SBI Education Loan for Abroad Study -Eligibility, Interest Rate

With the cost of quality education soaring every passing day, an educational loan to study abroad proves to be a significant relief for higher education aspirants. Unlike five years back, today, study loans have become cheaper and easily available and many public and private sector banks and non-banking financial institutions (NBFCs) offer education loans at competitive rates.

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Primarily owned by the Government of India, SBI is India’s largest bank with its assets in the range of several thousand crores. With its roots dated back to 1921 and ranked as one of the top financial global institutions, it is the most trusted financial brand in India. Among its wide range of services and products is the SBI education loan for abroad. The bank offers two different products for studying abroad – SBI Student Loan Scheme and SBI Global Ed-Vantage Scheme.

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Apply for SBI Education Loan

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This scheme offers loans for higher education abroad as well as in India with secured admissions.                                    

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• Loan Amount -Maximum of Rs. 20 lacs is supported.
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• Eligible Courses - The education loan to study abroad from SBI supports job oriented technical/professional graduation/post-graduation degree/diploma courses including MS, MBA, MCA, etc., from reputed universities. It also supports courses conducted by CPA (Certified Public Accountant) and Chartered Institute of Management Accountants (CIMA).
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• Expenses Covered - It covers the college/school/hostel fees, examination/laboratory/library fees, purchases required for course completion including books/uniform/instruments/equipment/computer, caution/refundable deposit/building fund, travel expense/passage money, cost of two-wheeler (up to Rs. 50,000) and any other expenses for course completion including project work/study tours, etc.
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• Security – Up to Rs. 7.5 lacs, parents/guardian assurance is required which needs to be accompanied by tangible collateral security for the loan with a higher amount.
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• Margin – It is the amount borne by the student. Up to Rs. 4 lacs, the aspirant need not bear any amount. However, beyond this limit, 15% of the fees should be contributed by the student.
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• Processing Fees – No processing fees
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• Repayment details – The student needs to start repaying after one year post the course completion with a maximum repayment period of 15 years.
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These are specifically designed SBI education loans for abroad that provide financing for amounts above 20 lakhs to support full-time regular courses in the universities/colleges abroad.

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• Eligible Courses - The scheme supports regular doctorate/post-graduate/graduate degrees in all disciplines offered by foreign universities/colleges in UK, USA, Australia, Canada, Singapore, Europe, New Zealand, Japan, and Hong Kong.
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• Expenses Covered - It covers the college/school/hostel fees, examination/laboratory/library fees, purchases required for course completion including books/uniform/instruments/equipment/computer/project work/study tours, caution/refundable deposit/building fund, travel expense/passage money and premium of ‘RiNn Rakhsha’ that provides credit life insurance coverage for the loan.
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• Loan Amount - Minimum of Rs. 20 lacs and a maximum of Rs. 1.5 crore is supported.
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• Security – A tangible collateral security offered by parents or a third party is required.
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• Margin – 10% of the total cost of attendance
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• Processing Fees – A processing fee of Rs. 10,000 per application is charged. Property valuation charges are additional and vary by location.
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• Repayment Details – The student needs to start repaying after six months post the course completion with a maximum repayment period of 15 years. The great thing is that there is no penalty for paying early!
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SBI Education Loans: Advantages

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1. The SBI education loan interest rate is much lower than that offered by the majority of other banks and NBFCs.
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2. With one of the largest networks, there are practically no geographical restrictions while managing the loan accounts.
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3. Girl students can enjoy 0.5% concession on the interest rates offered by SBI.
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4. SBI does not levy pre-closure penalties.
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5. With SBI Global Ed-Vantage scheme, your loan is sanctioned before visa/i20.
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6. You get a tax benefit under Section 80E on the entire interest component of the loan.
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SBI Education Loans: Disadvantages

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1. The procedure to procure a loan is quite elaborate and that deters many candidates. However, we at GyanDhan, help make the process as quick as 10 working days!.
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2. SBI doesn’t approve a loan before the student is enrolled in a college/university, which can be a showstopper for those universities that require proof of loan/funds before offering admissions.
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SBI Education Loans: Know your EMI and Plan your Repayment

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You can check a wide range of SBI education loan repayment calculators that help you understand your requirements and EMIs.

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1. SBI Education Loan EMI calculator calculates your EMI based on your loan amount, interest rate, moratorium and course period and whether you want to pay the interest during your study.
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2. SBI education loan prepayment calculator allows you to check the details if you want to prepay the loan with three alternatives – By making larger monthly payments. By making one extra payment. By paying off the loan as quickly as you can.
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3. By making larger monthly payments.
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4. By making one extra payment.
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5. By paying off the loan as quickly as you can.
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By checking individual options, you can take an informed decision that suits you the best.

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Calculate your Education Loan EMI

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SBI Education Loans: Status of your Education Loan Application

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You can check your SBI education loan status online by entering a few details including your application ID and date of birth. You need to select ‘Education Loan’ as your loan product.

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How can GyanDhan help you to taking SBI Education Loan?

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GyanDhan facilitates you to avail education loans from various banks and NBFCs. GyanDhan has a tie-up with SBI that helps you save your time and effort by avoiding countless rounds of the bank for document submission and follow-ups. We offer free doorstep document pickup service and also assist in resolving the roadblocks in availing SBI education loans. Thus, GyanDhan provides the most stress-free way to get your education loan with an attractive interest rate starting at 10% (this rate is subject to change). Girls get an additional 0.5% rate discount. Further, our highly informative webinar, “Secrets of getting an education loan from SBI” will offer you insider tips to get your education loan from SBI.

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For a detailed discussion about SBI education loan for your profile, check your loan eligibility or request a callback. Our team will call you back within 24 hours to better understand your situation and discuss your options at length. All the best!

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