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.
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 Needed to Apply for the SBI Global Ed-Vantage Scheme
- 10th and 12th Marksheet (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 letters conferring scholarship, free-ship, etc.
- Gap certificate, if applicable (self-declaration from the student for a gap 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 Rs 7.50 lakh)
For Salaried People:
- Latest Salary Slip
- Form 16 OR latest IT Return (ITR V)
For other than Salaried People:
- Business address proof (if applicable)
- 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 the 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
- Submission of Officially Valid Documents as proof of identity and address can be in the form of a Passport/Driving License/ Voter’s ID card.
