheme is that it is aimed exclusively at those who wish to pursue their full-time courses at foreign colleges or universities. SBI has brought this out as it stated that there is an upward trend of students who prefer foreign education to accomplish their career goals. This education loan is the bank’s attempt to make it a possibility through a customised financial solution.
The courses that are covered under this scheme include regular graduate degree courses, post-graduate degree courses, diploma courses and also certificate/doctorate courses. The bank has even issued a list of countries to which this loan can be applied for future studies. Students can study in universities or colleges in the US, UK, Australia, Canada, Europe, Japan, Singapore, Hong Kong and New Zealand.
The education loan amount that can be availed starts at Rs 7.50 lakh and can go up to 1.50 crore depending on the need of that particular student. The education loan also comes with an interest rate of 8.65 per cent with a special concession of 0.50 per cent for female applicants. You can start the repayment process on the loan six months after the course concludes as per the bank’s guidelines. The repayment period can be extended to a maximum of 15 years.
Advantages and Coverage of the SBI Global Ed-Vantage Scheme
The loan covers a wide variety of needs for the student including travel expenses, tuition fees, exam fees as well as other fees for campus facilities such as labs and libraries. The education loan also covers books, equipment, instruments, uniform and other amenities. It can even cover additional costs such as study tours, research work and so on, but it should not exceed 20 per cent of the total tuition fees.
The application process itself is quite fast and simple. Applicants can go online and apply through the SBI website and submit the necessary documents there. You can even get it approved early before the student’s I-20/visa comes through. The education loan has tax exemptions under Section 80(E) of the Income Tax Act. For security purposes, an applicant can provide collateral security in tangible form. Collateral from a third party such as parents or guardians will also be accepted for the loan.
Documents Needed to Apply for the SBI Global Ed-Vantage Scheme
• 10th and 12th Marksheet (if applicable) and Entrance Exam result
• Admission letter/offer letter/ID card from the university as proof of admission
• Schedule of expenses for course
• Copies of letter conferring scholarship, free-ship, etc.
• Gap certificate, if applicable (self-declaration from the student for a gap in studies)
• Passport size photographs of Student / Parent / Co-borrower / Guarantor (1 copy each)
• Asset-Liability Statement of Co-applicant / Guarantor (Applicable for loans above Rs 7.50 lakh)
• For Salaried People:
(a) Latest Salary Slip
(b) Form 16 OR latest IT Return (ITR V)
• For other than Salaried People:
(a) Business address proof (if applicable)
(b) Latest IT Returns (if applicable)
• Bank Account Statement for the last six months of Parent / Guardian/ Guarantor
• Copy of Sale Deed and other documents of title to the property in respect of immovable property offered as collateral security / Photocopy of Liquid Security offered as collateral
• Permanent Account Number (PAN) of Student / Parent / Co-borrower / Guarantor
• AADHAAR (mandatory, if eligible under various interest subsidy schemes of GOI)
• Passport
• Submission of Officially Valid Document as proof of identity and address can be in the form of a Passport/Driving License/ Voter’s ID card.
Read all the Latest News, Breaking News and Assembly Elections Live Updates here.
Comments
0 comment