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SBI rolls out education loan of up to Rs 1.50 cr for courses at overseas universities 

SBI rolls out education loan of up to Rs 1.50 cr for courses at overseas universities 

Countries covered under this scheme include the US, UK, Australia, Canada, Europe, Japan, Singapore, Hong Kong and New Zealand

SBI announces education loan for up to Rs 1.50 crore SBI announces education loan for up to Rs 1.50 crore

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.

LOAN DETAILS

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).

DOCUMENTATION PROCESS

Following documents will be required for the application process:

  • Mark sheet of Class 10 and 12, Graduation (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 letter conferring scholarship, free-ship, etc.
  • Gap certificate, if applicable (self-declaration from student for 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:
  1. Latest Salary Slip
  2. Form 16 OR latest IT Return (ITR V)
  • For other than Salaried People:
  1. Business address proof (if applicable)
  2. 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 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 Document as proof of identity and address like Passport/Driving License/ Voter’s ID card

SECURITY

An applicant can provide tangible collateral security. Collateral security offered by third party, other than parents, will also be accepted.

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