Up to Rs. 1.5 Crore Education Loan by SBI to study abroad, know the eligibilty

Up to Rs. 1.5 Crore Education Loan by SBI to study abroad, know the eligibilty

New Delhi : State Bank of India (SBI) has a profoundly alluring offer for students planning to study abroad on a full-time basis. The loan can be minimum of Rs. 20 lakh and maximum of Rs. 1.50 crore, according to SBI’s website. Known as Global Ed-Vantage scheme, the offer allows the student to repay the loan through EMIs (equated monthly instalments) over a maximum tenure of 15 years. SBI’s Global Ed-Vantage loan enables tax benefit under Section 80E of the Income Tax (I-T) Act, according to the bank’s website.

Check the following terms for your eligibility:

Know about the SBI Global Ed-Vantage Scheme

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 of Rs. 20 lakhs to Rs. 1.5 Cr
  • Easier: Repayment through EMI upto 15 years
  • Early Approval: loan sanction prior to i20/Visa
  • Tax Benefit: under section 80(E)

Eligible Courses – Studies Abroad: Regular Graduate/ Post Graduate/ Doctorate Courses in any discipline offered by foreign Institutes/ Universities in USA, UK, Canada, Australia, Europe, Singapore, Japan, Hong Kong and New Zealand.

Eligible Expenses: The expenses that are eligible for loan amount include college fee, examination fee, travel expenses, purchase of books and equipment, according to the SBI website. The loan amount includes caution deposit, building fund and a refundable deposit as long as the amount doesn’t exceed 10 per cent of the tuition fee for the entire course.

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

Rate of Interest: Simple Interest will be charged during Course Period + Moratorium Period to know click here.

For more information please goto SBI portal or click here.