SBI Global Ed-Vantage Education Loan Scheme

1. The loan amount under this scheme will be between Rs.20 lakh to Rs.1.5 crore for financing up to 80% of the cost of the course. The new scheme will give a 0.5% concession to female students. 

1. Students who take up this scheme will be given six months after the course to begin repaying the loan. The various features of the SBI Global Ed-Vantage scheme have been listed below: 

SBI Global Ed-Vantage Features

Here is the list of significant features of SBI Global Ed-Vantage scheme: 

1. The processing fee per application under SBI Global Ed-Vantage is Rs.10,000.
2. The loans offered under this scheme are between Rs.20 lakh and Rs.1.5 crore.
3. The loans under this scheme are fully collateralized. Security equivalent of the loan amount needs to be pledged to the bank.
4. The fee will be disbursed directly to the institution in which the individual is looking to pursue studies.
5. Living expenses will be remitted to the SBI Foreign Travel Card.
6. SBI Global Ed-Vantage will finance up to 80% of the expenses of the course with a margin of 20%. Scholarships will be included in the 20% margin.
7. Currently the interest rate on the SBI Global Ed-Vantage scheme is 10.75% p.a.
8. Simple interest will be charged during the course and moratorium period.
9. A 0.5% concession is given to applicants availing SBI's Life Insurance scheme (SBI Life Rinn Raksha).
10. A 0.5% concession is given to female applicants.

Additional Details of SBI Global Ed-Vantage Education Loan Scheme

The following are some of the additional details of SBI Global Ed-Vantage Education Loan Scheme: 

Eligible Courses - Studies Abroad:  

Regular Graduate, Post Graduate or Doctorate Courses in any discipline offered by foreign Institutes or Universities in the following countries: 

1. USA

1. Canada 

1. Europe 

1. Australia 

1. Singapore 

1. Hong Kong  

1. Japan 

1. New Zealand 

Quantum Of Finance: 

1. Minimum Loan Amount: Rs.20 lakh 

1. Maximum Loan Amount: Rs.1.50 crore 

Margin 

1. In the margin, scholarship or assistantship to be included 

1. when disbursements are made on a pro-rata basis, then margin to be brought in on year-on-year basis 

1. Processing Fee: Rs.10.000 per application 

1. Rate of Interest: 10.65% to 11.75% depending on the loan type 

Security 

1. Tangible collateral security 

1. Third Party (other than parents) provides collateral security which can also be accepted. 

Repayment And Repayment Holiday (Moratorium): 

1. During the moratorium, the Accrued interest to be added to the principal and repayment in EMI fixed. 

1. After completion of course, repayment will commence six months 

1. Repayment up to maximum of 15 years 

Penalty: 

The undernoted charges will be recovered from the borrower, if the EMI or Instalment(s) is not credited in the loan account of the borrower on due date:  

a) For noncredit of EMI/ Instalment(s) on or before the due date, Rs.500 (plus taxes) as applicable 

b)  For loans above Rs.4 lakh for the overdue amount and overdue period, Penal interest at 2.00% per month to be charged 

1. The SBI STUDENT PLUS ADVANTAGE CARD is available for all Education Loan borrowers.  

1. Based on a Fixed Deposit (minimum Rs.5000/-) the card is issued with our Bank.  

1. The borrower will be provided with a card limit of 70% of the Fixed Deposit is provided to borrower. 

Documents Required: 

The following is the list of applicable documents required for applying for SBI Global Ed-Vantage education loan schemes: 

Student-Applicant:

1. Any one of the following Proof of Identity:  

1. PAN 

1. Passport 

1. Driver’s License 

1. Voter ID card 

1. Any one of the following Proof of Residence or Address: 

1. Recent copy of Telephone Bill 

1. Electricity Bill 

1. Water Bill 

1. Piped Gas Bill or  

1. copy of Passport/ Driving license/ Aadhaar Card 

1. Passport to be mandatorily submitted 

1. Academic Records: 

1. 10th Result 

1. 12th Result 

1. Graduation Result- Semester-wise (if applicable) 

1. Entrance Exam Result e.g. GMAT, GRE, TOEFL, etc. 

1. Offer Letter or Admission Letter from the Institution as proof of admission and conditional admission letter may be considered. 

