Education Loan

SBI Global Ed-vantage Scheme - Benefits, Scheme Details, & Process

SBI Global Ed-vantage Scheme -  Benefits, Scheme Details, & Process

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Know all scheme details, benefits, and the process of SBI Global Ed-vantage Scheme. Understand the features and details of the SBI education loan.

GyanDhan
Aman
Updated on:  07 Mar 2024  | Reviewed By: 
Ankit Mehra 
| 11.3K | 6  min read

Studying abroad is undoubtedly one of the best ways to skyrocket your career to the next level. With the rise in the number of students applying for abroad studies and the increase in inflation, overseas education has become an exorbitant affair and almost impossible for those without a robust financial background.


Education loans become a boon in such a case and in India, public sector banks are still the most reliable and cost-effective lenders to avail of an education loan. Arguably the most popular and preferred nationalized bank offering abroad education loans to Indian students is the State Bank of India.

Check Your Education Loan Eligibility

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What is SBI Global Ed-Vantage Scheme?

The country’s leading nationalized lender, SBI offers 5 different types of education loans:

Among these, Global Ed-Vantage and Student Loan are for study abroad, aspirants. For the loans above INR 20 Lakh (which is required in most cases), students have to apply under the SBI Global Ed-Vantage scheme.  

Getting an SBI study abroad loan can be a complicated and tiresome task as it is the case with almost all government banks, the smart way to make it easier is Checking Your Loan Eligibility with GyanDhan.

Let's traverse through the major features, benefits, and process of the SBI Global Ed-Vantage scheme:

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What is the maximum loan amount that can be taken as an SBI study abroad loan?

In the SBI Global Ed-Vantage scheme, students can take INR 20 Lakh to INR 1.5 Crores as a student loan.

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SBI Global Ed-Vantage scheme Interest Rate

The rate of interest in SBI Global Ed-Vantage scheme is: 

  • list items 9.55%(Men) / 9.05% (Women) (With Rinn Raksha Insurance
  • list items 10.05%(Men) / 9.55% (Women) (Without Rinn Raksha Insurance)
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Processing Fee of Study Loans under SBI Global Ed-Vantage scheme  

Following are the processing charges under the SBI Global Ed-Vantage scheme:

  • list items Non Refundable Processing Fee INR 11,800 (Including GST) + Nonrefundable property valuation charges (varies by state; 4-8K)
  • list items On disbursal: 0.2% of the loan amount as Equitable Mortgage creation charge.  

 

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What is the maximum loan tenure of study loans under the SBI Global Ed-Vantage scheme?

The maximum loan tenure of study loans under the SBI Global Ed-Vantage scheme is of 15 years.

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SBI Global Ed-Vantage scheme Repayment or Moratorium Period  

The repayment period for students loans under the SBI Global Ed-Vantage Scheme is Course duration + 6 months.

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What are the degrees eligible under the SBI Global Ed-Vantage scheme?

Eligible degrees are the regular graduate/post-graduate/doctorate courses in any discipline offered by foreign institutes/ universities in countries including the USA, UK, Canada, Australia, Europe, Singapore, Japan, Hong Kong, and New Zealand.

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What is the margin money in study loans under the SBI Global Ed-Vantage scheme?

Calculate your Education Loan EMI

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Documents required to apply for Loan under the SBI Global Ed-Vantage Scheme

The documents required vary on the basis of several factors, such as the student's academic and professional history, co-applicant’s financial and credit profile, and the nature and location of the property or asset offered as collateral. In general, the following documents are needed:

From Applicant - 

  • list items Identity proof 
  • list items Address proof
  • list items Passport Mandatory
  • list items Past Academic Record
  • list items Test scores (e.g GMAT, GRE, TOEFL, etc.)
  • list items Admission Letter (Conditional admission letter is also applicable).
  • list items Statement of cost/expenses.
  • list items 2 passport-size photographs.
  • list items Loan A/C statement of one year, if there is any previous loan from other banks/lenders.

 

From Co-applicant - 

  • list items Identity proof
  • list items Address proof
  • list items 2 passport-size photographs.
  • list items If any previous loan from other Banks/ Lenders, then loan A/C statement of 1 year.
  • list items Legal documents of the collateral/property documents.  
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What is the SBI abroad education loan process with GyanDhan?

Step:1- Apply Online:

  • list items Start with a pre-assessment by checking your loan eligibility
  • list items Our education loan counselor interacts with you to understand your financing need in detail
  • list items Fill a detailed SBI loan application form
  • list items We transfer your details to SBI, and you receive an email from SBI acknowledging your application

 

Step: 2- Free Doorstep Document Collection:

  • list items You can create a customized list of documents by using our document checklist generator.
  • list items If you or your parents live in Mumbai, Delhi, Pune, Bangalore, Hyderabad, Vijayawada or Chennai,, our representative will visit your home/office to inspect and collect all the required documents. We will then submit the documents to a specialized SBI branch.
  • list items If you are in any other city than the above-mentioned, we get in touch with a specialized SBI branch near you and discuss your loan application. You'll either have to upload documents digitally or our associate will pick them up from your home.

 

Step: 3- Processing and Approval:

  • list items Once all the required documents are submitted, we follow up with the bank officials to make certain of the timely progress of your loan application. We track the loan application at every stage to facilitate its smooth passage.

Check Your Education Loan Eligibility


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