How To Apply For Education Loan In SBI

Are you facing financial issues regarding your studies? Looking for an education loan? SBI is the trusted bank with a low-interest rate for it. SBI Education Loan is the first priority of parents and students as SBI is the most safest and stable foundation. SBI Education is a popular option for students who are planning to study outside of India.
Now you must be thinking that how to apply for a education loan in SBI or what is the interest rates of S.B.I Education loan. Here I will explain each and every aspect like S.B.I education loan apply online, S.B.I education loan documents required, S.B.I education loan eligibility, S.B.I education loan interest, etc.

How To Apply For Education Loan In SBI
How To Apply For Education Loan In SBI

SBI Education Loan: Low Interest, Quick Approval. How to Apply, Documents Required

The State Bank of India (SBI) said that they will be launching out a new loan scheme especially for students for their financial support. In the event, the bank said that they are introducing a loan scheme named the ‘SBI Global Ed-Vantage’ loan. What’s special about this particular released loan scheme is that it is focused exclusively on those who wish to pursue their full-time courses at foreign colleges or universities or outside of India. SBI has taken this out as it stated that there is an upward trend of students who prefer foreign education to complete their career aims. This educational loan is the bank’s practice to make it a possibility through a customized financial solution for students.

The courses that are covered under this scheme loan include regular valid graduate degree courses, and post-graduate degree courses, any diploma courses, and also remaining certificate/doctorate courses. The bank has also issued a list of countries in which they have mentioned studies for which students can apply. Students can study in various universities or colleges of different countries like the US, UK, Australia, Canada, Europe, Japan, Singapore, Hong Kong, and New Zealand.

The loan amount that can be taken is starts at Rs 7.50 lakh and the limit can go up to 1.50 crore depending on the need of that particular student and studies. The education loan also comes with a low-interest rate of 8.65 percent with a special concession of 0.50 percent for female applicants who are willing to study abroad. You can repay the amount of the loan in six months after the course concludes as per the bank’s guidelines. The repayment time can be extended to a maximum of 15 yrs.

Coverage and Advantages of the SBI Global Ed-Vantage Scheme.

The loan covers a wide variety of needs of the student including travel expenses, their tuition fees, with exam fees as well as other fees for campus facilities such as labs and libraries. The education loan also covers their books cost, equipment expense, instruments, uniform, and other amenities used by them. It can even cover additional costs such as study tours by them, research work and etc., but it should not exceed 20 percent of the total tuition fees of students.

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The application process is very fast and simple in nature. Applicants can go online and apply through the SBI website and submit the necessary documents on the online port. You can even get it approval early before the student’s I-20/visa comes through. The education loan includes tax exemptions under Section 80(E) of the Income Tax Act. For security reasons, students can provide collateral security in tangible form. Collateral from a 3rd party such as parents or guardians will also be accepted for the loan term.

Needed Essential Documents to apply for the Loan

Entrance Exam result with10th and 12th Marksheet
• ID card from the university as proof of admission /Admission letter of student or offer letter
• Course expenses with schedule
• Photocopies of letter conferring scholarship, free-ship, etc.
• Gap certificate, if needed (self-declaration from the student)
• 1 Passport size photo of Guarantor /Parent Co-borrower / Student.
• Asset-Liability Statement of Co- aspirant or Guarantor (for loans above Rs 7.50 lakh)
• For Salaried People:
(a) Latest Salary Slip
(b) Your company’s Form 16 OR latest IT Return (ITR V)
• For Salaried Candidate:
(a) If applicable, Business address proof
(b) If applicable, test IT Returns
• Bank Account Statement for the past 6 months of Parent or Guardian or Guarantor.
• Photo state copy of Sale Deed and other documents of title to the property in respect of immovable property offered as collateral security or copy of Liquid Security offered as collateral
• PAN card of Student or Parent or Co-borrower or Guarantor
• AADHAAR Card as it is necessary if you are eligible under various interest subsidy schemes of GOI and Passport
• Submission needs to be done of Officially Valid Document as proof of identity and address can be in the form of a Passport or it can be Driving License or Voter’s ID card.

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