1. Schedule of expenses or statement of cost of study   

1. Two passport-size photographs 

1. Loan account statement for last one year, if any previous loan from other Banks or Lenders 

Co-Applicant:

1. Any one of the following proofs of Identity:  

1. PAN 

1. Passport 

1. Driver’s License 

1. Voter ID card 

1. Any one of the following Proof of Residence or Address:  

1. Recent copy of Telephone Bill 

1. Electricity Bill/Water Bill 

1. Piped Gas Bill or copy of Passport 

1. Driving License 

1. Aadhaar Card 

1. Two passport-size photographs 

1. Loan account statement for last one year, if any previous loan from other Banks or Lenders 

Income Proof for Salaried Co-Applicant/ Guarantor:

1. Salary Certificate or salary slip of last three months 

1. Copy of IT Returns for last two financial years or copy of Form 16 for last two years, acknowledged by IT Dept. 

1. Bank account statement for last six months (of Salary Account) 

Income Proof for Self-Employed Co-Applicant or Guarantor

1. If applicable, provide business address proof 

1. If IT payee, then last two years IT returns to be provided 

1. If applicable TDS certificate (Form 16A) also to be provided 

1. Certificate of qualification to be provided if applicant is C.A. or Doctor and other professionals 

1. Bank account statement for last six months 

Expenses Covered Under the SBI Global Ed-Vantage

The following is the list of expenses covered under the SBI Global Ed-Vantage: 

1. Tuition fee.
2. Library and Examination fees.
3. Passage expenses/Travel expenses.
4. Cost of books/uniforms/instruments/computer.
5. Other expenses for completion of course, such as, study work tour, etc. This is subject to the condition that these expenses do not exceed 20% of the total tuition fees.
6. Building fund/refundable deposits/caution deposits. This is subject to the condition that these expenses do not exceed 10% of the tuition fees.

SBI Global Ed-Vantage Loan Repayment Details

Under the SBI Global Ed-Vantage scheme the individual will get 6 months post completion of the course to begin repayment of the loan via Equated Monthly Instalments (EMIs).

Simple interest will be charged during the duration of the course and the moratorium period. The moratorium period can last up to 15 years post completion of the course.

Global Ed-Vantage Application Procedure

The documents required to avail the SBI Global Ed-Vantage scheme are:

1. Letter of admission from the educational institute applied to.
2. A fully filled out loan application form.
3. Two passport size photographs.
4. Applicant's Permanent Account Number (PAN) card. PAN card of co-applicant.
5. Photograph identity proof issued by the government of India, such as, Driving License, Passport, Voter's Identity, Aadhaar Card, etc.
6. Proof of residence (Driving License, electricity bill, water bill, passport).
7. A statement reflecting the cost of the course.
8. Student or co-borrower's last 6 months' bank account statement.
9. IT assessment order/IT returns statement of the co-borrower.
10. Proof of income of the co-borrower/guardian.

The SBI Global Ed-Vantage scheme will allow the individual to receive a tax exemption under Section 80(E) of the Income Tax Act.

SBI Global Ed-Vantage Customer Support

For any service-related issue, customer can get in touch with SBI:  

1. Calling Customer Help Line Numbers  

1. Contact Customer Grievance Cell at our Local Head Offices 

1. Write to Grievance Cell at our Local Head Offices (Details on Help line Numbers and Grievance Cell available on www.sbi.co.in)  

In case a customer is not satisfied with the handling of grievance by the Local Head Office, a communication may be sent (enclosing the message sent earlier to Local Head Office) to the -  

Customer Service Department,  

State Bank of India,  

State Bank Bhavan,  

16th Floor Madam Cama Road, Mumbai 400 021  

Tel: 022-22029456,  

Fax: 022 22742431  

E-mail address: customercare@sbi.co.in  

Toll free number: 1800-11-2211, 1800-425-3800, and 080-26599990 

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