State Bank of India and popularly known as SBI is the leading money lending financial bank for education loans abroad. They have transformed the student education loan system and have helped millions of candidates in accomplishing their dream of seamlessly traveling overseas for higher education. 

SBI Education loan – Quick Guide

Every click online will reassure you that SBI education loan is the most sort after service that it has in store. They ensure quick online processing, the lowest interest rates in the industry, and lucrative repayment options. Apart from being burden-free regardless of the pupils’ background, all one needs is sound academic standing and the will. There are a plethora of choices that SBI has to offer. The two main schemes that in particular deal with studies abroad are Global Ed-vantage and Student loan.

SBI education loan eligibility 

The most crucial part before applying for a loan is knowing where you stand in terms of eligibility. To begin with, you should know the amount of loan you are applying for and can do a thorough comparison with an EMI calculator. SBI education loan eligibility norms comprise clauses such as the necessity for Indian nationality secured admission to skill development courses in institutions approved by foreign universities to name a few.

SBI Courses and Universities covered under education loan

Full-time graduate, postgraduate, doctorate courses in any field proposed by foreign institutes, universities in the US, UK, Canada, Australia, Europe, Singapore, Japan, Hong Kong, and New Zealand. Work-oriented specialized, technical graduation degree courses, PG degree and diploma courses like MCA, MBA, MS, etc. offered by reputed universities. The applicant can apply for a loan only if it is a recognized institute and the admission is secured.

SBI Education loan schemes

SBI offers two types of education loans namely the SBI Student Loan Scheme, and the SBI Global Ed-Vantage Scheme. The qualifying criteria, entitled programs, and permitted educational institutions for all these student loans offered by SBI differ. Under the Global Ed-vantage, students looking to pursue full-time regular courses at foreign colleges and universities are welcomed. In order to jump on to the bandwagon thorough market research is advised. The second scheme namely student loan comes with a repayment period of up to 15 years and an additional 12 months repayment holiday.

Interest rates and Insurance cover

With the Global Ed-vantage policy, INR 20 lakhs to 1.5 crores can be availed at an interest rate of 8.80% for Men and 8.30% for Women which comes under the bracket of the RinN Raksha policy. The maximum to which the loan can stretch is 15 years which is comforting for those looking at long-standing career choices overseas. The Student loan type offers loans up to 7.5 lakhs without collateral and this can range to 20 lakhs with collateral at the interest rate of 9.55%. SBI under the RinN Raksha scheme pays off the entire loan case of bereavement. Besides, this can be opted for under the wings of RinN Raksha Ed-loan.

SBI – RinN Raksha and its benefits 

The RinN Raksha not only covers the main applicant but also the life of 2 co-borrowers. The striking feature of this insurance cover is that an ambitious pupil can choose to add tax benefits under 80 (E). RinN Raksha further on has the gold and platinum policies to choose from. The RinN Raksha has a free trial period of 15 days from the date you receive the policy document. The applicant holds the decision to increase the coverage of the loan to up to 120% of the loan at the beginning. The Gold plan allows you to a minimum of the 5-year policy tenure. As long as the interest is paid in full, in any possibility SBI pays the full outstanding amount.

Application process

The application procedure is as easy as a click. It includes hassle-free sanctioning even before i20/visa. There’s a minimum processing fee and simple interest is levied during the course and moratorium period. This link is self-explanatory: 

Points to remember

    • Plan well in advance.
    • Avoid going with the first money lender
    • Seek professional financial advice
    • Take a loan only for the amount required
  • An insurance cover is highly recommended

SBI being the pioneer in the overseas loan funding process has made life burden-free for all students wanting to pursue courses abroad. It goes that extra mile when a student realizes loan repayment commences after course completion. Besides, they accept collateral security that is proposed by the third party also! Click here to know more about SBI education loans: and Insurance continuing education: