If you want to go abroad to pursue your studies, you must have thought of taking up an education loan at some point or another. Pursuing the same course abroad, can cost you more than double amount, as it would, in India. The good news is that many banks and other financial institutions offer education loans at different interest rates and repayment policies to help you cover these expenses.
One such loan that you need to know about is by State Bank of India (SBI).
SBI is one of the biggest money lenders in our country today. SBI offers education loans for courses outside India under their SBI Global Ed-Vantage scheme.
If you wish to pursue higher studies outside the country, you are eligible to be a part of the SBI Global Ed scheme. This SBI scheme offers loans for varied courses. You can take an education loan for graduate, post graduate as well as doctorate courses in any discipline as long as they are being undertaken in an institution abroad. This includes countries like USA, UK, Canada, Australia, Europe, Singapore, Japan, Hong Kong and New Zealand.
Applying for a loan is easy. You can simply visit the SBI website. Here is the link: SBI. You can also request the bank to give you a call back to discuss further details of the scheme.
As per the State Bank of India’s guidelines you can get a loan between Rs 20 lakh and Rs 1.5 crore under this scheme. As a borrower of this loan, you can also avail tax benefit under Section 80(E) of the Income Tax Act.
The repayment system is simple and you can repay the education loan over a period of 15 years in Equated Monthly Installments or EMIs.One important thing to note here is that the total period of repayment of the education loan would depend on the credit profile of the respective borrower and co-borrower. Other factors that play an important role here are the borrower’s credit consumption and loan repayment history.
The SBI Global Ed-Vantage loan scheme covers a series of expenses. The first and foremost being the college fee. In addition to this, it also includes hostel fee, library and lab fee, exam fee, travel expenses, uniform, books and equipment expenses etc, which may be essential to complete the course.
The bank may also acknowledge, expenses like study tours, project work, thesis work etc as part of the loan, as long as these expenses are 20 per cent of the total tuition fees of the course. Another thing to note is that the caution deposit, building fund or any other refundable deposit should not be more than 10 per cent of the tuition fees for the entire course and should be supported by proper bills and receipts with the institution’s name.
If you are looking to pursuing a course or know someone who is, then do check out the SBI website for information in this loan! Or you can contact education loan provider company like student cover which can help you to get sbi education loan in easy steps.