Mumbai March 17, 2016: State Bank of India launches “SBI Global Ed-Vantage” an overseas education loan. The bank has long been a leader in fulfilling the aspirations of students who wish to pursue higher education in India and abroad. Being the largest Bank in the country, it is the first point of enquiry for students who get admissions to various courses and are in need of finance.
The Bank has constantly been adapting its offerings to student groups keeping in mind their specific requirements. SBI Scholar Loan scheme has been specifically tailored for those who get admission to a select list of 100+ Top institutions in India covering Management, Engineering, Medicine, Law etc. Key features include a collateral free loan at a low interest rate.
Recent years have seen a steady increase in enquiries for financing studies at foreign Universities. Students seeking global exposure are trying for prestigious Universities like Stanford, Harvard, MIT and INSEAD etc. But the cost of education being on the higher side, they often find it difficult to pursue their studies for want of adequate finance.
SBI Global Ed-Vantage is a new offering that aims to assist those who wish to avail a higher education at the top institutions across the globe. The salient features are as below:
- Purpose: For pursuing full time regular courses in foreign colleges/ universities
- Courses Covered: Regular full time Graduate/Post Graduate/Doctorate Courses in Science, Technology, Engineering, Mathematics, Medicine and Management in institutions/ universities of USA, UK, Canada, Australia, Europe, Singapore, Japan and Hong Kong.
- Loan amount: Upwards of Rs. 20 Lakh and going up to Rs. 1.5 Cr
- Margin: 20% i.e. up to 80% of cost of course is eligible for financing.
- Rate of Interest: Base Rate + 1.70% = 11% p.a., as on 01.03.2016.
- 50% concession for students availing of SBI Life Rinn Raksha (Life Insurance Scheme). Students already having a Life Insurance can avail of the concession only if the policy is assigned in favour of the Bank.
- 50% concession for girl students
- Repayment period: Student gets upto 15 years post completion of the course to repay the loan.
- Disbursement: Fees shall be remitted directly to the institution. Student’s living will be credited into the SBI Foreign Travel Card.
- Collateral: This is a fully collateralized loan where security equivalent to the quantum of loan financed has to be pledged to the Bank.
- Moratorium: Student will be provided upto 6 months post completion of the course to begin re-paying the loan via EMIs. Simple Interest will be charged during Course Period + Moratorium Period
To avail of the SBI Global Ed-Vantage – overseas education loan, visit the designated branch nearest to you. List of branches and the contact details have been provided on the Bank’s website. So go ahead, Challenge the World!
This appears to be a very good scheme. I am planning to do a MS Management Information System from a US University. Is the SBI scheme limited for a list of foreign Universities? If so where can one get that list?