Courses covered under this loan scheme are regular graduate degree, post-graduate degree, diploma, and certificate or doctorate courses. According to a State Bank of India (SBI) press release, students can pursue these courses in any discipline from colleges/universities in US, UK, Australia, Canada, Europe, Japan, Singapore, Hong Kong and New Zealand.
Aspiring students can avail loan amount in the range of Rs. 7.5 lakh- Rs 1.5 crore. SBI provides interest rate of 8.65% with a special 0.50% concession for female applicants, stated the press release.
Expenses covered in the SBI Global Ed-Vantage scheme include:
- Travel expense/passage money
- Tuition fees
- Examination/library/lab fees
- Books/equipment/instruments/uniform/computers’ fees at reasonable cost
- Cost of additional requirements like project work/thesis/study tours (not exceeding 20% of total tuition fees)
- Other expenses like caution deposit/building fund/refundable deposit supported by institution bills/receipts (not exceeding 10% of total tuition fees)
Repayment of the loan will commence 6 months after completion of course and repayment period is up to maximum of 15 years.
Here are other features of the loan
- Convenient and fast online application process through SBI’s website. Applicants can click on ‘Apply Now’, fill in the required details and submit the application process.
- The loan will be sanctioned before the student’s I-20/visa
- Tax exemption under Section 80(E) of the Income Tax Act
- Fee payable to college/school/hostel
- Margin to be brought in on year-on-year basis as and when disbursements are made on a pro-rata basis. Scholarship/assistantship to be included in margin.
These are the documents required for the application process
- Mark sheet of class 10th and 12th, Graduation (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 student for 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 7.5 lakh)
- For Salaried People: Latest Salary Slip, Form 16 OR latest IT Return (ITR V)
- For other than Salaried People: Business address proof (if applicable), 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 property in respect of immovable property offered as collateral security / Photocopy of Liquid
- 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
- Passport/Driving License/ Voter’s ID card
Security or collateral
- An applicant can provide tangible collateral security
- Collateral security offered by third party (other than parents) can also be accepted
