Product Details
Bank Name
State Bank of India
Maximum Loan Tenure
15 Years
Maximum Loan Amount
1.5 Crores
Interest Rate
The effective rate of interest would be 11.15% per annum. The rate type would be floating depending on the reference rate.
Purpose/Field of Education Loan
SBI Global Ed-Vantage is an overseas education loan exclusively for those who wish to pursue full time regular courses at foreign colleges/universities.
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SBI Global ED Vantage
Repayment Cycle
Accrued interest during the moratorium to be added to the principal and repayment in EMI fixed. Repayment will commence 6 months after completion of course Repayment upto maximum of 15 years
Grace Period
Repayment will commence 6 months after completion of the course.
Minimum CIBIL Score
Not mentioned
Co-Borrower Required
Parents or Guardians
Collaterals Required
Tangible collateral security Collateral security offered by Third Party (other than parents) can also be accepted
Fees & Charges
The Processing Fee: Rs. 10,000/- per application.
Interest Rate: 9.15% (EBR) + 2.00% (CRP) = 11.15%.
Pre-Payment Penalty: Nil
Late Payment Charges: Nil
Legal Charges: Differ from state to state
Fees and Charges
Special Features
SBI Global Ed-Vantage is an overseas education loan exclusively for those who wish to pursue full time regular courses at foreign colleges/universities with attractive rate of interest.
Eligibility Criteria
Regular Graduate Degree/Post-Graduate Degree/Diploma/Certificate/Doctorate Courses in any discipline offered by foreign Institutes/Universities in USA, UK, Canada, Australia, Singapore, Japan, Hong Kong, New Zealand and Europe [Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, United Kingdom] will be covered under the scheme
Special Concession
0.50% concession for students availing of SBI Rinn Raksha or any other existing life policy assigned in favour of our Bank and 0.50% concession for girl students.
Features, Eligibility and Concession
Pros
Low interest rate in comparison to majority of private banks.
Loan up to Rs. 1.50 Crores.
The repayment process is made easier with the option of Equated Monthly Installments (EMI) spanning up to 15 years.
Loan approval, even prior to obtaining their i20/Visa, facilitating timely preparations for studying abroad. Loan qualifies for tax deductions under section 80(E).
Purchase of books/equipments/instruments/uniforms/ computer at reasonable cost, if required for course completion and any other expense required to complete the course– like study tours, project work, thesis, etc. can be considered for loan subject to the condition that these should be capped at 20% of the total tuition fees.
Cons
As the loan has a floating interest rate, borrowers may be exposed to interest rate fluctuations, which could affect monthly repayments in the future.
Pros & Cons
HDFC Credilia USA Education Loan
HDFC Credila USA Education Loan can be a consideration, especially if you can qualify for an unsecured loan and get a competitive interest rate. However, the limited unsecured loan amount, potentially higher interest rates for secured loans, mixed reviews, and lack of advertised interest rates require careful exploration.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
Product Review
Recommended Education Loans
How to Apply?
You can apply through SBI Takeover Loan's website.
Documents Required
• Completely filled-in Loan Application Form
• 2 passport size photographs
• PAN Card of the student and Parent/ Guardian / other co-borrower
• Aadhaar Card of the student and Parent/ Guardian/ other co-borrower
• Proof of Identity (Driving Licence/Passport/Aadhaar/ any other acceptable photo identity as per KYC norms)
• Proof of Residence (Driving Licence/Passport/Electricity bill/Telephone bill)
• bank account statement of the Student/Co-borrower/Guarantor,for the last 6 months
• IT return/ IT assessment order, pertaining to previous 2 years, of Parent/ Guardian/ other co-borrower (if IT Payee)
• Brief statement of assets & liabilities of Parent/ Guardian/ other co-borrowe Proof of Income (i.e. salary slips/ Form 16) of Parent/ Guardian/ other co-borrower