The State Bank of India is one of the largest public money lending financial organizations in our country. They have changed the money lending industry over the years, helping millions of students achieve their ambition to study abroad.
The State Bank of India has set up an Overseas Loan specifically designed for academics who aspire to study full time at foreign colleges and universities. The SBI Global Ed-Vantage loan, according to the lender, is aimed at helping students who wish to take courses abroad in order to achieve their professional ambitions.
This loan is available for students in the range of Rs 7.50 lakh to Rs 1.50 crore. The loan will carry an interest rate of 8.65%, with a discount of 0.50% for applicants.
SBI offers a student loan with a low interest rate and a student-centered mindset regarding scoring the loan term.
Due to its low interest rate, flexible repayment alternatives, moratorium period, tax benefits, reduced interest rate for female students, and other benefits, an SBI Education loan is the right choice. preferred option for most students.
SBI Global Ed-Vantage loan
The loan is available for students who plan to earn standard graduate degrees, graduate degrees, diplomas, certificates or a doctorate. programs. The United States, United Kingdom, Australia, Canada, Europe, Japan, Singapore, Hong Kong and New Zealand are among the countries covered by this loan.
The loan will be approved before the student receives their I-20 / visa, and it will be exempt from tax under section 80. (E).
Once the course is completed, repayment will begin six months later. A maximum of 15 years can be used to repay the loan.
What is covered by the loan?
Travel expenses, tuition fees, exam / library / lab fees.
Reasonable costs for books / equipment / instruments / uniforms / computer costs.
The costs of additional requirements such as project work / thesis / study trips not exceeding 20% ââof the total tuition fee.
other expenses such as security deposit / construction fund / refundable deposit supported by institution invoices / receipts not exceeding 10% of total tuition fee.
Guarantee or security
A candidate may be able to provide tangible collateral.
Third party guarantees (not provided by parents) may also be accepted.
Highlights of the SBI Global Ed-Vantage loan
- Higher: Loan amount up to Rs. 1.50 crore
- Easier: Repayment via EMI up to 15 years
- Early approval: loan sanction before i20 / Visa
- Tax benefit: under section 80 (E)
- Minimum loan amount: above Rs. 7.50 Lakes
- Maximum loan amount: Rs. 1.5 Cr
- Margin: Grant / assistantship to be included in the margin.
- Margin to be introduced from year to year as and when disbursements are made on a pro rata basis.
- Processing fee: Rs. 10,000 / – per application.
- Simple interest will be charged during the course period + the moratorium period
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Article first published: Monday 23 August 2021, 18:01 [IST]