Global Education Vantage Scheme by State Bank of India (SBI)

Eligible Courses – Studies Abroad

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.

Eligible Expenses-

SBI Global Ed-Vantage is an overseas education loan exclusively for those who wish to pursue full time regular courses at foreign colleges/universities. Key features include :

• Faster: Online application process
• Lighter: Attractive interest rate
• Higher: Loan amount Upto Rs. 1.50 Crores
• Easier: Repayment through EMI upto 15 years
• Early Approval: loan sanction prior to i20/Visa
• Tax Benefit: under section 80(E)

Get the SBI Global Ed-Vantage today! Study abroad and challenge the world!

Fee payable to college/school/hostel.

Examination/Library/Laboratory fee.

Travel expenses/passage money for studies abroad.

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 payable for completion of the course.

Caution deposit /building fund/refundable deposit supported by Institution bills/receipts the amount considered for loan should not exceed 10% of the tuition fees for the entire course.

Premium of ‘RiNn Rakhsha’ (IRDA License No: UIN: 111N078V01): Finance for ‘RiNn Rakhsha’ will improve insurance-coverage of the loan

• Minimum Loan Amount: Above Rs. 7.50 Lacs
• Maximum Loan Amount: Rs. 1.5 Cr

Margin : Scholarship/assistantship to be included in margin.

Margin to be brought in on year-on-year basis as and when disbursements are made on a pro-rata basis.

Processing Fee : Rs. 10,000/- per application.

Simple Interest will be charged during Course Period + Moratorium Period

Please check latest Rate of Interest on official site of bank

Security-

Tangible collateral security

Collateral security offered by Third Party (other than parents) can also be accepted.

Repayment And Repayment Holiday (Moratorium)-

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

Checklist of Documents to be submitted along-with duly filled Loan Application Form-

Mark sheet of 10th, 12th, Graduation (if applicable), Entrance Exam Result

Proof of admission to course [ Offer Letter/ Admission Letter/ ID card if available]

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 (1copy each)

Asset-Liability Statement of Co-applicant / Guarantor (Applicable for loans above Rs 7.50 lacs)

For Salaried Persons

1. Latest Salary Slip
2. Form 16 OR latest IT Return (ITR V)

For other than Salaried Person:

1. Business address proof (if applicable)
2. 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 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 (mandatory for Studies Abroad)

Submission of OVD (refer to table below)

At least one self-attested copy of the Officially Valid Documents (OVD) mentioned below to be submitted, as proof of identity and address:

Passport

Driving license,

Proof of possession of Aadhaar Number,

Voter’s Identity Card issued by Election Commission of India,

Job card issued by NREGA duly signed by an officer of the State Government,

Letter issued by the National Population Register containing details of name and address

If the OVD furnished by the customer does not contain updated address, the following documents shall be deemed to be OVDs for the limited purpose of proof of address:

Utility bill which is not more than two months old of any service provider (electricity, telephone, post-paid mobile phone, piped gas, water bill);

Property or Municipal tax receipt;

Pension or family pension payment orders (PPOs) issued to retired employees by Government Departments or Public-Sector Undertakings, if they contain the address;

Letter of allotment of accommodation from employer issued by State Government or Central Government Departments, statutory or regulatory bodies, public sector undertakings, scheduled commercial banks, financial Institutions, listed companies and lease and licence agreements with such employers allotting official accommodation.

[Provided that the customer shall submit OVD updated with current address within a period of three months of submitting the above documents]

For more details visit https://sbi.co.in/web/personal-banking/loans/education-loans/global-ed-vantage-scheme