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All you need to know about SBI bank education loan for studying abroad
Established in 1955, the State Bank of India (SBI) is India’s largest public sector bank in terms of assets, deposits, branches, customers, and employees. The bank offers education loans to eligible students who wish to pursue higher education in India or abroad. Whether you're exploring an education loan in the State Bank of India or seeking a student loan from SBI, it's crucial to understand the array of options available to support your academic aspirations.
The State Bank of India education loan is categorized into several schemes that cater to the varied needs of students. State Bank of India education loan schemes are as follows -
For students who are looking for an abroad education loan SBI offers the SBI Global Ed- Vantage scheme wherein students can avail up to INR 1.5 cr of financing for their education in India or abroad.
The SBI student loan without collateral application process is quite simple.
Step 1 - Prospective students need to visit the SBI website navigate to the education loan section and click on ‘Apply now’.
Step 2 - Next, fill out the SBI education loan application form.
Step 3 - Upload required documents including proof of admission to an eligible course and institution, alongside other necessary documents such as academic records and proof of identity.
Step 4 - Submit the form and SBI will coordinate with you once they verify your application.
The SBI collateral free education loan is an excellent financial tool for students aspiring to study overseas. With an SBI education loan for abroad without security, competitive interest rates, and comprehensive coverage of educational expenses, this loan makes the dream of studying abroad achievable for many students.
The Global Ed-Vantage education loan scheme offers secured education loans to Indian students who want to pursue higher education abroad. Under this scheme, students can borrow up to INR 1.5 Cr to fund their education abroad. To secure SBI education loan for abroad students have to pledge collateral that holds at least 90% value of the total loan amount.
Established in 1955, the State Bank of India (SBI) is India's beacon of trust and reliability in the banking sector, offering a comprehensive SBI abroad education loan to empower students. As India's largest public sector bank, SBI extends its support to students through its specialized SBI education loan for abroad studies, enabling them to pursue their academic dreams in foreign lands.
For example - If a student wants to secure a loan amount of INR 50 Lakh, then his collateral value should be atleast INR 45 Lakh.
SBI's Global Ed-Vantage scheme is a tailored SBI student loan for study abroad, designed to support Indian students aspiring to study overseas. This abroad SBI student loan facilitates higher education across various countries, offering loans up to INR 1.5 Cr. It's a perfect choice for students seeking a SBI study loan for abroad, ensuring their educational journey is well-funded. The education loan SBI provides is more than just financial assistance; it's a gateway to achieving your education dreams without the burden of financial constraints.
Please note, under this scheme, collateral security offered by a third party (other than parents) can also be accepted.
For students plotting their academic future abroad, understanding the nuances of the SBI education loan for abroad studies is crucial. From processing fees to margin money, each aspect of this SBI abroad education loan is crafted to ease the financial burden, making your study abroad experience seamless.
Feature | Description |
---|---|
Loan amount |
INR 7.5 Lakh - INR 1.5 Cr |
11.15% (Floating) |
|
Processing fees |
INR 10,000 + GST (Non-refundable) |
INR 7.5 Lakh-INR 20 Lakh - 15% INR 20 Lakh - 10% |
|
Property evaluation charges |
Approximately INR 7,500 |
Course duration + 6 months |
|
Repayment tenure |
15 years |
*Moratorium period is the time duration during which you are not required to make payments toward your education loan.
*Margin money refers to the amount of money that a borrower is required to contribute towards the loan, while the remaining amount is paid by the lender.
Securing a SBI student loan for study abroad is streamlined with GyanDhan's assistance. Whether you're eyeing universities in the USA, Australia, or Europe, the SBI study loan for abroad is your financial ally, ensuring your focus remains on education, not expenses. Below is the SBI education loan eligibility is as follows -
Students now have greater access to higher education because to the attractive interest rates that the State Bank of India (SBI) offers on its student loan programs. An SBI education loan has a current interest rate of 11.15% (variable). Furthermore, the following concessions are offered to lower the cost of the loans:
Rinn Raksha is an insurance scheme offered by the State Bank of India student loan for its education loan borrowers. This insurance scheme protects the borrower's family in the unfortunate event of the borrower's untimely demise during the repayment tenure of the loan.
