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Student loan

Do you dream of studying abroad? And you want an education loan? Then there is good news for you. The State Bank of India (SBI) has launched a new student loan program that will offer low interest rates and quick approval. Also known as the “SBI Global Ed-Vantage” loan, this new program is exclusive to students who dream of studying at foreign colleges and universities for full-time courses.

The SBI said that under this program it covers diploma courses, postgraduate courses, diploma courses and doctorate / certificate courses. On the other hand, the bank indicated the name of the countries to which the loan would be offered. Students who wish to study in Canada, UK, Japan, Europe, USA, Australia, Singapore, New Zealand and Hong Kong can opt for this loan program.

This student loan is said to become popular among students because it offers low interest rates, easy repayment options, a moratorium period, lower interest rates for female students, tax benefits, and many other benefits.

SBI Student Loan Program Categories:

SBI has divided the loan program into two categories called the student loan program and the SBI Global Edvantage loan program.

  • Student loan program: This loan category is intended for students who wish to apply for a loan up to 20 Lakh.

  • SBI Global Advantage Loan Program: This program is specially designed for students who plan to study abroad. The minimum loan amount is 20 lakh and the maximum loan amount is Rs. 1.5 crore.

* The interest rate for the SBI Education Loan in both categories is 10.2% for female students and 10.7% for male students. There is 0.5% interest rate reduction for female students who plan to study abroad.

Student eligibility:

  • The student must have enrolled in technical / professional courses only with NAAC accredited institutions or technical / professional programs accredited by the NBA or institutions of national importance or technical institutions funded by the center (CFTI ). Institutions or professional programs, which are not under the jurisdiction of the NBA or NAAC, would require the approval of the respective regulatory body, namely the approval of the Nursing Council of India for Nursing Courses, the Medical Council of India for medical courses, from the Bar Council of India. for the law etc.

  • Students can only apply for a loan once for the MU or PG. The same is true for integrated courses (graduate + postgraduate).

Required documents:

The mandatory documents required for the SBI Education Loan are mentioned below:

  • Passport (compulsory for studies abroad)

  • Proof of identity (Aadhar card, voter card, PAN card, etc.)

  • Proof of resident (phone bill / electricity bill / water bill / gas bill or Aadhar card)

  • 2 passport size photos

  • Copy of university diplomas such as high school, 10 + 2, diplomas, etc.

  • University admission letter

  • IELTS / TOEFL / GRE / GMAT scorecard

  • Income tax receipts, ideally for the last 2-3 years

  • Proof of professional address (if self-employed)

  • Employer’s identity card (if employed)


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