Every year, millions of students in India toil hard for admissions into foreign universities. There are many who don’t dare to dream given that the costs involved are substantially higher. Education abroad is not easy to manage, right from the screening exams to arranging visa and funds; it all requires a lot of effort. While the most important aspect of planning a course abroad is the type of university and country, another very important part is organising the funds. Choosing the right Education Loan partner will eventually help you smoothen things both, during and after the course.
Here, we are going to talk about a scheme from State Bank of India that could offer a better solution to the issues stated above. The scheme is called Global Ed-Vantage and under this scheme, SBI offers some amazing features for students planning to study abroad. With Global Ed-Vantage, students can avail loans up to a sum of INR 1.5 Crores and repay it over a period of 15 years, that too after the course completion. The loan can be availed for graduate/ postgraduate/doctorate courses, in any discipline offered by foreign institutes or universities in USA, UK, Canada, Australia, Europe, Singapore, Japan, Hong Kong, and New Zealand.
Coming from India’s leading bank and with such amazing and flexible features, it is a highly recommended option for students looking for financing full-time courses abroad. Eligibility criteria and other details for Global Ed-Vantage are as below:
Courses that are funded by the Global Ed-Vantage scheme:
- Anyone with an enrollment or application confirmation letter from a regular institute/university conducting a graduate or post-graduate or doctorate degree can apply for SBI Global Ed-Vantage loan.
- The loan is applicable for individuals willing to enroll in universities /colleges/ institutions located in the United States, United Kingdom, Canada, Australia, Europe, Singapore, Japan, Hong Kong, and New Zealand .
Education Expenses Eligible Under the SBI Global Ed-Vantage Loan:
- Primary expenses – Tuition fee, Hostel Fee, Examination Fee, Library Fee, Laboratory Fee, Transportation Fee
- Secondary expenses – Purchase of a laptop, books, uniform, and instrument. Fee for study tours, project work, thesis, etc.
- Tertiary expenses – Funding for ‘RiNn Raksha’, insurance for loans by State Bank of India
Processing Fee and Rate of Interest of SBI Global Ed-Vantage Loan:
- In order to get your funding application to study abroad processed, an initial fee of INR 10,000/- (+ GST) needs to be paid
- Several aspects need to be taken under consideration before approving a loan. The processing fee takes care of all these steps. SBI assures to give every individual a hassle-free experience
- SBI Global Ed-Vantage follows the simple interest charges during the course period and moratorium period. Individuals can clear their education loan within a duration of 15 years after course completion
Security and Re-payment Details:
- Tangible collaterals (even third-party collaterals) are accepted
- Repayment plan of education loan will begin 6 months after the course completion
- Easy Monthly Installments that are available up to the duration of 15 years after repayment has started
Global Ed-Vantage is a great initiative from SBI which will definitely fuel a lot of dreams and success stories of tomorrow. So, stop worrying about the finances and put in your best efforts to claim your seat at the world’s leading universities.