Under the "Rinn Raksha" scheme, SBI offers two types of insurance coverage options to education loan borrowers: Group Credit Life Insurance (GCLI) and Term Life Insurance (TLI). The GCLI provides coverage against the outstanding loan amount in case of the borrower's demise, while the TLI provides coverage against the total sum assured.
Not only this, students who opt for this insurance are eligible for an additional 0.5% concession on the overall interest rate of their education loan.
When it comes to financing your higher education, State Bank of India student loan offerings are diverse and cater to the unique needs of students. The education loan SBI provides is designed to offer competitive rates and terms that help ease the financial burden of studying abroad. Whether you're seeking a SBI bank student loan, you will find that SBI's commitment to supporting education shines through in their loan products.
The most attractive feature of the SBI education loan without collateral for abroad is that it does not require any security or collateral for loans up to INR 7.5 Lakh. This is a significant advantage for students who do not have valuable assets to pledge. The SBI unsecured education loan ensures that the lack of collateral does not become a barrier to achieving your academic dreams.
For education loans amounting to more than INR 7.5 Lakh, a collateral is must. However, when applicants opt for an SBI non collateral education loan for abroad, the parents or guardian must co-sign the loan with the student.
As SBI provides education loans without a co applicant, a financial co-applicant is generally not required. Hence, students looking for SBI education loan without co applicant can opt for collateral-based loans where a financial co-applicant is not required.
The documents required for an SBI education loan for abroad depend on several factors, primarily your academic and professional history, your co-applicant's financial and credit profile, and the location of the property or asset, which you offer as collateral.
Income proof for salaried co-applicant/guarantor:
Income proof for self-employed co-applicant/ guarantor:
The list of documents required for collateral study loan SBI depends on several factors, primarily: property type, purchase history, and location. Broadly, the following documents are required:
Common documents:
Additional documents if you’re applying for a study loan SBI with a property in the following cities:
Mumbai or Pune:
Hyderabad:
Bengaluru:
To contact SBI for an abroad education loan, you can choose the following methods -
Opting for an SBI student loan means you're backed by one of India's most trusted financial institutions. The SBI study loan is not just a financial transaction; it's a stepping stone to your future, offering flexible repayment options and comprehensive coverage of education-related expenses.
If you prefer a more convenient approach and want to avoid the hassle of physically visiting branches and dealing with complex application forms, you can apply for an education loan through GyanDhan, an education financing platform that specializes in assisting students in securing funds for their higher education abroad. Our dedicated counselors will carefully evaluate your profile and recommend the most suitable lenders for your specific loan requirements.
To secure an education loan in SBI, you can apply online at the SBI website. Once you fill out the application form online, you will have to visit the nearest SBI branch with all your documents. To avoid these complex steps, you can simply apply for your education loan via GyanDhan.
Understanding the different aspects of an SBI student loan can help you make the best choice for your educational journey. With options ranging from SBI study loan to more specific SBI student education loan plans, SBI caters to a wide array of academic disciplines and study destinations.
Leverage GyanDhan's expertise to navigate the SBI education loan for abroad studies effortlessly. With their guidance, applying for a SBI student loan for study abroad becomes a seamless journey, ensuring your dreams are just a loan away.
GyanDhan is an online platform that helps students in India to finance their education abroad. With us, you can get your education loan sanctioned in four simple steps:
Apply online Free doorstep document collection Processing & approval Loan sanction & disbursal
Apply online for your education loan
Getting your SBI education loan through GyanDhan:
Feature | With GyanDhan | Without GyanDhan |
---|---|---|
Document pickup service from home |
Yes (7 RO cities) |
No |
Personalized document checklist according to profile & area |
Yes |
No |
Branch Visits |
1-2 |
7-8 |
Pre-visa disbursements |
Easy |
Difficult |
Empowering students to overcome education loan obstacles
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