How to apply for SBI Global Ed-Vantage loan for UG, PG, Ph.D. studies abroad


Want to avail of educational loans to study engineering in a foreign country? SBI has launched the SBI Global Ed-Vantage loan scheme for Indian students to study abroad in USA, UK, Canada, Australia, Europe, Singapore, Japan and Hong Kong. This article provides complete information about the loan application process and the academic streams, including engineering, for which students can avail of the loan.

The State Bank of India has been a pioneer in launching loan schemes for the public, especially for students who need financial aid for their academic requirements, such as loans for those aspiring to be pilots, those who wish to pursue studies abroad, etc.

Learn more about the study abroad programs and admission guidance services offered by IndiaStudyChannel.

Now SBI is providing a unique loan scheme called SBI Global Ed-Vantage, aimed at providing financial aid for meritorious Indian students who wish to pursue full time regular educational programs in college or universities in foreign countries. So don't worry about the finances - just start preparing your Statement of Purpose (SOP) for admission to a foreign university!

Course streams & countries covered


You can apply for the SBI Global Ed-Vantage scheme if you are going to pursue a regular full time graduate course, post graduate course or Doctorate course in:
  • Engineering

  • Science

  • Technology

  • Mathematics

  • Medicine

  • Management

Countries:
  • USA

  • UK

  • Canada

  • Australia

  • Europe

  • Singapore

  • Japan

  • Hong Kong


Find some of the best countries for overseas education.



Loan amount and features

  1. For processing of your application, the fee is Rs. 10,000/- per application.

  2. Under the SBI Global Ed-Vantage scheme, you can avail a minimum loan amount of Rs. 20 Lacs and a maximum loan amount of Rs. 1.5 Crore. This is a fully collateralized loan where the security equivalent to the quantum of loan financed has to be pledged to the Bank.

  3. The fees will remitted directly to the institution where you are pursuing the course. You living expenses will be credited into the SBI Foreign Travel Card.

  4. Margin: The margin is 20%, that would be up to 80% of cost of course is eligible for financing, with a scholarship/assistantship to be included in the margin. The margin will be considered year-on-year basis as and when disbursements are made on a pro-rata basis.

  5. Simple Interest will be charged during Course Period + Moratorium Period. Refer of rate of interest here: https://www.sbi.co.in/portal/web/interest-rates/education-loan-scheme.

  6. There is a concession of0.50% for students availing of the SBI Life Insurance scheme (SBI Life Rinn Raksha). If you are already having a Life Insurance policy, then you can avail of the concession only if the policy is assigned in favour of the Bank.

  7. There is a concession of 0.50% for girl students.

What is covered

The following expenses are covered under the SBI Global Ed-Vantage scheme:
  1. The fee you need to pay to the institute / hostel.

  2. The fee you need to pay for examinations / library.

  3. The passage money / expenses of travel for studies abroad.

  4. Cost for buying books/equipment/computer/instruments/uniforms required for the course, but these should be at a reasonable cost.

  5. Other expenses that may be required for completion of the course, such as for a study tour or work on a project. However, these expenses will be taken into consideration subject to the condition that these are capped at 20% of the total tuition fees payable for completion of the course.

  6. The caution deposit / building fund / refundable deposit, with the amount considered for loan should not be exceeding 10% of the tuition fees for the entire course. Note that you will need to support the expenses of this with valid Institution bills/receipts.

Repayment of loan

6 months post-completion of the course, you can begin re-paying the loan via EMIs. Simple Interest will be charged during Course Period + Moratorium Period. The moratorium is: You can get time up to 15 years post-completion of your course to repay the SBI loan.

Application procedure

You simply have to visit any of the designated branches of SBI to avail of the SBI Global E-Vantage overseas education loan [see list of branches below]. The documents which you must submit to avail of the loan are:
  1. Your letter of admission

  2. Your loan application form, completely filled in with all the requisite information.

  3. Two passport size photographs.

  4. Your PAN card and PAN card of your Parent/ Guardian.

  5. Your AADHAR Card and AADHAR Card of your parent/ Guardian.

  6. Any Proof of identity, such as a driving license, passport or any photo identity.

  7. Proof of residence (driving license/passport/electricity bill/Telephone bill) .

  8. A statement of the cost of study.

  9. Student/Co-borrower/ guarantor's bank account statement for last 6 months.

  10. IT return/ IT assessment order, of last 2 years of Parent/ Guardian/ other co-borrower.

  11. Brief statement of assets & liabilities of Parent/ Guardian/ other co-borrower.

  12. Proof of income (i.e. salary slips/ Form 16) Parent/ Guardian/ other co-borrower.

Where to apply: list of SBI designated branches

The following branches of SBI have been officially designated to offer the SBI Global Ed-Vantage scheme (branch codes are given in brackets)
  1. In Ahmedabad Circle:
    • Spl. PBB branch (60129)

    • Gandhinagar main branch (1355)

    • Alkapuri (3321)

    • Surat main branch (488)

    • Rajkot (463)

