SBI Global Ed-vantage Scheme - Benefits, Scheme Details, & Process

Studying abroad is undoubtedly one of the best ways to skyrocket your career to the next level. With the rise in the number of students applying for abroad studies and the increase in inflation, overseas education has become an exorbitant affair and almost impossible for those without a robust financial background.

 

Education loans become a boon in such a case and in India, public sector banks are still the most reliable and cost-effective lenders to avail of an education loan. Arguably the most popular and preferred nationalized bank offering abroad education loans to Indian students is the State Bank of India.

The country’s leading nationalized lender, SBI offers 5 different types of education loans:

• Scholar Loan
• Global Ed-Vantage Education Loan
• Student Loan
• Skill Loan
• Take-over of an education loan

 

Among these, Global Ed-Vantage and Student Loan are for study abroad, aspirants. For the loans above INR 20 Lakh (which is required in most cases), students have to apply under the SBI Global Ed-Vantage scheme.

 

Getting an SBI study abroad loan can be a complicated and tiresome task as it is the case with almost all government banks, the smart way to make it easier is Checking Your Loan Eligibility with GyanDhan.

 

Let's traverse through the major features, benefits, and process of the SBI Global Ed-Vantage scheme:

In the SBI Global Ed-Vantage scheme, students can take INR 20 Lakh to INR 1.5 Crores as a student loan.

The rate of interest in SBI Global Ed-Vantage scheme is: 

• 9.55%(Men) / 9.05% (Women) (With Rinn Raksha Insurance) 
• 10.05%(Men) / 9.55% (Women) (Without Rinn Raksha Insurance)

Following are the processing charges under the SBI Global Ed-Vantage scheme:

• Non Refundable Processing Fee INR 11,800 (Including GST) + Nonrefundable property valuation charges (varies by state; 4-8K)
• On disbursal: 0.2% of the loan amount as Equitable Mortgage creation charge.

 

The maximum loan tenure of study loans under the SBI Global Ed-Vantage scheme is of 15 years.

 

Read more about: Filling Out the SBI Education Loan Form: A Step-by-Step Guide

The repayment period for students loans under the SBI Global Ed-Vantage Scheme is Course duration + 6 months.

Eligible degrees are the regular graduate/post-graduate/doctorate courses in any discipline offered by foreign institutes/ universities in countries including the USA, UK, Canada, Australia, Europe, Singapore, Japan, Hong Kong, and New Zealand.

The documents required vary on the basis of several factors, such as the student's academic and professional history, co-applicant’s financial and credit profile, and the nature and location of the property or asset offered as collateral. In general, the following documents are needed:

 

From Applicant -

• Identity proof 
• Address proof
• Passport Mandatory
• Past Academic Record
• Test scores (e.g GMAT, GRE, TOEFL, etc.)
• Admission Letter (Conditional admission letter is also applicable).
• Statement of cost/expenses.
• 2 passport-size photographs.
• Loan A/C statement of one year, if there is any previous loan from other banks/lenders.

 

From Co-applicant -

• Identity proof
• Address proof
• 2 passport-size photographs.
• If any previous loan from other Banks/ Lenders, then loan A/C statement of 1 year.
• Legal documents of the collateral/property documents.

 

 

 

Step:1- Apply Online:

• Start with a pre-assessment by checking your loan eligibility
• Our education loan counselor interacts with you to understand your financing need in detail
• Fill a detailed SBI loan application form
• We transfer your details to SBI, and you receive an email from SBI acknowledging your application

 

Step: 2- Free Doorstep Document Collection:

• You can create a customized list of documents by using our document checklist generator.
• If you or your parents live in Mumbai, Delhi, Pune, Bangalore, Hyderabad, Vijayawada or Chennai,, our representative will visit your home/office to inspect and collect all the required documents. We will then submit the documents to a specialized SBI branch.
• If you are in any other city than the above-mentioned, we get in touch with a specialized SBI branch near you and discuss your loan application. You'll either have to upload documents digitally or our associate will pick them up from your home.

 

Step: 3- Processing and Approval:

• Once all the required documents are submitted, we follow up with the bank officials to make certain of the timely progress of your loan application. We track the loan application at every stage to facilitate its smooth passage.

• Branch Selection - All the branches of SBI have now started processing study abroad loans, but there are a few who are experts; We start the process at one of these expert branches. 
• Limited Branch Visits - Usually students have to visit the branch 6-7 times during the loan process. We limit the branch visits to 1 only –for physical ID. 
• Documentation, especially property docs – Most of the cases rejected by PSUs are because of the non-availability of property documents. GyanDhan works with the student, PSU, and property lawyers to ensure availability of those documents, and advise to work-around. If there is no way to get the document, we don’t start the process and try to arrange another property or explore financing from other lenders. 
• Pre-Visa Disbursement - Though PSBs have the policy to disburse money pre-visa for a few countries, but branches usually don’t practice the same. GyanDhan ensures pre-visa disbursement, when required, by approaching the senior management.
• Quicker Process - The average processing time at PSB is around 40 working days. We have reduced it to 12-15 working days by our technical & process integration.
• Higher Chances of Approval - If any document is missing, property issues, or other issues, we approach the bank officials on the dot to find solutions. This warrants speedy resolution and considerably increases the chances of loan approval.

 

State Bank of India is among the most reliable names when it comes to education loan lenders in India and its abroad education loan scheme is also one of the most economic abroad education loan options in India.

 

The process is certainly complicated but GyanDhan has made it amazingly simple and hassle-free for you. Just Check Your Education Loan Eligibility and transfer all your education financing related worries to us!