This Article is From Jun 04, 2018

SBI's Overseas Education Loan For Regular Foreign Courses Explained Here

The minimum loan amount that can be applied is Rs 20 lakh and maximum amount can go up to Rs 1.5 crore.

SBI's Overseas Education Loan For Regular Foreign Courses Explained Here

The repayment can be done through EMI up to 15 years, said SBI.

State Bank of India (SBI) offers loan for studying overseas under its 'Global Ed-Vantage loan' scheme, informed country's largest lender on its twitter handle. SBI's global education vantage is an overseas education loan exclusively for those who wish to pursue full time regular courses at foreign colleges or universities.  According to SBI, one can avail a loan up to Rs 1.5 crore under 'Global Ed-Vantage' scheme. The repayment can be done through EMI (Equated Monthly Installments) up to 15 years, said SBI, which also offers personal loans, on its official portal. (Also read: SBI's Loans Against Property: Interest Rates, Processing Charges And Other Details)Key things to know about SBI's Global Ed-Vantage Scheme:

1.    The eligible courses for applying SBI's Global Ed-Vantage loan are - 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. (Also read: SBI Offers Home Loans For NRIs: Eligibility, Amount And Other Details Here)

2.    The eligible expenses include- 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). 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 per cent of the total tuition fees payable for completion of the course, informed SBI. Caution deposit /building fund/refundable deposit supported by institution bills/receipts the amount considered for loan should not exceed 10 per cent of the tuition fees for the entire course. (Also read: Five Home Loan Products Offered By SBI. Details Here)

3.    The minimum loan amount that can be applied is Rs 20 lakh and maximum amount can go up to Rs 1.5 crore.

4.    Scholarship/assistantship is included in margin. Margin is to be brought in on year-on-year basis as and when disbursements are made on a pro-rata basis. (Also read: SBI Personal Loan: How To Apply, Prepayment Charges, Other Features)

5.    The processing fee is Rs 10,000 per application. Simple interest is charged during course period plus moratorium period, said SBI, which also offers credit cards.
 

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