SBI education loan: Are you planning to take an education loan? The State Bank of India (SBI) has come up with a new loan scheme for students. Known as the ‘SBI Global Ed-Vantage’ loan, this scheme is aimed exclusively at those who wish to pursue their full-time courses at foreign colleges or universities. SBI said that it has brought this out for those students who prefer foreign education to accomplish their career goals.

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 education loan amount that can be availed starts at Rs 7.50 lakh and can go up to 1.50 crore depending on the need of that particular student. The education loan also comes with an interest rate of 8.65 per cent with a special concession of 0.50 per cent for female applicants. You can start the repayment process on the loan six months after the course concludes as per the bank’s guidelines. The repayment period can be extended to a maximum of 15 years.

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 required for the application process:

· Mark sheet of class 10th and 12th, Graduation (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 thestudent for agap 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 ₹7.50 lacs)

For Salaried People:

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

For other than Salaried People:

(a) Business address proof (if applicable)

(b) 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 theproperty 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

· Passport/Driving License/ Voter’s ID card.