State Bank of India has branded the educational loan for higher studies outside India as SBI Global Ed-Vantage.
New Delhi: A large section of society requires an educational loan for higher studies abroad as the expenses of higher studies outside India are relatively much higher than that of the same course in domestic institutions. A range of scheduled commercial banks, non-banking financial institutions and other financial institutions offers the facility of education loans for studies abroad with different features, loan amount, interest rates, courses and expenses covered, processing fees and repayment procedures.
State Bank of India (SBI), nation’s largest lender according to the number of customers and asset base, also provides the facility of education loan for abroad studies for a set of courses and expenses. State Bank of India has branded the educational loan for higher studies outside India as SBI Global Ed-Vantage.
Under the SBI Global Ed-Vantage loan scheme, a person willing to pursue higher studies outside India can apply for a loan via SBI online website, https://www.sbi.co.in/, or can request a call back from the bank’s representative to obtain further information with regard to the education loan. According to the prescribed guidelines of State Bank of India, the bank grants an education loan amount between Rs 20 lakh and Rs 1.5 crore.
The SBI Global Ed-Vantage loan can be repaid via Equated Monthly Instalments (EMIs) in tenure of 15 years. The repayment tenure of the education loan might vary according to the credit profile of respective borrowers and co-borrowers, credit consumption and loan repayment history. With SBI Global Ed-Vantage loan scheme, the borrower is allowed to claim tax benefit under Section 80(E) of the Income Tax Act.
Under the SBI Global Ed-Vantage loan scheme, the loan amount covers regular graduate/ post graduate/ doctorate courses in any discipline offered by foreign Institutes/ universities in the nations including USA, UK, Canada, Australia, Europe, Singapore, Japan, Hong Kong and New Zealand.
The SBI Global Ed-Vantage loan scheme covers the fee payable to college/school/hostel including examination, library, laboratory fee, travel expenses/passage money for studies abroad, purchase of books/equipments/instruments/uniforms/computer at a reasonable cost if required for course completion.
SBI can consider other expenses which are required to complete the course such as study tours, project work, thesis, etc. for the loan. However, all such expenses should be capped at 20 per cent of the total tuition fees payable for completion of the course. According to SBI, the caution deposit /building fund/refundable deposit supported by Institution bills/receipts the amount considered for a loan should not exceed 10 per cent of the tuition fees for the entire course.