  2. In Bangalore Circle:
    • Jayanagara II block (3286)

    • Jalahalli (963)

    • Doorvani nagar (1438)

    • HAL (1114)

    • PBB Koramangala (4163)

    • Mangalore main branch (871)

    • Manipal branch (4426)

    • NAL ( 4815 )

    • SPB (6866)

    • Electronic city (9044)

  3. In Bhopal Circle:
    • Indore main branch (387)

    • Jabalpur main branch (390)

    • Raipur main branch (461)

    • Bhilai main branch (330)

    • Bhopal main branch (1308)

    • Balco township Korba (2819)

    • Gwalior main branch (4352)

  4. In Bhubaneswar Circle:
    • Bhubaneswar (41)

    • Cuttack (59)

    • Rourkela (171)

    • Sambhalpur (175)

    • Sunabeda (1304)

  5. In Chandigarh Circle:
    • Chandigarh main branch (628)

    • Patiala main branch (1637)

    • Civil lines Ludhiana (674)

    • PB Panchkula (4172)

    • Jammu (657)

  6. In Chennai Circle:
    • Nungambakkam (1176)

    • T Nagar (1020)

    • Vellore (947)

    • Pondicherry (900)

    • Coimbatore (827)

    • Namakkal (881)

    • Erode (837)

    • Madurai (869)

    • Virudhnagar (951)

    • Tiruchirapalli (930)

    • NRI Adayar-Gandhi Nagar (11654)

    • Rajaji Salai (13242)

  7. In Delhi Circle:
    • South extension (3219)

    • Sushant Lok, Gurgaon (4449)

    • PBB Parliament Street (4041)

    • IIT Delhi (1077)

    • IIT Roorkee (1069)

    • Dehradun main branch (630)

    • PBB Noida (4264)

    • Agra (602)

    • Udaipur (1533)

    • Jaipur (656)

    • Jodhpur (659)

  8. In Guwahati Circle:
    • Shillong (181)

    • Guwahati ( 78)

  9. In Hyderabad Circle:
    • Guntur main branch (844 )

    • Nellore town branch (1163)

    • Visakhapatnam main branch (952)

    • Secunderabad ( 916)

    • Old MLA quarters (1880)

    • H U Campus (5916)

    • Vijayavada (948 )

    • PBB Rajamundry (4355)

    • Tirupati (933)

    • Cuddapah (830)

    • Kurnool (866)

  10. In Kerala Circle:
    • Trivandrum (941)

    • Kollam (903)

    • Thiruvalla (3299)

    • Ernakulam (1015)

    • Alwaye (7016)

    • Thrisur (940)

    • Kozhikode (861 )

  11. In Kolkata Circle:
    • High court spl. PBB branch (14523)

    • PBB Salt Lake (4204)

    • Kalyani (1082)

    • Port Blair (156)

    • Howrah (91)

    • Hilcart road Siliguri ( 17374)

    • Durgapur (74)

  12. In Lucknow Circle:
    • Moradabad (682)

    • Bareilly (615)

    • Lucknow main branch (125)

    • Triveni (17614)

    • PBB Kanpur (18404)

    • Gorakhpur (86)

    • Varanasi (201)

  13. In Mumbai Circle:
    • Andheri West (4650)

    • Nagpur (432)

    • Pune Main branch (454)

    • Spl. PBB Deccan Gymkhana (4357)

    • PBB Aurangabad (4102)

    • Konkan Bhavan (6240)

    • Specialised PBB Mumbai (4205)

    • Aurangabad (1716)

    • PBB Hiranandani (4234)

    • Goregaon East (1975)

    • Nashik (1469)

  14. In Patna Circle:
    • Bhagalpur (137)

    • SPB Patna (4070)

    • Dhanbad ( 66)

    • Muzaffarpur (138)

    • Ranchi (167)

    • Bokaro steel city (246)

    • TELCO, Jamshedpur (5301)

Contact information
Corporate Center Ph: 1800-11-2211
Website: https://www.sbi.co.in/portal/web/student-platform


Article by Vandana
Vandana is based in India with over 15 years experience as a freelance writer. Writing, no doubt, is her primary passion! Having learned the art of blogging from ISC, Vandana is enjoying the thrills of blogging, taking pleasure in sharing information & getting good pageviews at her various blogs.

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Comments

Author: vasudeo07 Apr 2016 Member Level: Bronze   Points : 2

Today I visited the designated branch to apply for loan but the officials asked me to submit I-20 and other documents along with the application form. I-20 can be obtained only after showing worth equal to the expenses. Before sanction of loan it is not possible for me. Then what should I do now ?

Author: sathish chandrasekaran07 Apr 2016 Member Level: Gold   Points : 1

Vandana, it is a very detailed article. People looking for doing programs abroad will be immensely benefited from this post. Your efforts for making this post deserve great appreciation from our ISC members. Good work!

Guest Author: Raju26 Apr 2017

Does processing fees include charges for legal opinion of property and valuer's certificate? If not, what are the charges for legal opinion and property valuation? Do we need to pay directly or through the banks?



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