The State Bank of India (SBI) has launched its Global Ed-Vantage education loan program, offering collateral-free loans up to ₹50 lakh for students pursuing full-time courses at foreign universities. Here’s everything you need to know:
Contents
1️⃣ Collateral-Free Loans:
- Loans of up to ₹50 lakh require no security at selected institutions.
2️⃣ Total Loan Limit:
- Maximum loan amount of ₹3 crore for eligible students.
3️⃣ Repayment Flexibility:
- Loan repayment can be stretched over 15 years through easy EMIs.
4️⃣ Quick Disbursement:
- Loans are approved before students receive their visa or Form I-20.
5️⃣ Tax Benefits:
- Interest payments qualify for deductions under Section 80(E) of the Income Tax Act.
6️⃣ Eligible Courses and Countries:
- Covers graduate, postgraduate, diploma, and doctorate programs in countries like the USA, UK, Canada, Australia, Singapore, and various European nations.
7️⃣ Expenses Covered:
- Tuition, hostel fees, travel expenses, books, equipment, and even refundable deposits (up to 10% of tuition fees).
8️⃣ Processing Fee and Interest Rate:
- A ₹10,000 processing fee is applicable, with a 10.15% interest rate on loans from ₹7.5 lakh to ₹50 lakh.
9️⃣ Scholarship Inclusion:
- Scholarships are included as part of the margin payment.
🔟 Eligible Students:
- Those pursuing full-time education at recognized foreign institutions in approved disciplines.
This initiative empowers students by reducing financial barriers and ensuring access to quality global education without the need for collateral.
Are you planning to study abroad? This might be the opportunity you’ve been waiting for!
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