State Bank of India has announced an overseas loan exclusively for scholars who want to pursue full time regular courses at foreign colleges and universities. The lender said that it aims to lend a helping hand to students who want to pursue courses abroad to accomplish their career goals through the SBI Global Ed-Vantage loan. Students can avail this loan starting from Rs 7.50 lakh to Rs 1.50 crore. An interest of 8.65 per cent will be applicable on the loan, with a 0.50 per cent concession for women applicants.
Students who will opt for regular graduate degrees, post-graduate degrees, diploma, and certificate or doctorate courses are eligible for the loan. Countries covered under this loan include the US, UK, Australia, Canada, Europe, Japan, Singapore, Hong Kong and New Zealand.
Repayment will start six months after the course is complete. The repayment period can go up to a maximum of 15 years.
Travel expenses, tuition fees, exam/library/lab fees, books/equipment/instruments/uniform/computer fees at reasonable cost, cost of additional requirements like project work/thesis/study tours not exceeding 20 per cent of total tuition fees, and other expenses like caution deposit/building fund/refundable deposit supported by institution bills/receipts not exceeding 10 per cent of total tuition fees will be covered under this loan.
The loan will be sanctioned before the students I-20/visa, and is eligible for tax exemption under Section 80(E).
Following documents will be required for the application process:
An applicant can provide tangible collateral security. Collateral security offered by third party, other than parents, will also be accepted.
Copyright©2021 Living Media India Limited. For reprint rights: Syndications Today