NS state Bank of India (SBI) announced that it is launching a new loan scheme for students. In the release, the bank said it is launching a loan scheme called ‘SBI Global Ad-Vantage’ loan. The unique thing about this particular loan scheme is that it is specifically targeted towards those who wish to pursue their full time course in foreign colleges or universities. State Bank Of India has brought this to the fore as it is stated that there is a growing trend of students preferring foreign education to fulfill their career goals. This education loan is the bank’s endeavor to make this a possibility through a customized financial solution.
The courses covered under this scheme include regular undergraduate degree courses, postgraduate degree courses, diploma courses and also certificate/doctoral courses. The bank has also released the list of countries where this loan can be applied for for future studies. Students can study at universities or colleges in the US, UK, Australia, Canada, Europe, Japan, Singapore, Hong Kong and New Zealand.
NS education loan The amount that can be availed starts from Rs 7.50 lakh and can go up to Rs 1.50 crore depending on the need of that particular student. The education loan also comes with an interest rate of 8.65 percent along with a special concession of 0.50 percent for women applicants. You can start the repayment process on the loan six months after the course is over as per the guidelines of the bank. The repayment period can be extended up to a maximum of 15 years.
Benefits and Coverage of SBI Global Ad-Vantage Plan
The loan covers a wide range of needs for the student including travel expenses, tuition fees, examination fees as well as other charges for campus facilities such as laboratories and libraries. Education loan also includes books, equipment, equipment, uniforms and other facilities. It may also cover additional costs such as study tours, research work, etc., but it should not exceed 20 percent of the total tuition fees.
The application process itself is quite fast and simple. Applicants can go online and apply through SBI website and submit required documents there. You can also get it approved early, even before the student’s I-20/visa arrives. Education loan is tax exempt under section 80(e) of the Income Tax Act. For security purposes, an applicant may provide collateral security in tangible form. Collateral from a third party such as a parent or guardian will also be accepted for the loan.
Documents Required to Apply for SBI Global Add-Vantage Scheme
• 10th and 12th marksheets (if applicable) and entrance exam results
• Admit card / offer letter / ID card from the university as proof of admission
• Schedule of expenses for the course
• Copies of letters offering scholarships, free ships etc.
• Gap certificate, if applicable (self-declaration from student for gap in study)
• Passport size photographs of the student/parent/co-borrower/guarantor (1 copy each)
• Asset-liability statement of the co-applicant/guarantor (applicable for loans above Rs.7.50 lakh)
• For Salaried People:
(a) Latest Pay Slip
(b) Form 16 or latest IT Return (ITR V)
• For other than salaried people:
(a) Business Address Proof (if applicable)
(b) Latest IT Returns (if applicable)
• Bank account details of the parent/guardian/guarantor for the last six months
• Copy of sale deed and other documents of the property in respect of immovable property offered as collateral / photocopy of liquid security offered as collateral
• Permanent Account Number (PAN) of the student / parent / co-borrower / guarantor
• Aadhaar (Mandatory, if eligible under various interest subsidy schemes of Government of India)
• Passport
• Presentation of officially valid documents as proof of identity and address can be in the form of Passport/Driving License/Voter’s Identity Card.
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