SBI Education Loan with low-interest rates launched: Here's how to apply, documents needed

The State Bank of India (SBI) has announced the launch of a new student loan initiative. The bank announced in a press release that it is launching a financing programme called the "SBI Global Ed-Vantage Loan". This SBI Education loan is special in that it is just for students who intend to pursue full-time academics at overseas colleges or universities. Stating that a number of students who prefer international educations to achieve their job goals is on a rise, SBI announced this education loan. This new loan is SBI's attempt to make that possible and enable students to do so through a customised financial solution 

SBI Education Loan launched by State Bank of India with low-interest rates for students 

Regular graduate degree courses, post-graduate degree courses, diploma courses, and certificate/doctorate courses are covered under this plan. The bank has also released a list of countries where this funding can be used for future education. In the United States, the United Kingdom, Australia, Canada, Europe, Japan, Singapore, Hong Kong, and New Zealand, students can attend universities or colleges using this loan. The amount of education loan that can be received from this scheme ranges from Rs 7.50 lakh to Rs 1.50 crore, depending on the needs of the student. The education loan additionally has an interest rate of 8.65%, with a unique 0.50% discount for female candidates.

The loan can be used to cover a number of expenses for the student, including travel, tuition, exam fees, and other fees for on-campus facilities like labs and libraries. Books, equipment, instruments, uniforms, and other perks are all covered by the education loan. It can even cover extra expenses like study tours and research work, but it shouldn't exceed 20% of the overall tuition rates. Applicants can apply online at the SBI website and submit all required papers there. Students may even be able to get it authorised before their I-20/visa arrives. The education loan has tax exemptions under Section 80(E) of the Income Tax Act. Collateral from a third party such as parents or guardians will also be accepted for the loan.

Documents Needed to Apply for the SBI Global Ed-Vantage Scheme

• 10th and 12th Marksheet (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 the student for a 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 7.50 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 the property in respect of immovable property offered as collateral security / Photocopy of Liquid Security offered as collateral
• 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 can be in the form of a Passport/Driving License/ Voter’s ID card.

(IMAGE: SHUTTERSTOCK)